tailieunhanh - Financial Audit of the John A. Burns School of Medicine of the University of Hawaii_part4

Chương 3: Kiểm toán tài chính Nhà trường sử dụng phương pháp xác định cụ thể để ghi lại trợ cấp cho các tài khoản nghi ngờ. Chi phí trả trước Chi phí trả trước là số tiền trả cho nhà cung cấp hoặc các nhà cung cấp như kết thúc năm tài chính trước khi nhận hàng hoá, dịch vụ liên quan. | Chapter 3 Financial Audit The school uses the specific identification method to record its allowance for doubtful accounts. Prepaid Expenses Prepaid expenses are amounts paid to vendors or suppliers as of the fiscal year-end prior to receipt of the associated goods or services. Investments Investments of the school consist primarily of endowment investments that are stated at fair value as determined by quoted market prices or amounts determined by management if quoted market prices are not available. The net change in the fair value of investments is recognized as a component of investment income or loss. Investments of the school s endowment funds are combined in investment pools with the university and foundation unless required by the donor to be separately invested. Individual endowments subscribe to or dispose of units in the pools on the basis of a per unit valuation of the pool fair value. Gains or losses on sales of investments are retained or absorbed by the endowment principal. Cost of securities sold is determined using the first-in first-out method. The Board of Regents of the university and the Board of Directors of the foundation collectively the boards are responsible for management of the school s endowment investments. The boards establish investment goals and comprehensive guidelines to ensure the preservation of capital and adequate growth and income. The boards and appointed investment managers perform regular monitoring of investment performance. Title to investment securities is vested in the name of the Securities and Exchange Commission registered brokerage firms in New York representing the various investment managers of the university and the foundation. The university s and foundation s policies provide for the distribution to the school of up to 5 percent of the preceding year s endowment fair value. If a donor has not provided specific instructions state law permits the boards to authorize for expenditure the net appreciation of the .