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Foundations Policy

Authority:
GASB Statement 14
General Statute's 143B-426.39
GASB Statement 39

Effective Date:
7/1/06

References:
Guidance on Component units provided in the following OSC memorandum:
Memorandum No. SAD 04-20-GASB Statement No.39

Policy:
GASB Statement No. 39 impacts colleges and universities that have foundations and similarly affiliated organizations whose financial data is not currently blended in the institution's annual report- These organizations must be included as part of the institution's financial reporting entity (i.e., as discretely presented component units) if they are found to be "significant." The Office of the President of the University of North Carolina System and the Community College system office have established a uniform threshold for identifying which organizations are "significant". Under this threshold, organizations whose assets or revenues are 5% or greater of the institution's assets or revenues will be considered "significant" to the institution.