Summaries / Status

Summary

This Statement requires governmental colleges and universities that follow the AICPA College Guide model to report Pell grants in a restricted current fund. This Statement also requires that if a single fund is used to account for risk financing activities, that fund should be reported as an unrestricted current fund.

For Pell grants, this Statement is effective for financial statements for periods beginning after June 15, 1993. For risk financing activities, this Statement is effective for financial statements for periods beginning after June 15, 1994. Early application is encouraged.

Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including public benefit corporations and authorities, public employee retirement systems, governmental utilities, governmental hospitals and other healthcare providers, and governmental colleges and universities. Paragraph 2 discusses the applicability of this Statement.