Income derived from endowment and similar funds is accounted for in the fund to which it is restricted or, if unrestricted, as revenue in unrestricted current funds. All other unrestricted revenue is accounted for in unrestricted current funds. Restricted gifts, grants, appropriations, endowment income, and other restricted resources are accounted for in the appropriate restricted funds. Prepaid expenses and deferred revenues - Revenues and expenditures related to summer semesters are deferred to the subsequent accounting period in which the academic programs are predominantly conducted. Interfund balances consist primarily of advances of current funds for periods of five years or less for property and equipment additions.
Interest is charged at the current market rate earned on short-term investments.
Government grants and contracts normally provide for reimbursement of indirect costs. Pledges - Gifts are recorded as revenue when they are received. It is not possible to determine when or to what extent the pledges will actually be realized. PSC won the Little East Conference soccer championship in 1997.