Debt Accounting
Bonds Payable
Bonds payable represent UND's indebtedness represented by a bond indenture. Bonds payable are normally recorded in the investment in plan funds as they are incurred to acquire capital assets.
Bond payments are initiated and recorded by the UND Controller's Office. All accounting-related journal entries and debt schedules are completed by the Controller's Office.
Contact
- sharon.loiland@UND.edu
- 701.777.3178
-
Bronson Center Room 120
Grand Forks ND 58202-8364
Certificates of Participation
Certificates of Participation (COPs) are debt instruments that are similar to bonds, however an investor purchases a share of the lease revenues of a program rather than the bond being secured by those revenues.
COP payments are initiated and recorded by the UND Controller's Office. All accounting-related journal entries and debt schedules are completed by the Controller's Office.
Contact
- sharon.loiland@UND.edu
- 701.777.3178
-
Bronson Center Room 120
Grand Forks ND 58202-8364
Notes Payable
A notes payable is a written promissory note. Notes payable are commonly used for the financed purchase of capital assets. For notes payable used to finance the purchase of capital assets, these were commonly referred to as capital leases prior to the implementation of GASB Statement No. 87 in fiscal year 2022.
Notes payable payments are initiated by the UND departments that took out the notes payable. Accounting-related journal entries and notes payable schedules are completed by the Controller's Office.
Contact
- Questions related to initiating the financed purchase of an asset : UND Procurement & Payment Services
- Contact for questions related to accounting for the financed purchase of an asset:
brandon.wallace@UND.edu