105.6 - Statewide Accounting Policy - Foundations

Policy Area: Accounting & Financial Reporting
Policy Sub Area: Statewide Financial Reporting
Authority:  GASB Codification Section 2100
Effective Date: 7/1/2006
Last Revision Date: 4/30/2017
Policy Owner/Division: Statewide Accounting


GASB Statement No. 39 impacts colleges and universities that have foundations and similarly affiliated organizations whose financial data is not currently blended in the institution's annual report. These organizations must be included as part of the institution's financial reporting entity (i.e., as discretely presented component units) if they are found to be "significant." The University of North Carolina General Administration and the Community College System Office have established a uniform threshold for identifying which organizations are "significant." Under this threshold, organizations whose assets or revenues are 5% or greater of the institution's assets or revenues will be considered "significant" to the institution.



Accounting Guidance


Related Documents (Memos/Forms)

Guidance on Component units provided in this OSC memorandum.

Revision History

  • 4/30/2017 - Update link; formatting change