The University may incur interest costs during the course of operations.
effective
December 1986
revised
May 2018
Reviewed
August 2024
Responsible Office
Treasurer
Approval
Comptroller
Policy
The Treasurer’s office in conjunction with the Comptroller’s Office is responsible for accounting for all interest costs in accordance with the applicable financial accounting pronouncements. Generally these standards provide that:
All interest cost will be recorded as an expenditure when incurred. Interest costs resulting from debt used to finance construction or renovation of plant will be capitalized as required by the Generally Accepted Accounting Principles (GAAP).