Lamar University Annual Financial Report: 2016 Page: 10
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UNAUDITED
Lamar University (734)
LAMAR UNIVERSITY
NOTES TO THE FINANCIAL STATEMENTS
August 31, 2016
NOTE 1: Summary of Significant Accounting Policies
Entity 0
Lamar University is considered an Institution of Higher Education of the
State of Texas, and its financial records comply with state statutes and
regulations. This includes compliance with the Texas Comptroller of
Public Accounts' Reporting Requirements for Annual Financial Reports of S
State Agencies and Universities.
Due to the statewide requirements embedded in Governmental Accounting
Standards Board Statement No. 34, Basic Financial Statements - and
Management's Discussion and Analysis -for State and Local Government,
the Comptroller of Public Accounts does not require the accompanying
annual financial report to comply with all the requirements in this S
statement. The financial report is considered for audit by the state auditor
as part of the audit of the State of Texas Comprehensive Annual Financial 0
Report (CAFR); therefore, an opinion has not been expressed on the 5
financial statements and related information contained in this report.
Fund Structure 0
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The accompanying financial statements are presented on the basis of
funds. A fund is considered a separate accounting entity. The fund
designation for institutions of higher education is a Business Type Activity
within the Proprietary Fund Type.
Proprietary Funds 5
Business Type ActivityBusiness type funds are used for activities that are financed through the
charging of fees and sales for goods or services to the ultimate user.
Institutions of higher education are required to report their financial activities
as business type; because, the predominance of their funding comes through
charges to students, sales of goods and services and grant revenues.
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Annual Report-fiscal year ended August 31, 2016
10
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Lamar University. Lamar University Annual Financial Report: 2016, report, 2016; Beaumont, Texas. (https://texashistory.unt.edu/ark:/67531/metapth903330/m1/24/?q=Lamar+University: accessed June 4, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.