The Integrated Postsecondary Education Data System - New Finance Reporting Solutions for Jointly Audited Institutions

The Integrated Postsecondary Education Data System

Statistical Data and Information on Postsecondary Institutions

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New Finance Reporting Solutions for Jointly Audited Institutions
Several institutions have experienced difficulty reporting audited data for individual institutions on the Finance survey of IPEDS due to the fact that multiple institutions are covered under a single audit. For example, a state university system may be audited as a whole, maintaining a single set of financial records for the complete system; or several beauty schools may be owned by one entity and audited together as one company. These individual institutions operate under separate Program Participation Agreements with the Department of Education, requiring individual Finance survey data submissions. Separate revenue, expense, and scholarship data reporting have not traditionally been a problem for these types of institutions, but reporting assets, liabilities and equity (or net assets) can make completion of the Finance survey difficult. In some instances, duplicate data were submitted for each school within a system or corporate entity on the Finance survey, making national, state, or system totals that may be generated from the data overstated. Beginning with the Spring 2004 data collection, institutions will be able to report in a way that will make it easier to use audited data as required by the survey. This limited form of joint reporting of certain data items is available to institutions even if they operate under different OPEID numbers. Institutions needing to report in this way should call the help desk at 1-877-225-2568 to set it up. The following summary describes reporting within these new parameters: Public institutions using GASB 34/35 standards Before the new GASB standards, the format of the Finance survey did not require the reporting of assets, liabilities (other than in total), or net assets. Generally institutions within a system have separate revenue and expense budgets and track their scholarships and fellowships separately, which simplified the process of reporting financial data to IPEDS. When the Statement of Net Assets data items (Part A) were added, however, those institutions audited together, such as state systems or community college districts with multiple campuses, experienced difficulty reporting separately, some opting for the old format of IPEDS to avoid Statement of Net Assets reporting for another year. For institutions that can report full finance data, we strongly encourage continued reporting in this manner. For those that cannot report Statement of Net Assets data (Part A), one institution within a system (such as the system office) or group of institutions (such as the main campus) should be selected to report the Statement of Net Assets (Part A). Each institution should report its own revenues, expenses, scholarships and fellowships. Component units may be reported at either level. If data are reported in this way, it should be noted in the caveats section of the General Information page for each institution in the group. Private, not-for-profit institutions and public institutions using FASB standards These institutions have been using the current format of the IPEDS Finance survey for several years. It has been noted however, that duplicate data have been reported for different institutions that may be related by a common system or other organizational mechanism. They share an audited Statement of Financial Position and cannot reasonably distribute the assets, liabilities and net assets to individual institutions. For these institutions, the Statement of Financial Position data (Part A) may be reported by one institution within the group. This should be the system office, or a large institution. All institutions will report student grants (Part C), revenues (Part D), and expenses (Part E). On Part B, each institution will report total revenues (line 1) and expenses (line 2). The remaining lines on Part B should be completed for the group as a whole by the institution reporting Part A. Private, for-profit institutions These institutions have been using the current format of the IPEDS Finance survey for several years. It has been noted however, that duplicate data have been reported for different institutions that may be related by a common system or corporate office. They share an audited Balance Sheet and cannot reasonably distribute the assets, liabilities and equity to individual institutions. For these institutions, the Balance Sheet data (Part A) may be reported by one institution within the group. This should be the system office, or a large institution. All institutions will report student grants (Part C), revenues (Part D), and expenses (Part E). On Part B, each institution will report total revenues (line 1) and expenses (line 2). The remaining lines on Part B should be completed for the group as a whole by the institution reporting Part A.

New Finance Reporting Solutions for Jointly Audited Institutions

Several institutions have experienced difficulty reporting audited data for individual institutions on the Finance survey of IPEDS due to the fact that multiple institutions are covered under a single audit. For example, a state university system may be audited as a whole, maintaining a single set of financial records for the complete system; or several beauty schools may be owned by one entity and audited together as one company. These individual institutions operate under separate Program Participation Agreements with the Department of Education, requiring individual Finance survey data submissions. Separate revenue, expense, and scholarship data reporting have not traditionally been a problem for these types of institutions, but reporting assets, liabilities and equity (or net assets) can make completion of the Finance survey difficult. In some instances, duplicate data were submitted for each school within a system or corporate entity on the Finance survey, making national, state, or system totals that may be generated from the data overstated.

Beginning with the Spring 2004 data collection, institutions will be able to report in a way that will make it easier to use audited data as required by the survey. This limited form of joint reporting of certain data items is available to institutions even if they operate under different OPEID numbers. Institutions needing to report in this way should call the help desk at 1-877-225-2568 to set it up.

The following summary describes reporting within these new parameters:

Public institutions using GASB 34/35 standards

Before the new GASB standards, the format of the Finance survey did not require the reporting of assets, liabilities (other than in total), or net assets. Generally institutions within a system have separate revenue and expense budgets and track their scholarships and fellowships separately, which simplified the process of reporting financial data to IPEDS. When the Statement of Net Assets data items (Part A) were added, however, those institutions audited together, such as state systems or community college districts with multiple campuses, experienced difficulty reporting separately, some opting for the old format of IPEDS to avoid Statement of Net Assets reporting for another year.

For institutions that can report full finance data, we strongly encourage continued reporting in this manner. For those that cannot report Statement of Net Assets data (Part A), one institution within a system (such as the system office) or group of institutions (such as the main campus) should be selected to report the Statement of Net Assets (Part A). Each institution should report its own revenues, expenses, scholarships and fellowships. Component units may be reported at either level. If data are reported in this way, it should be noted in the caveats section of the General Information page for each institution in the group.

Private, not-for-profit institutions and public institutions using FASB standards

These institutions have been using the current format of the IPEDS Finance survey for several years. It has been noted however, that duplicate data have been reported for different institutions that may be related by a common system or other organizational mechanism. They share an audited Statement of Financial Position and cannot reasonably distribute the assets, liabilities and net assets to individual institutions. For these institutions, the Statement of Financial Position data (Part A) may be reported by one institution within the group. This should be the system office, or a large institution. All institutions will report student grants (Part C), revenues (Part D), and expenses (Part E). On Part B, each institution will report total revenues (line 1) and expenses (line 2). The remaining lines on Part B should be completed for the group as a whole by the institution reporting Part A.

Private, for-profit institutions

These institutions have been using the current format of the IPEDS Finance survey for several years. It has been noted however, that duplicate data have been reported for different institutions that may be related by a common system or corporate office. They share an audited Balance Sheet and cannot reasonably distribute the assets, liabilities and equity to individual institutions. For these institutions, the Balance Sheet data (Part A) may be reported by one institution within the group. This should be the system office, or a large institution. All institutions will report student grants (Part C), revenues (Part D), and expenses (Part E). On Part B, each institution will report total revenues (line 1) and expenses (line 2). The remaining lines on Part B should be completed for the group as a whole by the institution reporting Part A.

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New Finance Reporting Solutions for Jointly Audited Institutions

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