1. What role does the National Association of College and University Business Officers (NACUBO) play in the financial reporting of colleges and universities?

2. What differences besides the names and contents of the three basic statements would a financial statement reader find between a public university and a private, nonprofit university statement reader find between a public university and a private, nonprofit university?

3. What are the primary differences between a statement of cash flows prepared for a public university and one prepared for a private, nonprofit university?

4. Is contract revenue considered to be an exchange-based transaction? Why or why not?