Rationale: Minor amendments are proposed to prescribe that the accounting for student activity fees must be in accordance with the standards set by the Financial Accounting Standards Board (FASB).
Policy 1996-03 Defining Auxiliary Enterprises and Associated Cost Allocation
Rationale: The proposed policy amendments provide clarity, identify the specific costs that must be allocated to auxiliary enterprises, and prescribe allocation methods for indirect costs. In addition, the proposed policy now addresses life-cycle maintenance requirements, so that Board of Governors Policy 1990-03-A: Finance, Operation, Maintenance, and Capital Renewal of Auxiliary Facilities can be rescinded. It is also recommended the policy be renamed as Board of Governors Policy 1996-03-A: Defining Auxiliary Enterprises and Establishing Financial Reporting Requirements.