The General Accounting Section is responsible for monitoring and maintaining the integrity of the College’s accounting system. This includes the maintenance of the Chart of Accounts and the general ledger. Also, we manage the year end closing function as well as prepare financial reports.
The mission of the General Accounting Section is to ensure that the accuracy and integrity of the College’s accounting function is maintained as described below:
- To accurately report the financial position of International College and its departments
- To coordinate and direct all financial transactions recorded in the accounting system while still assuring that all transactions adhere to College policies and procedures, generally accepted accounting principles, and rules established by the authoritative local governing bodies
- To accurately and efficiently close all monthly, quarterly and annual financial periods
- To maintain and modify the College’s Chart of Accounts
- To coordinate and participate in the year-end audit
Location & Office Hours
Ras Beirut Campus, Thomson Hall ground floor
Monday through Friday
Winter working hours: 7:30 am till 3:30 pm, Wednesday 7:30 am till 2:00 pm
Summer working hours: 8:00 am till 1:30 pm
A new Chart of Accounts has been developed with a cost center for each department. You can access it in Policy # 2.
We are in the process of issuing monthly financial statements for each department.
The General Accounting Section has compiled answers to questions regularly received by our department. We hope that your questions are included in this FAQ section.
“The balance sheet for a not-for profit organization, referred to as the statement of financial position, reports the assets, liabilities and the stockholders’ equity of an enterprise at a specific date. This financial statement provides information about the nature and amounts of investments in an enterprise's resources, obligations to creditors, and the owners’ equity in net resources. It helps in predicting the amount, timing and uncertainty of future cash flows. Analysts use information in the balance sheet to assess a company’s risk and future cash flows. In this regard, analysts use the balance sheet to assess an enterprise's liquidity, solvency and financial flexibility.” (Intermediate Accounting, Principles and Analysis, Warfield Weygandt Kieso)
The statement of activities is one of the main financial statements of a nonprofit or not-for-profit organization.
A nonprofit’s statement of activities is issued instead of the income statement which is issued by a for-profit business.
The statement of activities focuses on the total organization (as opposed to focusing on funds within the organization) and reports the following:
- Revenues such as contributions, program fees, membership dues, grants, investment income, and amounts released from restrictions.
- Expenses reported in categories such as major programs, fundraising, and management and general.
- The change in net assets resulting from items 1 and 2.The statement of activities will have multiple columns in order to report the amounts for each of the following classes of net assets: unrestricted, temporarily restricted, permanently restricted, and total.
A comparative income statement is an extraction of the usual income statement or statement of activities; it shows the amounts of revenues and expenditures for various periods or months.
Net assets is defined as total assets minus total liabilities. In a not-for-profit (NFP) organization, the amount of total assets minus total liabilities is actually reported as net assets in its statement of financial position. The net asset section for the NFP organization is divided into three classifications:
- unrestricted net assets.
- temporarily restricted net assets.
- permanently restricted net assets.
The changes in these net asset classifications are reported in the organization’s statement of activities.
The consistency principle requires accountants to be consistent from one accounting period to another in applying accounting principles, methods, practices, and procedures. In other words, the readers of a company’s financial statements can presume that the same rules and measurements were followed in all of the years being reported. If a change is made to a more preferred accounting method, the effects of the change must be clearly disclosed.
The Financial Accounting Standards Board refers to consistency as one of the characteristics or qualities that makes accounting information useful.