ACCTG508 not for profit organization

2–15 Examine the CAFR.(LO2-3)Utilizing the CAFR obtained for Exercise/Problem 1–17, examines the financial statements included in the financial section and answers the following questions. If the CAFR you have obtained does not conform to GAAP, it is recommended that you obtain one that does.
a. Government-wide Statements. What are the titles of the two government-wide statements? Are total assets larger for governmental activities or business-type activities? Which function or program has the highest net cost? What kinds of general revenues are available to cover the net cost of governmental activities? Were business-type activities “profitable”? That is, is the excess of revenues over expenses positive?
b. Governmental Funds. Does the report state the basis of accounting used for the General Fund? What types of assets and liabilities are included on the governmental funds balance sheet? Is this reporting consistent with the basis of accounting being followed?
c. Identify which of the major funds, if applicable, are special revenue funds, debt service funds, capital projects funds, and permanent funds. Are you able to determine which funds are considered non major? (Hint: Look for supplementary information.) What fund balance categories are being used?
d. Proprietary Funds. List the names of the proprietary fund types included in the financial statements. Do the financial statements provide evidence that all proprietary funds use accrual accounting?”
e. Fiduciary Funds. List the names of the fiduciary funds included in the fund financial statements. Identify whether each of these is a custodial fund, in-vestment trust fund, pension (and other postemployment benefit) trust fund, or private-purpose trust fund. Do the financial statements provide evidence as to what basis of accounting these funds use? (Note: If the CAFR has a fiscalyearthatbeganbeforeDecember15,2018,thetermagencyfund rather than custodial fund may be used.”