Case study

Topics: Financial statements, Comprehensive annual financial report, Annual report Pages: 10 (2081 words) Published: February 7, 2014
ACCT560
Government and Not-for-Profit Accounting
Spring 2014

Project #1
CAFR
Due Wednesday, February 5, 2014 at 5:30pm EST

Objective:
To examine a Comprehensive Annual Financial Report (CAFR) for Montgomery County, Maryland (A neighboring county located near American University).

Deliverable:
Turn in a hardcopy of your answers by the due date (See the Required: section for more details). Late submissions are heavily penalized or may not be accepted. Required:
You must work individually.
Examine the CAFR for Montgomery County, Maryland for the fiscal year ending June 30, 2013. Provide concise responses to each question and cite where you derived your answer from (See below for more specific details):

For each of the following questions, please refer to the Montgomery County, Maryland “Comprehensive Annual Financial Report” (Not the “Debt Service Books” or “Single Audit”) for the fiscal year ended June 30, 2013 (FY 2013). You can find this information by Googling “Montgomery County CAFR” or visiting:

http://www.montgomerycountymd.gov/finance/financial.html

You will be using the Introductory, Financial, and Statistical sections. For each question, include where in the CAFR you found the information and, if necessary, which statement(s). For example: “Basic Financial Statements of Financial Section, Page 14 (top).”

1. What are the essential values held by the County?
2. Collaboration
3. •
4. Inclusiveness
5. •
6. Knowledge
7. •
8. Competence
9. •
10. Innovation
11. •
12. Respect for the Individual
13. •
14. Fiscal Prudence
15. •
16. Integrity
17. •
18. Transparency

2.Who is the elected “Sheriff” of the County?

Darren M. Popkin

3.What color hair does George Leventhal have?
Black

4.How much money was spent on educating each Montgomery County student (Grades K-12) during fiscal year 2013?

5. Who is the independent auditor for Montgomery County, Maryland?

CliftonLarsonAllen LLP

6.What was the date of the independent auditor’s report?
December 20, 2013

7.What are the three main sections of the CAFR?

Introductory Section
Financial Section
Statistical Section

8. What are the five major component units appearing in the “Government-Wide Financial Statements”? Discretely Presented Component Units
The financial data of the County’s component units are discretely presented in a column separate from the financial data of the primary government, to emphasize that the component units are legally separate from the Primary Government. Financial information regarding the component units is included in the component units’ combining statements. The following are the County’s component units, each of which has a June 30 fiscal year-end:

Montgomery County Public Schools (MCPS) provides public education in kindergarten through twelfth grade to children residing within Montgomery County. Members of the Board of Education, including one student member, are elected by the voters. However, MCPS is fiscally dependent upon the Primary Government because the Primary Government approves the budget, levies taxes to provide the majority of the fiscal support, and issues debt for construction of school facilities. Montgomery Community College (Montgomery College or MCC) provides educational services to County citizens by offering two-year associate degrees and a continuing education program. MCC is responsible for post secondary education within the government's jurisdiction. The Montgomery County Board of Community College trustees is the governing authority. The State Governor appoints the trustees from a list of candidates supplied by a nominating committee. The nominating committee is controlled by the County Executive and the County Council. Therefore, essentially the Primary Government and the State Governor must agree upon the trustees to serve on the College's Governing Board. In addition, the County Council reviews and approves...
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