Chapter 2. Accounting Services

2.1. Basic Principles

2.1.1. Assets Administered By Others

Assets Administered by Others: Assets not under the control of the University, but from which the University derives the irrevocable benefit of the income, or will obtain custody of the assets in the future, if reported, are to be clearly identified as being held by outside fiscal agents and as not belonging to the University. The income from such assets will be reported as investment income. Fund balances including such amounts should carry the notation with respect thereto.

If the trust is revocable, the assets preferably will not be reported in the financial statements and the income will be reported as revenue from gifts when received. However, disclosure of the assets may be made in the Notes to the Financial Statements.