Restricted revenues, although recorded when earned in accordance with Procedure 10-002, Billing for Goods Sold or Services Rendered are recognized as revenue in the USNH financial statements only to the extent that such funds are expended, as required by generally accepted accounting principles (GAAP). These are resources which are available for current operating purposes but whose expenditure is limited by an external source (e.g., donors, government, grantor, etc.) to specific purposes, programs, schools, departments, etc.
Within auxiliary enterprise funds, sources of revenue are primarily students, faculty and staff however, incidental sales to the general public and other USNH departments may be included.Ī. Sources of USNH operating revenues include students, governments, donors, and other public customers. Examples of operating revenue include all tuition and fees assessed against students, state of New Hampshire general appropriations, gifts, grants, contracts, investment and endowment income, departmental sales and services to external entities, miscellaneous college receipts, and auxiliary enterprise sales. Operating revenue results from the sale of USNH's primary products and services to a non-USNH entity or from carrying out other activities that support USNH's missions of instruction, research and public service. Within USNH current funds, revenue is defined as any transaction which results in an increase in the current financial resources (i.e., net assets) of USNH as a whole. It addresses commonly asked questions on interdepartmental sales, recording receipts as credits to expense, and sales of departmental equipment.ġ.
This statement defines operating and non-operating revenues.
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