Understanding Our Comprehensive Annual Financial Report And Key Financial Figures
Understanding Our Comprehensive Annual Financial Report And Key Financial Figures
Question
This task is designed to help you better understand CAFR and financial statements for cities or counties with revenues of $100 million or more. Please use the attached document (click above) to share your answers to the selected company’s 2017 or 2018 CAFR questions. Please note that all responses must be entered.
In addition, each response should be documented by printing an excerpt from the selected CAFR and cross-referenced with the location document (see Working Paper). Fill out your own binder – All paper submissions must be submitted by the deadline indicated on the syllabus.
| Requirement: | Comments: | Workpaper Reference: |
| a) What are reporting units? Do they include component units? If so, identify them and indicate whether discrete or mixed representation is used. | ||
| b) Summarize three key points highlighted in management’s discussion and analysis. | ||
| c) We summarize three key points from Note 1 – Summary of Significant Accounting Policies. | ||
| d) Who performed the audit of the annual accounts? What audit opinion did you receive? If no limitation, please explain | ||
| e) Enter the name of each financial statement included in the CAFR. | ||
| f) Identify government resources deemed “critical” under CAFR. | ||
| g) Indicate whether a trust fund exists. If so, state its name and its purpose | ||
| h) Identify, list and state the purpose of internal services or corporate funds and determine whether they are self-sustaining; | ||
| i) For expenses on your benefit statement, please list the three largest programs in terms of cost and provide the amounts (income and associated expenses) for those programs. Are you responsible? consistent? | ||
| j) For general income in your activity report, list the three largest types of income and their associated income amounts. Is the income from barter sales or non-barter sales? | ||
| k) On the Statement of Changes in Income, Expenditures and Fund Balances, please list your top three income categories and their related income amounts. �� | ||
| l) What are the 3 largest assets and 3 largest liabilities on your statement of net worth, and what are the amounts associated with each? | ||
| m) What are the 3 largest assets and 3 largest liabilities reported on the balance sheet and what are the amounts associated with them? | ||
| n) What are the main factors that adjust SWF’s balance sheet and statement of net worth (net worth of government activities)? | ||
| o) Determine the net change in fund balances. Did this increase or decrease the fund balance? | ||
| p) Prepare a horizontal and vertical analysis of the company’s balance sheet, highlighting areas of material change that may require explanation during the audit. | ||
| q) Is there any mention of the cost of an audit for Individual Audit Grants? | ||
| r) From the statistical portion of the CAFR, identify three specific key (operational or financial) indicators or statistics used to measure the performance of city services? | ||
| s) Identify organizational strengths, weaknesses, threats and opportunities for leaders to consider going forward |
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