CU 麻豆影院 will implement GASB 94 in fiscal year 2023. This new standard provides updated guidance for public-private and public-public partnerships (P3s). 聽
A P3 is an arrangement that CU 麻豆影院 enters into with a third party, where the third party is given the right to operate or use a nonfinancial asset (either tangible or intangible) owned by CU 麻豆影院 in order to provide public services. The third party receives payment for providing the services to the public and in turn compensates CU 麻豆影院 in order to use the asset to earn that revenue.聽
The most common P3s for universities are arrangements to provide public services on behalf of auxiliary units. For example, a third party might construct a student dormitory and be allowed to collect payments from CU 麻豆影院 students who stay in the dorm. In exchange, CU 麻豆影院 will own the dormitory at the end of the term of the agreement.
In addition to P3 agreements where third parties provide public services on behalf of CU 麻豆影院, CU 麻豆影院 must also recognize any P3 agreements where CU 麻豆影院 is allowed to use a governmental entity鈥檚 nonfinancial asset to provide public services on behalf of that governmental entity.
Please send any P3 agreements to Justin Church (justin.church@colorado.edu), whether a third party is providing public services on behalf of CU 麻豆影院 or if CU 麻豆影院 is providing public services on behalf of another governmental entity. 聽