I have a project for my Governmental and Not-for-profit accounting class. I need
ID: 2720528 • Letter: I
Question
I have a project for my Governmental and Not-for-profit accounting class. I need help with one of the questions relating to the state of New York CAFR (Comprehensive Annual Financial Report).
Q: Review the reconciliation between the governmental fund balances and the governmental-type activities net assets. This might be on the governmental fund balance sheet and statement of revenue etc., or in a separate schedule in the basic financial statements. (Max. 1 page) a. List two major differences for each statement and the direction of the adjustment. Be sure to clearly identify whether the adjustments are being made to governmental fund balance to arrive at governmental type net assets or vice-versa.
Link to New York CAFR: (pages 30-40 roughly) http://www.osc.state.ny.us/finance/finreports/cafr/2015cafr.pdf
Thank you!
Explanation / Answer
Balance sheet and Statement of revenue
Balance sheet refers to the statement of capital, liabilities and assets of the government or business organization that represents the balance of expenditure and income over the previous period. Statement of revenue on the other hand refers to the refers to the statement of profit and loss that depicts the financial performance of the company over a particular period of time or financial year.
The total government fund balance has decreased from $14,191 as per the reconciled balance sheet to $6,459 as per the reconciled statement pertaining to the revenues.
The changes underlying net position pertaining to government activities has decreased from $32,554 as per the reconciled balance sheet to $4,716 as per the reconciled statement pertaining to the revenues.
Due from federal grant according to balance sheet accounts for $4,934. However in the statement of revenue it is recorded at $49,308 as the revenue for the government. The fund balance deficit amounting to $7,732 resulted in net change in fund balance of the government which accounts for $6,459. Due to activities that are business type according to balance sheet accounts for ($619). However in the statement of revenue transfer made to business type activities accounts for ($570).
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