FASB standards require private colleges and universities to present a Statement of Functional Expense.

Name: FASB standards require private colleges and universities to present a Statement of Functional Expense.
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The required statements for a private, not-for-profit college or university are: Statement of Financial Position/Balance Sheet, Income Statement, Statement of Activities, Statement of Cash flows and notes to the financial statements. A Statement of Functional Expense is not required.

FASB Standards Require Private Colleges and Universities to Present a Statement