The practice of application and accounting of Endowment for activities of domestic higher education institutions
Journal Title: Вісник Житомирського державного технологічного університету. Серія: економіка, управління та адміністрування - Year 2019, Vol 89, Issue 3
Abstract
The article examines the practice of the endowment funds using by domestic and foreign higher educational institutions as the alternative source of additional financing for educational and scientific activities. The basic problems of normative field on the issues of engagement of endowments, reflection in accounting and reporting of state institutions of higher education of Ukraine operations with funds of the «sustainable fund» are determined, in particular: the ambiguity in determining the conditions for the fixed capital using of the endowment fund and passive incomes, the insufficient development of the financial market in our state, the lack of proper motivation for philanthropists in terms of taxation for operations with funds of the endowment, etc. Alternative proposals for normative regulation and accounting improving of endowment funds by state institutions of higher education in Ukraine are substantiated. The need for the using new models of endowment-fund formation for national universities is revealed. Those propositions could help improve financing the innovative educational and scientific activities for state universities. Alternative proposals are the motivating factor for strengthening the image of state institutions of higher education, as philanthropic donors will trust their funds only for support attractive universities. The main issues of management for Ukrainian universities in the process of using endowment funds, its accounting and reporting of the results of such operations are proposed. The objective of the study is to measure the application of endowment-funds recognition principles of higher education state institutions as for their compliance with the International Accounting Standards for the public sector, ensuring the reliability of accounting data, taking into account the regulatory framework for the allocation and accounting of budgetary funds in Ukraine. In its turn, this will allow to improve the rating of such state institutions of higher education, and increase the effectiveness of the indicators at the stages of their development.
Authors and Affiliations
L. G. Lovinska, S. O. Levytska, O. O. Osadcha
Keywords
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