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Public University System
It has a total of 234 thousand students on 10 different campuses. They were first organized 144 years ago and have been concentrating on delivering ground breaking educational services to stakeholders. ("Annual Financial Report," 2011) To determine if the university is fiscally sound requires carefully examining their financial statement and audit reports. This will be accomplished by studying the employee pension plan, analyzing how economic conditions will impact future growth, reviewing the treatment of federal grants and comparing how endowments are calculated. Together, these different elements will highlight the financial strength of the university and the way this is impacting the quality of services that are provided. (Munnell, 2012)
Identify and analyze the employee pension plan disclosures in the financial statements. Evaluate the impact of the GAASB proposed changes to the pension liabilities on the financial statements of the institution.
In the case of the employee pension plan, these expenses have been dramatically rising over the last several years. Evidence of this can be seen in the below table which is highlighting the scope of these increases.
University of California Pension Obligations from 2008 to 2011
Year
Amount
2008
$1.11 million
2009
$2.44 million
2010
$5.38 million
2011
$6.98 million
("Annual Financial Report," 2011)
This is illustrating how the university is dealing with rising pension costs.
Two proposed changes that will have an impact on the school include:
Assets will be valued at market prices rather than estimated for increased accuracy.
These areas will have an effect on how the University of California is accounting for liabilities and the way they will be treated in the future.
Identify and analyze the economic conditions that will affect the future growth and success of the institution.
The biggest factors that will have an impact on future growth include: changes in public financing, increasing expenses and having to create alternative forms of funding. The combination elements will determine how quickly the system grows and the quality of education that is provided. This will decide the direction and future trends of the university. ("Annual Financial Report," 2011)
Changes in public funding are becoming a major challenge for the University of California. This is because there is decreasing support from state programs. Between 2007 and 2011, this meant that funding decreased from $3.42 million to $3.04 million annually. ("Annual Financial Report," 2011)
Increasing expenses is when the university is facing higher costs from the maintenance and operations of various facilities. This is one of the primary factors which have been resulting in an increase in fees. During this last four years, this has boosted the total debt obligations from $9.36 million in 2007 to $13.44 million in 2011. ("Annual Financial Report," 2011)
Creating alternative forms of funding is when the school must find new avenues for financing different activities and projects. This means that they…
References
Annual Financial Report. (2011). University of California Regents. Retrieved from: http://regents.universityofcalifornia.edu/regmeet/nov11/a5attach3.pdf
Post Secondary Education. (2010). GAO. Retrieved from: http://www.gao.gov/new.items/d10393.pdf
Munnell, A. (2012). How Would GASB Proposal. CRR. Retrieved from: http://crr.bc.edu/briefs/how-would-gasb-proposals-affect-state-and-local-pension-reporting/
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