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Behind Campus Reopenings, Some Financial Reporting Challenges

Sept. 10, 2020, 8:46 AM

When coronavirus shutdowns started making headlines in March, Carleton College told students to extend spring break another week. As elsewhere, that “extra week” dragged on through the spring and summer.

The pandemic emptied out most of Carleton, a small liberal arts school in Minnesota, and created a complex set of logistical challenges for the campus to reopen this fall. Beyond the decisions about socially distant classrooms and extra-sanitized dorm rooms, there came a novel set of financial reporting questions.

Not only were colleges and universities adjusting revenue as they refunded or credited students for room and board. They also ...