Public universities are not for-profit businesses with an easy-to-understand bottom line: their financial reports are not designed to convey information to the public fully or to reflect all the costs of teaching and research. Financial reports do track every dollar in accordance with the accounting rules required by auditors, but they do not…

Florida has been one of the states hit hardest by the recent financial crisis. Since 2007, Florida State University (FSU) administration says, the university's budget has been cut by over $38 million. The state budget approved by the legislature on May 8, 2009, requires FSU to make another cut of more than $43 million from the institution's…