Obtain the annual reports for a private not-for-profit and public college or university and answer the following questions:

a. Examine the two activity statements (revenues and expenses). What are the titles of these statements? Do they display income from operations? What items are reported as nonoperating? Which has financial aid grants as part of nonoperating revenue? Which entity has state appropriations?
b. Examine the two balance sheets. Are the statements in classified format? What are the titles of these statements? Examine the residual equity accounts and list the net position/net asset categories of each.
c. Examine the statements of cash flow. What are the major sections of each? What method is used for each to present cash flows from operating activities (direct or indirect)? Where are additions to plant and equipment reported for each? Where is cash received from investments reported?