To properly account for long-term debt
May 2023Responsible Office
The Comptroller’s Office is responsible for accounting for all long-term debt in accordance with the applicable financial pronouncements.
Resources borrowed in support of capital projects or current operations/plant will be recorded as a liability.
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.