Hi L.A. Bear, I am not repeating a common misunderstanding. Either you did not fully read what I wrote or your understanding of GAAP as it applies to Non-Profit organizations may be lacking. I never said UCLA could not have revenues. It is the Accounting for said revenues that I was speaking to. Let's leave it there, shall we?
Hi L.A. Bear, I am not repeating a common misunderstanding. Either you did not fully read what I wrote or your understanding of GAAP as it applies to Non-Profit organizations may be lacking. I never said UCLA could not have revenues. It is the Accounting for said revenues that I was speaking to. Let's leave it there, shall we?
John, thanks for the clarification. When I reread your comment, you are right...I didn't get the main point, that somehow it would create accounting irregularities. I don't think, however, that would be the case. While it's true that each UC is part of the state, the system and each campus has its own budget and allocation, that are not part of the general fund. So as long as they reconcile their income and expenses, they'll be fine. Not only do they follow GAAP, but also stricter government accounting standards without any issues in the past.
Hi L.A. Bear, I am not repeating a common misunderstanding. Either you did not fully read what I wrote or your understanding of GAAP as it applies to Non-Profit organizations may be lacking. I never said UCLA could not have revenues. It is the Accounting for said revenues that I was speaking to. Let's leave it there, shall we?
John, thanks for the clarification. When I reread your comment, you are right...I didn't get the main point, that somehow it would create accounting irregularities. I don't think, however, that would be the case. While it's true that each UC is part of the state, the system and each campus has its own budget and allocation, that are not part of the general fund. So as long as they reconcile their income and expenses, they'll be fine. Not only do they follow GAAP, but also stricter government accounting standards without any issues in the past.