The University is subject to accounting standards developed by the Governmental Accounting Standards Board. In June 2007 the board issued standard number 51, Accounting and Financial Reporting for Intangible Assets that is effective as of July 1, 2009. Failure to comply with the accounting standard could result in a unfavorable audit opinion by auditors. This would adversely impact the University's reputation with legislators, grantors, donors and creditors.
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