SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND REPORTING PRACTICES Sample Clauses

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND REPORTING PRACTICES. (Continued) Investments Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See note 5 for fair value measurements. Realized gains and losses are recognized at date of disposition based on the difference between the net proceeds received and the purchased value of the investment sold, using the specific identification method. Unrealized gains and losses are recognized for the change in fair value between reporting periods. Interest and dividend income is recognized when earned. The University’s investments include various types of investment securities which are exposed to various risks such as interest rate, market, and credit risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is possible that changes in risks in the near term could materially affect the amounts reported in the financial statements. Revenue Recognition Tuition and fees revenue is reported in the fiscal year in which educational programs are primarily conducted. Auxiliary revenue charges are directly related to the costs of the services provided. Revenue received before it is earned is deferred. Scholarships and fellowships awarded to students for tuition, fees, and room and board are based upon need and merit, and are netted against tuition and fees, and auxiliary enterprises revenue in the statements of activities as follows (in millions): 2016 2015 Scholarships and fellowships: Institutionally funded $ 197.5 $ 186.7 Externally funded - gifts and grants 10.4 11.5 Total amount netted against tuition and fees revenue $ 207.9 $ 198.2 Amount netted against auxiliary enterprises revenue $ 14.3 $ 15.0 Grants and contracts revenue from sponsored grants and contracts, including facilities and administrative costs recovery, are recognized when allowable expenses are incurred under such agreements. Medical professional practice, and hospitals and clinics revenue (net patient revenue) are recorded based upon established billing rates less allowances for contractual adjustments, discounts, and allowances for doubtful accounts (bad debts). Revenues are recorded in the period the services are provided based upon the estimated amounts due from the patients and third-party payors, including federal and state agencies (under the M...
Sample 1
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND REPORTING PRACTICES. (Continued) Auxiliary Enterprises Auxiliary enterprises, including residence halls, food services, retail stores, and telecommunications, furnish services to students, faculty, and staff. Fee charges are directly related to the costs of services rendered and are recognized as revenue when the services or goods are delivered.
Sample 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND REPORTING PRACTICES. (Continued) Property and Equipment Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets. Depreciation is not recorded on land, art objects and construction in progress. Leasehold improvements are amortized over the lesser of the lease term or the useful life. Cost associated with the development and installation of internal-use software are accounted for in accordance with the Intangibles – Goodwill and Other, Internal Use Software subtopic of the FASB ASC. Accordingly, internal-use software costs are expensed or capitalized according to the provisions of the accounting standard. Capitalized software costs are included in construction in progress and equipment.
Sample 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND REPORTING PRACTICES. (Continued) Revenue Recognition (Continued) Gifts of cash, property and marketable securities are recorded as revenue at fair value when received. Unconditional pledges (note 4) are recognized as revenue based on the estimated present value of the future cash flows, net of allowances, when the commitment is received. Pledges made and collected in the same reporting period are recorded when received in the appropriate net asset category. Conditional pledges are recorded as revenue only when donor stipulations are substantially met. Auxiliary Enterprises Auxiliary enterprises include residence halls, food services, retail stores, and athletics. Fee charges are directly related to the costs of services rendered and are recognized as revenue when the services or goods are delivered.
Sample 1

Related to SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND REPORTING PRACTICES

  • SIGNIFICANT ACCOUNTING POLICIES The interim financial statements are prepared by using the same accounting policies and methods of computation as were used for the financial statements for the year ended December 31, 2019, except the changes in accounting policies as follows.

  • Accounting Policies There has been no material change in accounting policies or practices of the Corporation or its Subsidiaries since December 31, 2019;

  • Financial Reporting Requirements The Charter School shall follow the financial requirements of the Charter Schools Section of the Department’s Financial Management for Georgia Local Units of Administration Manual. The Charter School shall submit all information required by the State Accounting Office for inclusion in the State of Georgia Comprehensive Annual Financial Report.

  • Financial Records and Reports Except as otherwise provided in this Agreement, the Participant’s relevant financial records associated with this Agreement shall not be subject to examination or audit by NASA.

  • Accounting Procedures 7.3.1. Principal and Interest Computation.......................... 7.3.2.

  • General Reporting Requirements The MA-PD Sponsor agrees to submit to information to CMS according to 42 CFR §§423.505(f), 423.514, and the "Final Medicare Part D Reporting Requirements," a document issued by CMS and subject to modification each program year.

  • Compliance with Audit and Reporting Requirements; Maintenance of Records A. The Grantee shall submit to an audit of funds paid through this Grant Agreement and shall make all books, accounting records and other documents available at all reasonable times during the term of this Grant Agreement and for a period of three (3) years after final payment for inspection by the State or its authorized designee. Copies shall be furnished to the State at no cost

  • Accounting and Financial Reporting 6.1. The Bank shall maintain separate records and ledger accounts in respect of the Contributions deposited in the Trust Fund account and disbursements made therefrom.

  • Special Reporting Requirements County shall prepare and electronically submit, to xxxxxxxxxxx.xxxxxxxxxxxxx@xxxxxx.xxxxx.xx.xx, written quarterly reports on the delivery of MHS 04 Services, no later than 45 calendar days following the end of each subject quarter for which financial assistance is awarded through this Agreement. Reports must be prepared using forms and procedures prescribed by OHA. Forms are located at xxxx://xxx.xxxxxx.xxx/OHA/HSD/AMH/Pages/Reporting-Requirements.aspx. Each quarterly report shall provide the following information per month for each subject quarter:

  • Reporting Procedures Enter in the XXX Entity Management area the information that XXX requires about each proceeding described in paragraph 2 of this award term and condition. You do not need to submit the information a second time under assistance awards that you received if you already provided the information through XXX because you were required to do so under Federal procurement contracts that you were awarded.

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