Institutional Accounts

2300-2499 Series: Long-term Liabilities

All liabilities or that portion of which are due more than one year from the date reported on a balance sheet.

2302 - Lease Payable Noncurrent  
Amounts due to others after the next year for contractual obligation for which the University has received the rights to use the property of an owner. The liability is recorded at the present value (PV) of expected payments during the lease term. This included fixed payments, variable payments based on an index or rate, fixed in substance payments (appear variable but are really fixed), residual value guarantees, purchase options, incentives, lease termination fees.
2310 - Unearned Revenue-Noncurrent  
Revenue cash receipts not yet earned and to be recognized in accounting periods after the next year.
2325 - Comp Ab - Vacation - Non Cur  
The non current portion of vacation payout owed, but not paid.
2326 - Comp Ab - Sick NonCurrent  
The non current portion of sick leave payout owed, but not paid.
2327 - Early Retirement Pay Long Term  
The long-term portion, which is for periods after one year from the report date, of early retirement benefits owed.
2329 - Pension Liability  
Net pension liability based on GASB 68-Accounting and Financial Reporting for Pensions.
2330 - Net OPEB Oblig Noncurr P&S Fac  
The non-current portion of other post employment benefit obligations for staff classifications Professional, Scientific, and Faculty.
2331 - Net OPEB Oblig Noncurr Merit  
The non-current portion of other post employment benefit obligations for staff classification Merit.
2350 - Bonds Payable  
Non current portion of outstanding bond oligations owed by the University.
2354 - Deferred Inflows Leases  
The deferred inflow of resources is valued at the lease receivable, adjusted for payments received before commencement of the lease and incentives paid. The deferred inflow is recognized as revenue in a "systematic and rational manner over the term of the lease.
2355 - Unamortized Bond Prem/Discount  
Premium/Discount associated with sale of bonds payable . This premium/discount is amortized over the life of the bonds.
2356 - Debt Refunding Gain  
To record the debt refunding gain calculated based on the formula prescribed by GASB. This amount is reported as a deferred inflow on the Statement of Revenues, Expenses, and Changes in Net Position. GASBS 65, pages 5-7.
2357 - Deferred Inflows Pension  
Pension deferred inflows derived from (1) difference between expected and actual experience, (2) difference between projected and actual investment and (3) entity contributions from fiscal year of measurement. GASBS 68, pages 33-34.
2358 - Deferred Inflows P3-UtilitySys  
Proceeds from financial close of P3-Utility System, net of associated sale of supplies inventory and utility system vehicles. The balance is amortized over the life of the agreement.
2359 - Deferred Inflows OPEB  
The OPEB expense and deferred outflows of resources and deferred inflows of resources related to OPEB that are required to be reported by an employer primarily result from changes in the components of the net OPEB liability?that is, changes in the total OPEB liability and in the OPEB plan's fiduciary net position. Changes in the net OPEB liability that have not been included in OPEB expense are required to be reported as deferred outflows of resources or deferred inflows of resources related to OPEB. GASBS 75 page v.
2360 - Notes Payable  
Obligations for which the University has received goods or services, but has signed a written statement of obligation in lieu of paying cash.
2361 - Notes Payable Immic  
Note Payable to the University of Iowa from Iowa Medical Mutual Insurance Company.
2370 - Capital Lease Payable  
Contract obligation for which the University has received the rights to use the property of an owner, but has signed a written statement of obligation in lieu of paying cash.
2380 - Federal Loan Contributions  
Federal contribution to loan programs. Refundable to government upon termination of loan programs
2399 - Other Long Term Liabilities  
Other long-term liabilities not defined to another liability IACT in the range of 2300-2398.

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