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In 1993, the Financial Accounting Standards Board issued two statements - Number 116: Accounting for Contributions Received and Contributions Made and Number 117: Financial Statements of Not-for-Profit Organizations. These statements required significant changes to the financial statements issued by non-profit organizations. This case discusses changes in the context of Stanford University, a private, not-for-profit educational institution. Discusses financial reporting prior to FAS 116 and 117, the objectives of FAS 116 and 117, and their implementation by Stanford. The case prepares students for a discussion of non-profit financial reporting, fund accounting, donor imposed restrictions, the various stakeholders, and the advantages or disadvantages of financial statements prepared under the provisions of FAS 116 and 117.