4 Reporting
4.1 Reporting Principles and Requirements
4.1.4 Summary of Reporting Requirements
The following matrixes summarize the GAAP and SAO reporting requirements.
4.1.4.10 Governments should use proprietary fund accounting and reporting if the predominant revenue source comes from fees and charges for selling goods or performing services. If taxes or grants are the predominant source of revenue, governmental fund accounting and reporting should be used.
4.1.4.20 Governments have an option to participate in the GFOA’s Certificate of Achievement for Excellence in Financial Reporting program. To participate in this program, a government must prepare an Annual Comprehensive Financial Report (ACFR). These reports have to provide additional information, which is not required in preparation of basic GAAP financial statements. For additional information on preparation of an ACFR, see BARS Manual 4.9, GFOA Financial Reporting Recognition Programs.
| MATRIX OF STATUTORY REPORTING REQUIREMENTS: | |||||
| These statements should be prepared in accordance with GASB pronouncements.1 | |||||
| (A) Governmental Funds: 000, 100, 200, 300, 700 | |||||
| (B) Proprietary Funds: Enterprise Funds - 400, Internal Service Funds - 500 | |||||
| (C) Fiduciary Funds: 600 - 699 | |||||
| (D) Component Unit(s) | |||||
| Government-Wide Financial Statement | (A) | (B) | (C) | (D) | |
| Governmental Funds | Proprietary Funds | Fiduciary Funds | Component Units | ||
| Enterprise Funds | Internal Service Funds | ||||
| Certification | |||||
| Statement of Net Position: | |||||
| Governmental Activities | All | N/A3 | If governmental funds are the predominant customer/ participant | N/A | Nonfiduciary component units reported in separate column(s)2 |
| OR | |||||
| Business-Type Activities | N/A3 | All | If enterprise funds are the predominant customer/ participant | N/A | |
| Statement of Activities: | |||||
| Governmental Activities | All | N/A3 | Often all | N/A | Separate columns/rows for nonfiduciary component units only2 |
| Business-Type Activities | N/A3 | All | In certain circumstances4 | N/A | |
[1] Local governments with total revenues of $2 million or less are not required to prepare basic financial statements unless debt covenants, a contract, a grantor or the city/county/district’s legislative body requires the city/county/district to prepare the financial statements or to receive a financial statements audit. If this request is made, basic financial statements and notes should be prepared. The $2 million threshold calculation excludes any proceeds from issuance of long-term debt and resources held by the government in its fiduciary capacity. Local governments which choose not to prepare financial statements must have their budgeted information available for the audit.
[2] For component unit reporting requirements, see BARS Manual 4.1.2, BARS Reporting Requirements.
[3] Some governmental activities may be accounted for in enterprise funds (for example, some public transit operations), and some business-type activities may be accounted for in governmental funds.
[4] Part of internal service fund(s) net income or loss, if significant, should be allocated to business-type activities that purchased the good or services.
| MATRIX OF STATUTORY REPORTING REQUIREMENTS: | ||||||
| These statements should be prepared in accordance with GASB pronouncements. | ||||||
| (A) Governmental Funds: 000, 100, 200, 300, 700 | ||||||
| (B) Proprietary Funds: Enterprise Funds - 400, Internal Service Funds - 500 | ||||||
| (C) Fiduciary Funds: 600 - 699 | ||||||
| (D) Component Unit(s) | ||||||
| Fund Financial Statements | (A) | (B) | (C) | (D) | ||
| Governmental Funds | Proprietary Funds | Fiduciary Funds | Component Units | |||
| General Fund | Other Governmental Funds | Enterprise Funds | Internal Service Funds | |||
| Balance Sheet – Governmental Funds1 | One column for General Fund | Separate columns for each major fund, one column for all non-major funds | N/A | N/A | N/A | N/A |
| Statement of Revenues, Expenditures, and Changes in Fund Balances | One column for General Fund | Separate columns for each major fund, one column for all non-major funds | N/A | N/A | N/A | N/A |
| Statement of Net Position (or Balance Sheet) – Proprietary Funds | N/A | N/A | Separate columns for each major fund, one column for all non major funds | One column for all internal service funds | N/A | N/A |
| Statement of Revenues, Expenses, and Changes in Fund Net Position | N/A | N/A | Separate columns for each major fund, one column for all non major funds | One column for all internal service funds | N/A | N/A |
| Statement of Cash Flows | N/A | N/A | Separate columns for each major fund, one column for all non major funds | One column for all internal service funds | N/A | N/A |
| Statement of Fiduciary Net Position | N/A | N/A | N/A | N/A | Separate columns for each fiduciary fund type: pension, investment, private purpose and custodial fund type | Fiduciary component units are included with the appropriate fund type |
| Statement of Changes in Fiduciary Net Position | N/A | N/A | N/A | N/A | Separate columns for each fiduciary fund type: pension, investment, private purpose and custodial fund type | Fiduciary component units are included with the appropriate fund type |
| Notes to Financial Statements | Prepared for reporting entity as a whole. | |||||
| Required Supplementary Information (RSI) | Prepared for reporting entity as a whole. | |||||
[1] The statement should not include: general capital assets and general long-term liabilities.
After preparing the reports, the government will need to keep all worksheets on file and available for the auditor.
If you are preparing an Annual Comprehensive Financial Report, there are additional statements, schedules, and statistical data that must be included in the report. This matrix does not list these additional requirements. For more information, see BARS Manual 4.9, GFOA Financial Reporting Recognition Programs.
- If your government assumes risk or self-insures, OR provides claims servicing or insurance coverage to others, please see BARS Manual 3.4.9, Risk Management Principles for additional reporting requirements.
| MATRIX OF STATUTORY REPORTING REQUIREMENTS: | |||||
| Additional Schedules Required by the State Auditor’s Office. | |||||
| (A) Governmental Funds: 000, 100, 200, 300, 700 | |||||
| (B) Proprietary Funds: Enterprise Funds - 400, Internal Service Funds - 500 | |||||
| (C) Fiduciary Funds: 600 - 699 | |||||
| Schedule | Schedule | (A) | (B) | (C) | |
| No. | Governmental Funds | Proprietary Funds | Fiduciary Funds | ||
| Pension, Investment and Private-Purpose | Custodial Funds | ||||
| 1 | Revenues/Expenditures/Expenses | Prepare for each fund | Prepare for each fund | Prepare for each fund | Prepare for each fund |
| 9 | Liabilities (one schedule for entity as a whole) | Include all current and noncurrent liabilities. | Include all current and noncurrent liabilities. | N/A | N/A |
| 15 | State Financial Assistance | Prepare one schedule for the entity as a whole. Include all state grants. | |||
| 16 | Expenditures of Federal Awards | Prepare one schedule for the entity as a whole. Include all federal grants. | |||
| 17 | Public Works | Prepare one schedule for the entity as a whole. | |||
| 20 | Sales and Use Tax for Public Facilities – Rural Counties (Counties Only) | Prepare one schedule for the entity as a whole. | |||
| 21 | Risk Management | Prepare one schedule for the entity as a whole. | |||
| 22 | Assessment Questionnaire 1 | Fire districts, conservation districts, local/regional trauma care councils, transportation benefit districts and industrial development corporations should prepare this Schedule regardless of amount of revenues. | |||
If you are preparing an Annual Comprehensive Financial Report, there are additional statements, schedules, and statistical data that must be included in the report. This matrix does not detail these additional requirements.
[1] Required only for local governments with total revenues usually less than $300,000.