Office of Financial Affairs
and Treasury Services

Assets  these are tangible items that the University has as resources. They are usually listed in descending order of liquidity meaning that cash and other assets that are easily converted to cash are listed first. Asset accounts usually start with the numbers 1 or 2.

Liabilities  these are obligations due to creditors such as payables and loans. Those that fall due within the next year are usually listed first, followed by the long-term liabilities. Liabilities often begin with the number 3.

Net assets  also referred to as fund balances, reflects the net worth of the University. They represent the balance remaining after liabilities are subtracted from assets. The fund balance accounts are also used to designate whether they are unrestricted, temporarily or permanently restricted net assets. Net assets often begin with the number 4.

Revenues - represents revenue or income earned by the University. Revenues often begin with the number 5,except for the account range 5301 to 5399, which represents the cost (expenses) of financial aid.

Expenses represents the cost of operating the University. Expenses often begin with the numbers 6, 7 and 8. The exception is the range of accounts from 5301 to 5399, which represents the cost of financial aid.