CAFR Project Instructions Governmental & Not-For-Profit Accounting Fall 2017 Due Date_________________________Municipality/County__________________________ OBJECTIVE: To allow students to apply concepts of state and local government accounting and reporting through an analysis of the financial statements TASK: To complete this assignment, you must select the most recent Comprehensive Annual Financial Report (CAFR) from an American city or county that meets the following requirements: · Received the GFOA Certificate of Achievement of Excellence in Financial Reporting · Has one or more Internal Service Funds · Has both major and nonmajor funds in either the Governmental Fund or the Proprietary Fund category Use the internet to find the local government’s web site. The CAFR is usually found under the “Finance” link, but each government’s web site might be a little different. Since CAFRs can be quite long (some are over 400 pages in length), you may want to save the Adobe format report rather than printing a copy of the entire report. You may also obtain a copy of the CAFR from the Governmental Accounting Standard Board (GASB) website at www.gasb.org, the Government Finance Officers Association (GFOA) website at www.gfoa.org, the state auditor’s office, or by calling the local government. Print the Table of Contents and all the Basic Financial Statements. After you select the government and have obtained the CAFR, inform your instructor immediately. Each student must select a different government. Selections will be approved by the instructor on a first-come basis. ASSIGNMENT REQUIREMENTS: Prepare a written report and a PowerPoint presentation based on the CAFR you selected. Answer the following questions: 1) Introduce and explain the composition of the reporting entity you have selected. a. Name the primary government and what, if any, component units are included in the CAFR. b. Give an overview of the history of the government. c. What are the inclusive dates of the fiscal year? d. What is the name and address of the independent auditor? Is the auditor’s opinion unqualified? If not, describe the qualification. e. How many funds does the primary government use? Which funds are major? f. From the governmental and enterprise funds statements, take all the major fund(s) (other than the General Fund) and prove/show, using the 10 percent and 5 percent criteria, that the fund is required to be reported as a major fund. (Show your computations in a table format) 2) Analyze the financial condition of the government. a. From the Management’s Discussion and Analysis in the report, write a summary of the financial condition of the government as described by the government. b. Calculate the following financial ratios presented in Chapter 13 page 389 and present in a table format. i. Financial Position: Governmental Activities ii. Financial Position: General Fund iii. Quick Ratio iv. Leverage-Debt to Total Assets v. Debt per Capita c. An ...

1. CAFR Project Instructions
Governmental & Not-For-Profit Accounting
Fall 2017
Due
Date_________________________Municipality/County_______
___________________
OBJECTIVE:
To allow students to apply concepts of state and local
government accounting and reporting through an analysis of the
financial statements
TASK:
To complete this assignment, you must select the most recent
Comprehensive Annual Financial Report (CAFR) from an
American city or county that meets the following requirements:
· Received the GFOA Certificate of Achievement of Excellence
in Financial Reporting
· Has one or more Internal Service Funds
· Has both major and nonmajor funds in either the
Governmental Fund or the Proprietary Fund category
Use the internet to find the local government’s web site. The
CAFR is usually found under the “Finance” link, but each
government’s web site might be a little different. Since CAFRs
can be quite long (some are over 400 pages in length), you may
want to save the Adobe format report rather than printing a copy
of the entire report. You may also obtain a copy of the CAFR
from the Governmental Accounting Standard Board (GASB)
website at www.gasb.org, the Government Finance Officers
Association (GFOA) website at www.gfoa.org, the state
auditor’s office, or by calling the local government. Print the
Table of Contents and all the Basic Financial Statements.

2. After you select the government and have obtained the CAFR,
inform your instructor immediately. Each student must select a
different government. Selections will be approved by the
instructor on a first-come basis.
ASSIGNMENT REQUIREMENTS:
Prepare a written report and a PowerPoint presentation based on
the CAFR you selected. Answer the following questions:
1) Introduce and explain the composition of the reporting entity
you have selected.
a. Name the primary government and what, if any, component
units are included in the CAFR.
b. Give an overview of the history of the government.
c. What are the inclusive dates of the fiscal year?
d. What is the name and address of the independent auditor? Is
the auditor’s opinion unqualified? If not, describe the
qualification.
e. How many funds does the primary government use? Which
funds are major?
f. From the governmental and enterprise funds statements, take
all the major fund(s) (other than the General Fund) and
prove/show, using the 10 percent and 5 percent criteria, that the
fund is required to be reported as a major fund. (Show your
computations in a table format)
2) Analyze the financial condition of the government.
a. From the Management’s Discussion and Analysis in the
report, write a summary of the financial condition of the
government as described by the government.
b. Calculate the following financial ratios presented in Chapter
13 page 389 and present in a table format.
i. Financial Position: Governmental Activities
ii. Financial Position: General Fund

3. iii. Quick Ratio
iv. Leverage-Debt to Total Assets
v. Debt per Capita
c. Analyze revenues and revenue sources
i. Is the revenue base well diversified, or does the city rely
heavily on one or two major sources?
ii. Do any extraordinary or special items reported in the
statement of activities deserve attention?
iii. What percentage of total expenses of governmental activities
is covered by program revenues? By general revenues?
d. Analyze reserves
i. Are the levels of financial reserves (i.e., fund balances,
contingency funds, and unrestricted net assets) adequate to meet
unforeseen operational requirements or catastrophic events?
ii. Do total governmental fund revenues exceed total
governmental fund expenditures? Do General Fund revenues
exceed General Fund expenditures? What has been the trend in
the ratio of revenues to expenditures?
iii. Is an adequate amount of cash and securities on hand, or
could the city borrow quickly to cover short-term obligations?
e. Analyze expenditures/expenses
i. Do any categories of expenditures (or expenses at the
government-wide level) exhibit sharp growth?
ii. How does the growth pattern of operating
expenditures/expenses over the past 10 years compare with that
of revenues?
f. Analysis of debt burden
i. What has been the 10-year trend in general obligation long-
term debt relative to trends in population and revenue capacity?
ii. Are significant debts of other governments (e.g., a school
district, a county) supported by the same taxable property?
What has been the trend for this “overlapping” debt?
g. State your opinion on the financial condition of this
governmental unit based on the information you gathered.
NOTE: You should not just answer the questions. You should
discuss your assessment of the financial condition of the

4. government based on the information you have gathered in
items a to f above.
ACC 381 Government and Not-for-Profit Accounting
Instructions for Writing CAFR Project Report
REPORT FORMAT: The report should be prepared using the
APA writing style.
1. Include a title page with the name of the government, seal of
the government, your name, course number, and date.
1. The Table of Contents should be divided into two major
parts, according to the instructions you were given previously.
Each of these two parts should cover all the materials required
per the instructions. I recommend you clearly label each of the
two parts and all related subparts using appropriate, descriptive
titles. Information should be presented in the same order listed
on the instructions.
1. Number pages in center at bottom. Do not number the title
page or the Table of Contents.
1. Use Times New Roman 12 point font and 1 inch margins all
around.
1. Double space the report and leave only two lines (one double
space) between paragraphs. Feel free to include graphs,
diagrams, tables, etc. as you see fit.
1. Reports should be stapled and represent a professional work
product.

5. 1. Considering the volume of material required for this project,
reports with less than 5 pages (excluding ratio table) will not be
considered sufficient to earn a grade of “A”.
1. Reports should be taken to the Richard Wright Center on the
first floor of the library for review. Tutors are available to
review your written report, PowerPoint slides, and assist with
your oral presentations. Each report should have a Verification
Form from the Richard Wright Center attached to it.
POWERPOINT PRESENTATION: The PowerPoint slide
presentation should include 5 to 10 slides and the oral
presentation should last approximately 5 minutes.
CAFR Assignment
ACC 381 – Governmental & NFP Accounting Page | 4
Sheet1Government:Instructions:1. Enter the name of the
government. 2. Complete the criteria section first. 3. Complete
the major funds chart below. Change "Fund #" to the name of
the fund used in your CAFR. Highlight in yellow each fund
element that meets both the 10% and 5% criteria. Do include the
General Fund. It is always a major fund.CriteriaGovernmental
FundsMajor Governmental FundsElementTotal10%General
FundFund #2Fund #3Fund #4Fund #5Fund #6 Assets-
0Liabilities- 0Revenues- 0Expenditures- 0Enterprise
FundsMajor Enterprise FundsElementTotal10%Fund #1Fund
#2Fund #3Fund #4Fund #5Fund #6 Assets- 0Liabilities-
0Revenues- 0Expenses- 0Governmental and Enterprise
FundsElementTotal5%Assets$ - 0- 0Liabilities$ - 0-
0Revenues$ - 0- 0Expenditures/Expenses$ - 0- 0

6. (Name of Your Government)
(SEAL)
(Your Name)
ACC 381.01 Governmental and Not-for-Profit Accounting
(date)
TABLE OF CONTENTS
Introductory Section:
Page Number
Your
Government…………………………………………………………
…………………………………..
History of Your

7. Government…………………………………………………………
…………………..
Fiscal
Year……………………………………………………………………
……………………………………
Independent
Auditor………………………………………………………………
……………………….
Governmental Reporting
Entity…………………………………………………………………
……
Major Funds
……………………………………………………..….………………
……………………..
Analysis of Financial Condition:
Summary of Financial
Condition……………………………………………………………
…………..
Financial
Ratios…………………………………………………………………
………………………………
Analysis of Revenues and Revenue
Sources………………………………………………………
Analysis of
Reserves………………………………………………………………
…………………………
Analysis of Expenditures and
Expenses…………………………………………………………….
Analysis of Debt Burden
…………………………………………………………………………
………..
Opinion on Financial Condition of
Government………………………………………………….
Attachments:

8. Major Funds
Worksheet……………………………………………………………
………………………
Financial Ratios
Worksheet……………………………………………………………
………………….
Introductory Section
(Your Government)
History of (Your Government)
Fiscal Year
Independent Auditor
(Introductory Section of CAFR)
Governmental Reporting Entity
(Note 1 to Financial Statements)
Major Funds
(Note 1 to Financial Statements. Add separate sheet with
major funds calculation.)
Analysis of Financial Condition
Summary of Financial Condition (Managements’ Discussion and
Analysis)
Financial Ratios (Add separate sheet)
Analysis of Revenues and Revenue Sources
Analysis of Reserves
Analysis of Expenditures and Expenses
Analysis of Debt Burden (Statistical Section of CAFR)
Opinion on Financial Condition of Government
Attachments

9. Major Funds Worksheet
Financial Ratios Worksheet
3