(A) Northwest state community college maintains financial policies and procedures based on an economic resource measurement focus and an accrual basis of accounting.
(B) Under the accrual basis, revenues are recognized when earned, and expenses are recorded when an obligation has been incurred.
(C) Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.
Promulgated Under: 111.15
Statutory Authority: 3358
Rule Amplifies: 3358