15-11. Review of Annual Financial Report. (L015-16, 015-3) Obtain the most recent copy of the annual report for your college or university (school). Using the annual report, answer the following Required a. Does your school follow GASB or FASB standards? Use the financial statements to explain how you can tell which GAAP is being applied b. Do the financial statements appear to follow the reporting standards of the appropriate standards setting body? Identify examples to support your answer. Identify any instances where you believe the reporting standards are not being met. (Hint: It may be helpful to refer to the financial statement illustrations presented in this chapter.) c. What percentage of total revenue comes from student tuition and fees? What percentage of total tuition and fees are student discounts and/or scholarship allowances? d. What percentage of total revenue comes from grants and contracts? Under FASB standards, not-for-profit entities must clearly identify the expenses that are program related from those expenses that are management and general and fundraising. What percentage of total expenses is your Page 643 college or university spending on its programs? Discuss what, if any, benefit you believe this information has when the entity is funded primarily by user charges (tuition and other fees) versus contributions? (Hint: You may need to search the footnotes.) 4. Has an audit been included with the financial report? Discuss the content of the audit report