Update on GASB 87 and how it might affect your department
View the Most Recent Training
, Justin Church, associate director, highlights the most important aspects of the GASB 87 implementation and how it affects 精品SM在线影片 campus departments.
Good News
- Along with copiers, internal rentals (between departments) are not GASB 87 leases.
- Caf茅 and restaurant leases where rent is charged based upon the percent of sales or profit are not GASB 87.
- Rents or lease charges that are variable are excluded from tracking.
What We Are Looking For
- Agreements that either grant or receive a right-to-use (RTU) equipment or space (office, building, parking, land, etc.) for a term of 12 months or more. Please send the agreement to Greg Roers if Real Estate Services (RES) was not involved in the negotiations.
- Lease purchases are now considered financed purchases. If your department obtained an item this way in FY22, please send Greg Roers a copy of the agreement by June 15. It will take the marketplace a couple of years to reword these agreements.
If you have any questions regarding the new GASB 87 implementation, please feel free to contact Greg Roers or Justin Church. Thank you for your assistance.