1107 Long Term Debt

Document purpose

To properly account for long-term debt

effective

December, 1986

revised

May, 2006

Reviewed

May, 2021

Responsible Office

Treasurer

Approval

Comptroller

Policy

  1. The Comptroller’s Office is responsible for accounting for all long-term debt in accordance with the applicable financial pronouncements.  

  2. Resources borrowed in support of capital projects or current operations/plant will be recorded as a liability.  

  3. Resources borrowed to be expended for plant will be recorded as a liability of the University. Unless otherwise provided for, debt service on such borrowings will be funded from unrestricted funds.