Changes in Reporting
For all institutions, the expense matrix has been removed and expenses are collected by functional and natural classification categories separately, except for salaries and wages.
Fiscal Year: Enter the beginning and ending dates of the period covered for the reported financial data.
Audit Opinion: Check the appropriate box to indicate if the GPFS received an unqualified opinion from your auditors. A "qualified opinion" occurs when the auditor includes exceptions to the opinion that "The financial statements present fairly, in all respects, the financial position as of (date) and the results of the operations for the year ended, in conformity with accounting standards generally accepted in the United States." When no such exceptions are included, the opinion is considered "unqualified." 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:
Business Structure: Check the appropriate box to indicate the institution’s business structure for tax purposes. If either a C Corporation or a Limited Liability Company (LLC) business structure is selected, the institution will be required to report “Federal” and “State and Local” income tax expenditures in Part F.
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.