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1) Tax-exempt organizations are required to file Form 990 by the 15th day of the 9th
month following the organizations taxable year.
2) Service Efforts and Accomplishments Reporting includes measures of service inputs,
outputs and outcomes.
3) Special-purpose governments that are engaged in only one governmental-type
activity are permitted to combine the fund and government-wide financial statements
4) When the General Fund purchases water from an enterprise fund, the General Fund
would creditexpenditure.
5) Governmental attestation engagements must comply with both the Government
Auditing Standards and with the
6) Fiduciary Funds are used to account for assets held by a government acting as a
trustee or agent for entities external to the governmental unit: Including individuals,
organizations, and other governmental units.
7) Government-wide financial statements are prepared using the modified accrual basis
of accounting.
8) Debt service funds should accrue interest and report principle payments due within
the next12 months following year end.
9) Voluntary health and welfare organizations raise a significant amount or nearly all of
their resources from contributions and grants, and are subject to the rules of the
10) A Comprehensive Annual Financial Report (CAFR) would include an introductory
section, management's discussion and analysis, basic financial statements, required
supplementary information other than MD&A, combining and individual fund
statements, narrative explanations, and statistical section.
11) Under NACUBO guidelines, tuition waivers resulting from work-study programs
are deducted from revenue.
12) For hospitals, contractual adjustments to 3rd party payers, such as insurance
companies, are recorded with a debit to Contractual Adjustment expense and a credit to
Accounts Receivable.
13) Assets held in trust that are restricted to benefit the citizenry in general or in support
of the reporting governments programs would be reported as permanent funds if
nonexpendable.
14) The level of charity care is included in revenue and should be disclosed in the notes
to financial statements.
15) Pension trust funds are required to present a ten year Schedule of Changes in Net
Pension Liability and Related Ratios as required supplementary information.
16) Patient Service Revenue of hospitals is to be presented net of contractual
adjustments in the Statement of Operations.
17) Statement 53 (reporting of derivatives) does not apply to proprietary or fiduciary
funds.
18) A Statement of Functional Expensespresents a matrix of expenses classified by
function and by object or natural classification.
19) A private not-for-profits expenses are reported by function, program or supporting,
in the Statement of Activities or in the notes.
20) Although certain supplementary information may notbe required, if presented, it
must follow GASB guidance regarding its format and content.
