For a public C&U that presents a statement of revenues, expenses, and changes in net assets, permanently restricted gifts received are reported in the nonoperating revenues and expenses section.

Question

Quizplus · Accepted Answer

Public colleges and universities typically follow GASB standards, which do not use the terms "permanently restricted." Instead, they report such gifts as part of nonoperating revenues, but the terminology differs from FASB standards used by private institutions.

For a Public C&U That Presents a Statement of Revenues