NORTHCENTRAL UNIVERSITY
ASSIGNMENT COVER SHEET
Student:
Bayo E Cary
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COMPLETELY FILLED IN
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AC7020-8
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John Halstead
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Nonprofit and Government Accounting
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Assignment 2
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I enjoyed the assignment. I will try to improve, my quality
and quantity of work, every week. Thank you. I am submitting the CAFR by email
to you, I could not figure out, how to attach it, to my final homework,
assignment. I will send the CAFR to you, by NCU email.
Faculty Use
Only
<Faculty
Name> <Grade Earned> <Date
Graded>
July 24, 2016
Northcentral University (NCU) Doctoral Studies:
Business Administration, Specialization: Advanced
Accounting
Assignment 2: Non Profit Organizations: Comprehensive
Annual Financial Report (C.A.F.R.): City of Washington, DC Year 2015- Financial
Accounts Audit Exercise
PhD Candidate Student: Miss. Bayo Elizabeth Cary, AA,
BA, MLIS
Current Location: Homeless in United States 6 years
now
West Palm Beach, FL
Hostage and Political Prisoner in the United State
Applicant for Political Asylum in Europe
Telephone: 352-219-1872
Assignment Directions:
A
Comprehensive Annual Financial Report (CAFR) is a government's complete
accounting of: "net worth.” The CAFR, was established as a public
accounting record, and is mandatory by Federal requirements, for all local
governmental entities, within the United States.
Obtain a CAFR from a city or
county governmental entity-these are usually available as a .pdf download from
the entity’s web site. Using the questions in exercises and problems 2-1 in
Chapter 2, evaluate the CAFR, according to the criteria presented. Attach a
copy of the report as an appendix to your paper, when you submit your
assignment, and upload it online.
Exercises and Problems 2-1 Examine the C.A.F.R.:
Examine the financial statements included in the financial
section and answer the following questions, as they pertain to, the city of:
Washington, DC, US, based on information made available to the general public
online, in the most recent CAFR available-2015.
Comprehensive Annual Financial Report Office of
Financial Management:
Last
year, in 2015, when I initially completed this assignment, I chose the City of
Gainesville, FL US, for my: CAFR, audit accounts student exercise. I grew up,
in Gainesville, FL US, and, I attended and graduated from, the University of
Florida, research and developmental high school, as well as, Santa Fe Community
College-which is now just: Santa Fe College, as well as: The University of
Florida-itself.
My
impetus, for auditing the accounts, of the City of Gainesville, FL US, was, a
continued lack of employment, in my hometown of Gainesville, FL, although,
presumably, I still had friends, in town working, who, quite possibly knew me
well, knew that I was homeless, and quite capable academically, and of employment.
Because, I am under the impression, if people care about you, and they are
aware of the fact that you are in need, and you can help yourself-with even a
little assistance from the outside, such as: employment, etc.-that, family or
friends, should they exists anywhere-would, because they do care, that you
should live-offer you some sort of employment, that, you very well qualify for.
My
first Master’s Degree, from: Florida State University, is in the area, of:
Library and Information Science, with a specialization, in information science.
Therefore, the first employment positions, that I applied for, in Gainesville,
FL, were positions, in the field, of library sciences, at both: the public
libraries, and, the private university libraries. When-after several weeks, I received no
response, to my applications for work, at the local libraries, it was at that
time, that I began to apply, for employment positions, in other fields-not even
closely related, to library studies.
I
still was qualified for the employment positions, for which I applied-however,
I was soo qualified for the position, that I was: “overqualified.” I had some
choices, in Gainesville, FL, in regards to where to apply for work, and then
again, it was not until-even after my request for employment as a janitor, was
rejected, that I then decided, to perform and independent audit, of the
accounting books, of the entire city, of: Gainesville, FL, US. What I
discovered, in my independent analysis, of the accounting records, for the city
of: Gainesville, FL, US, was not positive information. Gainesville, FL, has
been-as of the 2015 CAFR: “cooking the books,” and engaging in many forms, of
illegal accounts management, for at least 10 years.
I was illegally, and immediately, then, shipped
off by my adopted family-who have completely abandoned me, to a mental
hospital, in the Gainesville, FL area: Shands At Vista, for many reasons-none
of them pertaining to mental health problems, as defined by the: DMS IV. In large part, my immediate hospitalization,
for mental health problems, that were none existent-again, was a response to, the:
“A” grade that I received, on my assignment-this very same one, that
was-instead of being focused, on: Washington, DC, US-focused, on: Gainesville,
FL US. I am now, because of continued torture, abuse, neglect, and complete
abandonment, by my adopted family, in the United States, an applicant for
political asylum, in Europe.
At
present, I am located, in: West Palm Beach, FL-so, I will not decide, to audit
the accounts, of the city of West Palm Beach, FL. However, because of my, pending applications,
for political asylum, in Europe, I will be flying, from West Palm Beach, FL,
to, Washington, DC-to speak to various embassies there, including the: Russian
Embassy-in about, 2 weeks-long after this Northcentral University doctoral
studies homework assignment, has been emailed, to all of my International
contacts-who are assisting me, with my political asylum application process,
and, posted online, at several of my blog spots, for interesting reading, and
important information about the International state of affairs, as it relates,
to: terrorism, America, and the Obama Administration-that I happily share, as a
freelance reporter.
What
is in the CAFR?
There are basic guidelines, for the
presentation of information, with in the yearly required: CAFR presentation, of
information, about an American city’s: financial accounts, and money
management. However, due to the fact,
that there is some flexibility, in the presentation requirements, for the
information, presented in a: CAFR, when I am communicating information, on:
“the CAFR,” I am specifically, only referring to, the: Washington, DC, CAFR-at
this point, and only the one, that has been made available online, in PDF
format-as required, from the year: 2015.
Although, the city, of Washington, DC, received, in 2015, a good review,
by what is reported as, an independent auditor, of their, 2014 financial
accounting, that in no way means, that all the information, required to be in
the city’s CAFR-is present. A good review, by an independent auditor, of a
city’s financial management and accounting, does not mean, that the city did
anything correct-at all. In 2015, I, as a student still, and working towards my
PhD, in business administration, with a focus, on: advanced accounting, did
this exact same exercise, however, at that time, my focus, was: the city of
Gainesville, FL US-instead of Washington, DC, US.
The city of Gainesville, FL, US, in: 2015,
had received, a total, of at least 9 years, of unqualified, positive reviews,
with complete approbation, for the accounting standards, and techniques, that
are applied to all financial matters, through the city of Gainesville, FL, US.
However, when I, as a doctoral student, of: advanced accounting, looked closely
at the accounting records, provided by, the city of Gainesville, FL, in their:
2014 CAFR, I found-after reading closely in my university text books, regarding
what financial management techniques, are: approved, allowed, legal, and
functional, etc. , within the United States: “Red Flags’-everywhere!
Too often, people are fooled,
by outside appearances-they see a White lab coat, and they think, the person
wearing that lab coat, must be a well-qualified medical doctor. Or, people see
a police officer in a uniform, and a person might think, this man or woman, in
the city’s finest uniform, must be a professional, working to keep me safe,
and-unfortunately, that is not always the case either.
Then too, with a: CAFR, from any
city in the United States.one might read, a positive review, from what is
supposed to be, an unqualified, independent from the city-auditor’s comments,
in regards to the published report, and the auditor, presumably qualified for
their employment position, may write about how wonderful the city is, and how
no financial accounting or management problems, or issues exist, and, the
auditor’s commentary-may all be, complete: lies and nonsense-i.e., the: city of
Gainesville, FL US example, and the: CAFR, from: 2014.
The Washington, DC CAFR, from: 2015,
is presented under three major headings, which divide the report, into three
sections. The three major subheadings,
are listed above, a number of sub-headings-introductory, financial, and
statistical:
- Introductory section:
A.
Letter of Transmittal
B.
Organizational Chart
C.
Principal Officials
D.
GFOA Certificate of Achievement;
- Financial section:
A. Independent Accountant Report
B. Management’s Discussion and
Analysis
C. Basic Financial Statements
D. Index to The Notes to The Basic
Financial Statements
E. Required Supplementary Information
F. Other Supplementary Information
General Fund
G. Non-major Governmental Funds
H. Fiduciary Funds
I.
Supporting
Schedules;
- Statistical section:
A.
Financial Trends
B.
Revenue Capacity
C.
Debt Capacity
D.
Demographic and Economic Information
E.
Operating Information. (Alexander, C.,
Omisore, D, & Slack, B. 2015, p. Table of Contents)
What
Are C.A.F.R.s?
A CAFR, is a financial
accounting report, that is mandated by the United States government, for all US
government entities, that can be considered, a separate and supportive
operating body, such as, a city. CAFR,
have a tradition, they were initially created, in order to monitor and record,
the, influx, and out-flux, of money, within a stated: “City,” circumference, in
order to have a hard copy document to review, to track, how public money, from
the US government, had been spent, in the previous fiscal year.
A CAFR, serves the above mentioned,
specific service, for helping the United States government, to have some
accountability, on how, US tax payer’s money, is spent, in the public arena. A
CAFR, like other United States government creations, serves the purpose, that
it is intended to serve, and, then too, there are more contemporary members, of
the US financial community, who would improve upon the services, that a
standardized: CAFR provides, by, in some ways, altering, how the information
is: collected and processed, and how the financial information is stored and
how often it is shared, as well as, how much flexibility, a chief financial
officer has (CFO)-in contributing information, to the CAFR-in general (N.A.,
Jul 2016, p.3).
IMPROVED
REPORTING THROUGH:
• Transferring the burden of manual
work from employees to the
system, which frees staff time for
more valuable tasks such as
analyzing the data;
• Creating new reports that present
key financial information in clear,
useful formats for all
stakeholders, including citizens and the media;
• Responding to requests for ad hoc
reports the CFO can use in
advising decisions made by
government leaders;
• Keeping up with new reporting
requirements and frequencies;
• Centralizing and consolidating
reporting tools in the cloud for a
streamlined user environment and
reduced IT management. (N.A., Jul 2016, p.5)
burden
FASTER
REPORTING THROUGH:
• Automating the tasks of
collecting and calculating data,
as well as compiling and formatting
reports;
• Streamlining activity for
reviewing the content of data
sets, draft documents and
presentation slides;
• Defining processes so they become
sustainable year
after year, even with staff changes;
• Taking advantage of mobile
technologies
to simplify report production tasks
and
review activity. (N.A., Jul 2016, p. 5)
Only time
will tell, if the United States government, will support a push, for a new and
revised standardized, computer software system, that, can essentially create
CAFR’s, for a city, instead of the current, high reliance, on a city’s CFO, and
then too, many contributions, from other departments at a city, that handle
government money.
Common problems in manual processes:
• Extensive use of MS-Word and
MS-Excel, shared via unsecure e-mail;
• Data accuracy issues;
• Collaboration is difficult;
• No internal controls;
• No audit trail;
• High degree of risk;
• Manual process is repeated each reporting
period.
Significant risks of such manual
processes:
• Errors in unstructured data
collection from multiple locations;
• Lack of accuracy from re-keying data
and information into multiple reports;
• Low productivity because of linear
workflow with multiple bottlenecks;
• Little or no version control;
• Visibility into report status difficult;
• Long reporting cycle times prevent
value-added analysis;
• Report data integrity and
confidence issues;
• Last-minute changes are not easily
incorporated. (Datt, S., O’Brien, D., Sagnip, S. M. 2012, p. 3)
I think that
ideally, a computer program, to do most of the work for you, like a calculator-for
almost every math problem, may seem like an attractive improvement. However,
realistically, due to the always present slew, of ethical issues, pertaining to
money: how much is spent, who spends the money, what the money was spent on,
who benefits from the expenditure, and whether or not any money went missing,
or, if the books are balanced correctly-that, it is preferable, that the CFO,
continues to handle, the majority of the burden, of compiling, an annual CAFR,
for any give US city.
When you remove, the person in
charge, of any given accounting: aggregate accounting and reporting task, you
remove, the responsibility, assigned to an individual, such as a CFO, for
ensuring, that the entire process, of managing city money, and recording revenues,
and expenditure, has been done accurately and responsibly. Without, a managing
person, to account responsibly, for the financial and managerial accounting
task at hand, then, if something goes terribly wrong-no one is responsible, for
any of the many mistakes, that can, and do occur. And, that, is too ironic, because it, in
turn, obviates the reasons, and need, for the development, of the accounting
records-the CAFR-in the first place.
*Chapter
questions continue, with, CAFR specific queries, regarding the: Washington, DC,
2015, CAFR:
*Government-wide Statements:
1. What
are the titles, of the 2 government-wide statements?
(Alexander, C., Omisore, D, & Slack, B. 2015, p.
25)
BASIC FINANCIAL STATEMENTS:
The Two Government-wide Financial Statements:
·
1) Statement of Net Position;
·
2) Statement of Activities. (Alexander,
C., Omisore, D, & Slack, B. 2015, p. 25)
2. Are
total assets larger for governmental activities or business-type activities?
The
financial report, from the city of Washington, DC, is much more difficult to
read, than the one, from Gainesville, FL. There is a great deal of text, and
conversation, and the data, is presented, in very small, and blurry images,
that are too difficult to read-for the most part. The Washington, DC 2015,
CAFR-is presented, more like a book, and less like a financial analysis, and
record of the financial activities of the city, for the past 10 years. Even if
the information, is correct, I find that the presentation of the information,
is too user unfriendly.
(Alexander, C., Omisore, D, & Slack, B. 2015, p. 30)
Business-Type Activities:
Although, the city of Washington, DC reports, and
increase, in revenues, from business-type activities, from the year: 2014, to
the year; 2015, the overall earnings, of the business-type activities, on the
pie chart, of general fund revenues, is only: 20% (Alexander, C., Omisore, D,
& Slack, B. 2015, p. 30).
General Fund:
General fund expenditures include,
the following divisions, or, area-fund accounts:
·
Governmental direction;
·
Economic development and regulation;
·
Public safety and justice;
·
Public education system;
·
Human support services;
·
Public works; Public transportation.
(Alexander,
C., Omisore, D, & Slack, B. 2015, p. 30).
As long as the city of Washington,
DC, is able to legally cover all expenses, with revenues earned, from general
fund accounts, then, the pithy amount of money earned, by the city’s
business-type accounts, is not a concern-really.
However, the problem that the city of
Gainesville, FL, US ran into, was that, the only real revenue that was being
earned by the city, was through, the business-type government fund accounts.
Instead of increasing business-type activities, to cover mounting expenses, the
city of Gainesville, FL: “cooked the books.” By spending money, that should
have been maintained in savings funds, for emergency situations, participated
in risky investments, and, borrowed too much money, over, and over again, to
cover expenses-again, instead of looking for other legal ways, to cover the
high amounts of debt.
Attmore,
& Ives (Spring 2015), talk about the new requirements, of the GASB, and
they state, that there is too much flexibility, in how an auditor, can review,
how financial fund information, for a city, is presented. Attmore and Ives,
state, that because a city’s financial information, can be presented, and
favorably reviewed, in several ways, the final presentation, of a city’s CAFR,
can appear, as though the city is experiencing no fiscal difficulties at
all-whereas, money may be, in actuality, far too lacking, for more than one of
the major funds, and, for many of the other funds-as well (p. 3).
3. Which
function or program has the highest net cost?
City of Washington, DC, C.A.F.R., 2015 p. 28
The highest expenses are Human Support Services:
Expenses: Public
safety 4,484, 943.00
4. What
kinds of general revenues are available to cover the net cost of
governmental
activities?
City of Washington, DC, C.A.F.R., 2015 p.28
Revenues:
Program Revenues:
·
Charges for services;
·
Operating grants and contributions;
·
Capital grants and contributions.
General Revenues:
·
Property Taxes;
·
Sales and use taxes;
·
Income and franchise taxes;
·
Other taxes;
·
Non tax revenues.
5. Were
business-type activities “profitable”?
City of Washington, DC, C.A.F.R., 2015 p.30
The city
of Washington, DC, reports an increase, in funds earned by business-type
activities, of: $ 51,996.00. The increase is listed, as a: %19.62 increase.
Although, the almost 20% increase, in money earned, by Washington, DC, from
business-type activities, when comparing: 2015 CAFR, to the year before, the
overall contribution, of monies earned by business-type funds, in comparison to
general government fund earning, is not that significant, at, only: 20%-total.
City of Washington, DC, C.A.F.R., 2015 p.35
Below, are
two charts, that are presented in the Washington, DC CAFR, 2015, that give a
visual summary, of how much money was earned, by business-type activities.
(Alexander,
C., Omisore, D, & Slack, B. 2015, p. 35)
(Alexander,
C., Omisore, D, & Slack, B. 2015, p. 35).
6. Are
there any component units that are discreetly presented as a column on the
government-wide financial statements?
There are several component units
listed on the Washington, Dc, CAFR, 2015 p. 44:
·
Health Benefit Exchange;
·
Convention Center;
·
Not-for-profit Hospital Corporation;
·
Housing finance;
·
University.
*General Fund Questions:
1. What
title is given to the fund that functions as the General Fund?
(Alexander,
C., Omisore, D, & Slack, B. 2015, p. 33).
General Fund
The general
fund, in the Washington, DC, CAFR, 2015, is called just that-the general fund,
however, there are several sub-categories:
Revenues and other Sources:
·
Taxes;
·
Taxes and licenses and permits;
·
Fines and forfeits;
·
Charges for services;
·
Miscellaneous;
·
Other sources;
·
Bond proceeds;
·
Fund balance released from restrictions;
·
Inter-fund transfer from lottery and
games;
·
Inter-fund transfer-others. (Alexander,
C., Omisore, D, & Slack, B. 2015, p. 39).
Total Revenue and Other Sources:
·
Governmental direction and support;
·
Economic development and regulation;
·
Public safety and justice;
·
Public education system;
·
Human support services;
·
Public works;
·
Public transportation. (Alexander, C.,
Omisore, D, & Slack, B. 2015, p. 39)
All of the above listed, funds, in aggregation, are
the composite general fund (Alexander, C., Omisore, D, & Slack, B. 2015, p.
39).
2. Does
the report state the basis of accounting used for General Fund?
I was not able to specifically identify
the method of accounting, utilized, by the city of Washington, DC, for their
2015, CAFR. However, I am aware of the fact, that modified, actuarial
accounting, is generally, utilized, for government accounting. Although, I
found this particular CAFR, to be more verbose, and less data table intensive,
the data sets, that I did view, were similar to those that were presented, as
modified accrual accounting, by the city of Gainesville, FL, in the 2014 CAFR.
Read more: http://www.ehow.com/info_8636987_modified-accrual-accounting-necessary.html
The City of Gainesville, FL, uses
modified accrual accounting, on all government, fund budgets.
3. What
types of assets are included on the governmental funds balance sheet?
City of Washington, DC, C.A.F.R., 2015, Exhibit 2-a
Balance Sheet Assets:
·
Cash and cash equivalents;
·
Due from Federal government;
·
Taxes receivable, net;
·
Accounts receivable, net;
·
Due from component units;
·
Due from other funds;
·
Inventories;
·
Other current assets;
·
Cash and cash equivalents restricted;
·
Investments restricted;
·
Other long term assets. (Alexander, C.,
Omisore, D, & Slack, B. 2015, p. Exhibit 2-a).
4. Do
current and noncurrent liabilities appear on the balance sheet?
Only current liabilities are listed, on the
general funds balance sheet.
(Alexander, C., Omisore, D, & Slack, B. 2015, p.
Exhibit 2-a)
Current
and none current liabilities, are listed on the statement, of net position.
(Alexander, C., Omisore, D, & Slack, B. 2015, p. Exhibit
3-a)
5. Is
this reporting consistent with the basis of accounting being followed?
BusinessDictionary.com
Modified
Accrual Basis Accounting:
Method under which revenues are
recognized in the period they become available and measurable, and expenditures
are recognized in the period associated liability is incurred. Most government
accounting follows this method. Also called modified cash basis accounting.
(Para.1)
The City of Gainesville, FL C.A.F.R.,
is based on the accounting principles of: general accepted accounting
principles, and, the modified accrual basis accounting. p.117 (82)
*Other Governmental Fund Types:
1. List
the names of governmental funds other than the General Fund that are included
as major funds in the fund financial statements.
The Washington, DC, CAFR,
2015, lists the following major funds, as part of, the governmental
funds-reported:
·
General Fund;
·
Federal and private resources fund;
·
Housing production trust fund;
·
General capital improvements fund.
(Alexander, C., Omisore, D, & Slack, B. 2015, p. Note 1: Basis of
Presentation)
2. Identify
which of the major funds, if applicable, are special revenue fund, debt service
fund, capital project fund, and permanent fund?
(Alexander, C., Omisore, D, &
Slack, B. 2015, p. Note 1: Basis of Presentation)
The Federal and Private resources
fund, is used for: “specified/special fund,” expenditures (Alexander, C.,
Omisore, D, & Slack, B. 2015, p. Note 1: Basis of Presentation). There is
no information provided, in regards to, what the specifc, :special funding”
projects are, that receive monies, from, the city of Washington, DC, Federal
and Private resources fund.
*Proprietary Funds:
1. List
the names of the fiduciary funds included in the fund financial statements.
(Alexander, C., Omisore, D, &
Slack, B. 2015, p. Note 1: Summary of Significant Accounting Policies)
2. Identify
whether each of these is an agency fund, investment trust fund, pension trust
fund, or private-purpose trust fund?
Both of the fiduciary funds are listed as, revenue earning business-type
accounts. The money earned by both: the lottery fund, and the unemployment
compensation fund, are investment trust funds. The money earned by the lottery,
is reinvested, back into supporting, continued lottery operations. The revenue
earned by the unemployment compensation fund, is reinvested back into the work
force, after an employee quits, after a certain length of service, working, for
any given employer.
3. Do
the financial statements provide evidence as to what basis of accounting these
funds use?
Yes,
they look to be the result, of modified accrual accounting, for United
States
government.
*Notes to the Financial Statements:
1. What
significant accounting policies are discussed in the first note?
The entire CAFR report, is re-discussed, in much more details, with
lengthy explanations, in the notes.
2. Does
the note describe the entities that are included as component units?
(Alexander, C., Omisore, D, &
Slack, B. 2015, p. Note 1: Summary of Significant Accounting Policies)
(Alexander, C., Omisore, D, &
Slack, B. 2015, p. Note 1: Summary of Significant Accounting Policies)
The city of Washington, DC, has
five component units, that are listed, on the District of Columbia, CAFR,
balance sheets:
·
Health Benefit Exchange Authority;
·
Housing Finance Agency;
·
Not-for-profit Hospital Corporation;
·
University of the District of Columbia;
·
Washington Convention and Sports
Authority. (Alexander, C., Omisore, D, & Slack, B. 2015, p. Note 1: Summary
of Significant Accounting Policies)
3. Does
it list entities that are not considered component units?
(Alexander, C., Omisore, D, &
Slack, B. 2015, p. Note 1: Summary of Significant Accounting Policies)
Yes, The District of Columbia Tobacco
Settlement Financing Corporation, it is technically, a blended component unit,
as opposed, to the simpler, just plain, component unit.
4. Are
there any notes that disclose (1) any material violations of legal provisions
(2) deficit fund balances or net assets, or (3) significant commitments or
contingencies?
No budgetary
violations, are specifically stated, in the notes, following the CAFR. However,
the existence, of budgetary restraints-as controls, and, the existence, of:
“encumbrances,” are briefly discussed.
The fact, that the city, of Washington, DC, recognizes, the need to have
policy in place, to prevent waste of: United States-state and Federal monies,
indicates, that, unnecessary spending, and over-spending, does occur, from time
to time (Alexander, C., Omisore, D, & Slack, B. 2015, p. Note 1: Summary of
Significant Accounting Policies).
.
Works
Cited
Alexander, C., Omisore, D., & Slack, B. (2015).
City of Washington, DC CARF 2015 and Data
Attmore, R. H., Ives, Martin (Spring 2015). GASB’s
Governmental Fund Reporting Model Is
Datt, S., O’Brien, D., & Sagnip, S. M. (2012). The
Last Mile. Journal of Government Financial
Kattelus, Susan C., Reck, Jacqueline L., & Wilson,
Earl R. (2010). Accounting for Governmental
& Nonprofit Entities.
Boston: McGraw-Hill Irwin.
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