General Information - FASB For-Profit Institutions

General Instructions

Reporting Period Covered
The starting point for reporting should be amounts reported in the GPFS for the most recent fiscal year ending before October 1, 2013. For institutions with fiscal years ending on December 31, this would be the calendar year 2012.
About the Data
Data providers for this component should be familiar with college and university accounting policies and practices as described by the National Association of College and University Business Officers (NACUBO). To provide additional help, accounting terms are underlined and colored blue. These terms are linked to definitions found in the online glossary.

Four different types of data appear in this component. There are data:
  • Institutions provide from their GPFS and/or underlying records.
  • That are prior year data, shown in red, which can be used as a comparison with the current year's data being reported.
  • That are carried forward from one part of the component to another part to insure that the data are internally consistent.
  • Calculated from the other data elements.
In the latter two cases, the data provider is requested to check that the carried forward data and the calculated data are consistent with the data found in the institution's GPFS. If the data carried forward or calculated are not consistent with the institution's GPFS, then an error in data entry may have occurred.

General Information – Fiscal Year and Audit

Fiscal Year: Enter the beginning and ending dates of the period covered for the reported financial data. If the period is not a full 12-month year, explain in the context box below why a 12-month period was not included. 
Audit Opinion: Check the appropriate box to indicate if the GPFS received an unqualified opinion from your auditors. If “qualified” is checked, please note in the context box the nature of the qualification. If the statements have not been audited, please check “Don’t know” and note in the context box that the GPFS are unaudited.


Pell Grants: Indicate whether the institution accounts for Pell grants as pass-through payments or as federal revenue. If the institution does not award Pell grants, select the applicable option.

Institutions that do receive Pell grants have the option to report Pell grants either as:

  • federal revenue and allowance to tuition and fees and/or auxiliary enterprises (for room and board, books, meals, etc.).  If the Pell grant is counted as federal revenue, then there should be an offsetting discount/allowance to tuition and fees revenue and/or auxiliary enterprise revenue so that the Pell grants are not being double counted in the institution's revenues.


  • as a pass-through transaction.  A pass-through transaction is essentially a payment on the student's account where the institution is purely processing the Pell Grant and those monies are not counted by the institution until they come in as a tuition payment from the student. The latter option is sometimes referred to as an agency transaction. With this option Pell grants are not counted as federal revenues and are not considered to be a discount/allowance to tuition and fees or auxiliary enterprises.

Please note that regardless of how Pell grants are treated for revenues or expenses, they should still be reported in Part C: Scholarships and Fellowships under Pell grants.