An essential and comprehensive guide to university finances. In University Finances, higher education expert Dean O. Smith • demystifies basic accounting procedures, budgets, debt financing, and financial statements • explores more unusual financial topics, such as methods for calculating fringe benefit rates, bond refunding costs, and indirect cost allocations • shows that the use of university wealth is highly restricted by donors, bondholders, government regulators, and others • answers nuanced questions, like "How are USDA formula funds calculated?" and "Why does the university pursue more and more research funding when it loses money on every grant?" • illustrates financial calculations using realistic examples