Case Study: Rocky Mountains Area University achieves GASB 87 compliance and streamlined lease accounting with FinQuery

LeaseQuery Helps University Find a Lasting Lease Accounting Solution

Rocky Mountains Area University, a four-year public research university with about 1,664 staff, 800 faculty and a portfolio of 170 leases (mostly operating), faced a major challenge when GASB 87 required far more detailed lease tracking than their month-to-month expensing and Excel spreadsheets could support. Seeking a robust, standards-compliant solution, the university evaluated lease accounting tools and selected FinQuery’s lease accounting software to replace their manual processes.

FinQuery implemented a GASB-compliant lease accounting solution that handles both lessee and lessor accounting, produces exportable journal entries for the university’s general ledger, and centralizes the management of the university’s 170 leases. The result was elimination of spreadsheet-based tracking, greater confidence and efficiency in transitioning to the new GASB standards, and a smoother, more auditable lease accounting process that the university's team now recommends to peers.

Rocky Mountains Area University