C.A.F.R., 2015 City, Washington, D.C.Comprehensive.Annual.Financial.Report.Analysis:

btitleBy: Miss. Bayo Elizabeth Cary, A.A., B.A., M.L.I.S.

July 31, 2016

Accounting: Government & Nonprofit OrganizationsChapters: 4 & 5:

* Governmental Activities;

* General Fund;

* Special Revenue Funds;

* General &

Other Capital Assets;

* Capital Projects Funds.

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* Are government activities reported in a separate column from business type activities, in the two government-wide financial statements? The 2 government-wide financial statements, are: 1) balance sheet, governmental funds, and 2) Statements of revenues, expenditures, and changes in fund balances-governmental funds (Introductory Section). On the government funds balance sheet, major governmental funds, are separated from, non major governmental funds (Exhibit 2-a). In addition, there are several other funds groups, non of which, specifically refer to, exclusively business-types activities (Alexander, C., Omisore, D., & Slack, B., 2015, Exhibit 2-a)On the: statement of revenues-government funds, balance sheet, funds, are divided, in the same way, as they are, on the basic governmental funds-balance sheet:

* General; * Federal and Private Resources; * Housing Production Trust; * General Capital Improvements; * Non-Major Governmental Funds; * Total Governmental Funds. (Alexander, C., Omisore, D., & Slack, B., 2015, Exhibit 2-a)

Again, there is no clear demarcating boundaries, between revenue and expenditure funds, that are derived from the: City of Washington, DC, and their business-type activities (Alexander, C., Omisore, D., & Slack, B., 2015, Exhibit 2-a)

* Are assets and liabilities reported either in relative order of their liquidity or classified on the basis of their net assets? The statements of revenues, governmental funds balance sheet, does not list funds separately, as: assets, and liabilities-specifically (Exhibit 2-a). The government funds balance sheet, lists government funds, in order of liquidity, from most, to least liquid, in the two specific categories, of both: assets, and, of liabilities (Alexander, C., Omisore, D., & Slack, B., 2015, Exhibit 2-a).

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Government Activities & Government Wide Financial Fund Categorization Analysis:

A Closer Look At Specific Government Funds Classifications & Data Details Re: Presentation of Information: City of Washington, DC-C.A.F.R, Con’t:

* Is information on expenses for governmental activities presented at least at the functional level of detail? Information on expenses, for governmental activities, is presented, on the functional level of details, on the: District of Columbia Budgetary Statement, and in such great detail, that the data had to be printed, side ways, on the page (Alexander, C., Omisore, D., & Slack, B., 2015,Exhibit 2-d).

* Are program revenues segregated into 1) charges for services 2) operating grants and contributions and 3) capital grants and contributions on statements of activities? General fund, statement of activities, presents all 3 categories, listed above: 1) charges for services, 2) operating grants/contributions, 3) capital grants/contributions (Alexander, C., Omisore, D., & Slack, B., 2015,MDA-2), under the auspices: revenues, and programs and revenues.

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More Information About What Is Presented, By: The City of Washington, DC-In The General Fund:* What statements and schedules pertaining to the General Fund are presented? General fund data, is presented, from: Exhibit A-1, through Exhibit A-6, of the: City of Washington, DC 2015 CAFR. An over view of the financial statements, of the: City of Washington, DC, begin, with mostly written statements, and not many data graphics, on page 25, of the, 2015, CAFR, and concludes, on page to page 61. Although it would seem, that the general fund discussion, would be limited, to only a few pages, the fact is, that the general fund-composed of soo many constituent funds, requires a lengthy explanation.

* In what respects (headings, arrangements, items included, etc.) do they seem similar to the year-end statements illustrated or described in the text? The example of the General fund presented in the text, only lists debits and credits (Alexander, C., Omisore, D., & Slack, B., 2015, p.138).

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* In what respects do they differ? The General Fund balance sheet, in my C.A.F.R., lists additional categories, for classifying expenses: original, actual, final, encumbrances, budgetary basis, and negative (p. 148 Exhibit A-1)

* What purpose is each statement and schedule intended to serve? Statements, are presented in various ways, to show different emphasis, on relevant information, regarding the financial accounting, and managing practices, of any given, US city and government. Dependent, on which financial statement, is being viewed, more of less information, regarding any given area, of finances, related to: the city of Washington, DC-should be presented, so that, after all of the data tables, have been shared, a sufficient amount of financial data, has been made available, to the general public-as per, US government: rules, regulations, laws, and current guidelines.

Continued Analysis-Benefits & Clarity Present, Regarding: CAFR, Washington, DC & The Presentation, Of Data, Both: Quantitative and Qualitative: 2015 Review Accounting Audit:

* How well, in your reasoned opinion, does each statement and schedule accomplish its intended purpose? I do not think,

that the balance sheets themselves, are helpful enough. It took me hours, to read through the various balance sheets, to

find any specific information-at all, after I downloaded, the: .pdf, of the: city of Washington, DC CAFR, from 2015. When I

look at the various categories, listed on the balance sheets, the nomenclature, is very general, and therefore, it is not really

possible for me, to determine, if the money obtained, by the US government, for the US government, was managed, or

spent: ethically, morally, and responsibly.

* Are any noncurrent or non-liquid assets included in the General Fund balance sheet? Yes, noncurrent assets, are listed,

on the: city of Washington, DC, 2015 CAFR, under the auspice of assets, as: “restricted cash & cash equivalents,” and non-

liquid assets, are also listed, as: “investments-restricted.”

Questions Pertaining To The Financial Management, Of: Special Revenue Funds-City of Washington, DC, CAFR, 2015:* What statements and schedules pertaining to the special revenue funds are presented? Non-major government funds, are: “special revenue funds, and are classified as: Tax increment financing;

1) Tobacco Settlement Financing Corporation;

2) PILOT Special Revenue Fund;

3) Baseball Special Revenue Fund. (Alexander, C., Omisore, D., & Slack, B., 2015,p. 154)

* Are these only combining statements, or are there also statements for individual special revenue funds? There are only combining statements available, and no individual statement, per special fund, with additional detailed financial information, regarding the special fund programs, or what specifically, the money that has been allocated, as: “Special,” is spent on.

* Are expenditures classified by character (i.e., current, intergovernmental, capital outlay, and debt service)?Expenditures, on the data sheets, associated with: special revenue funds, are listed sometimes as: current, however, they are never listed as: intergovernmental, capital outlay, or, as debt service (Alexander, C., Omisore, D., & Slack, B., 2015, p. 155-157).

What statements and schedules pertaining to the Special Revenue Fund are presented?

1) Tobacco Settlement Financing Corporation;

2) PILOT Special Revenue Fund;

3) Baseball Special Revenue Fund. (Alexander, C., Omisore, D., & Slack, B., 2015, p. 154)

The information is presented, in 3 different data tables:

1) Non-major Governmental Funds Combining Balance Sheet;

2) 2) Non-major Governmental Funds Statement of Revenues, Expenditures, & Changes in Fund Balances. (Alexander, C., Omisore, D., & Slack, B., 2015,p. 155-157)

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In what respects (headings, arrangements, items included, etc.) do they seem similar to the year-end statements illustrated or described in the text? The notes to financial statements, that list the special revenue funds, as non-major funds, do not resemble year end statements (Alexander, C., Omisore, D., & Slack, B., 2015,p. 36).

In what respects do they differ? The year end statements close out accounts, the non-major funds, financial statement, only presents, three categories: General Fund, Non-major fund, and Total (Alexander, C., Omisore, D., & Slack, B., 2015,p. 36).

What purpose is each statement and schedule intended to serve? The purpose, of each different financial statement, listing information, about the: special funds, is to provide, transparentinformation, about: what the special funds are: used for, how they are financed, how the money is spent, and, show, if the money is being applied, to the special funds-as agreed upon?

Comparison Contrast-Year End Special Revenue Statements, In: city of Washington, DC, CAFR, 2015-To: Year-End Data Table/Statements, Provided In Course Text Book:

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* How well, in your reasoned opinion, does each statement and schedule accomplish its intended purpose? Are any noncurrent or non-liquid assets included in the Special revenue fund balance sheet? Are revenue classifications sufficiently detailed to be meaningful? No detailed meaningful information, on the data forms, provided by the city of Washington, DC, in the 2015-CAFR. All of the information, is very general, and does not give one, a real indication, of who much money was spent, or where the money was spent, or even-what the money was spent on (Alexander, C., Omisore, D., & Slack, B., 2015,p. 155-157)

* Has the government refrained from reporting expenses rather than expenditures? Expenditures are reported only, in the: special funds, balance sheets (Alexander, C., Omisore, D., & Slack, B., 2015,p.155-157).

Special Revenue Fund, for: Washington, DC, CAFR, 2015, Data Presentation, Analysis:

How Are Capital Assets Reported, CAFR: Washington, DC, 2015-Beneficial To Understanding of Data?

* Are capital assets reported as a line-item in the government-wide statement of net assets? Yes, capital assets, are reported as, an in-line item (Alexander, C., Omisore, D., & Slack, B., 2015,p. 28).

* Are non-depreciable capital assets reported on a separate line from depreciable capital assets, or are they separately reported in the notes to the financial statements? Assets are listed, in line-item form, as: capital assets in general, and then also as: restricted, and unrestricted, capital assets-there is no clear distinction available, of the CAFR data, of net assets, defining whether any of the assets aggregated, are: depreciable, or, non-depreciable (Alexander, C., Omisore, D., & Slack, B., 2015,p. 28).

* Do the notes include capital asset disclosures, such as those for the City and County of Denver shown in illustration 5-2? The net position information provided, is some what detailed, and, still, it is limited.

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Capital Assets Disclosure Questions, city of Washington, DC, CAFR, 2015, Power Point Slide Show & Report Concluding:

* Does the disclosure show beginning balances, increases and decreases, and ending balances for each major class of capital assets, as well as the same information for accumulated depreciation for each major class? City of Washington, DC, CAFR, 2015-has the major classes, on the nest assets, final report, divided into: governemental, and business-type activities, with: beginning and ending balances, and no mention of depreciation (Alexander, C., Omisore, D., & Slack, B., 2015,(p. 28-29).

* Are these disclosures presented separately for the capital assets of governmental activities, business-type activities, and discreetly presented component units? The capital assets balance sheets presented, provide the governmental and business-type activities balance sheets, both, with other component unit fund information, in a data sheet spread, and alone-as only: the governmental, and business-type capital assets, accounting information (Alexander, C., Omisore, D., & Slack, B., 2015,p. 28-29).

* Do the notes specify capitalization thresholds for all capital assets, including infrastructure? I do not see any information on the capital assets balance sheet, about capitalization thresholds (Alexander, C., Omisore, D., & Slack, B., 2015,p. 28-29).

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Questions Regarding Capital Assets Continue-CAFR, 2015, Washington, DC-Depreciation Tables, for Capital Assets-Closer Look-Are Capital Assets In Good Standing?

* Do the notes show the amounts of depreciation expense assigned to each major function or program for government? And;

* Are the depreciation policies and estimated lives of major classes of depreciated assets disclosed? Listed as government activities, capital assets by class-depreciation capital asset information-depreciation information, is available here, in detail (Alexander, C., Omisore, D., & Slack, B., 2015,p. 92). Depreciation policies, are on pages, 92 and 93, in regards to, how various capital assets, are scheduled, to be depreciated.

* Do the notes include the entities policies regarding capitalization of collections of works of art and historical treasures? And;

* Are accounting policies disclosed for assets acquired under capital leases? I came across no information, in the CAFR, 2015, Washington, DC, regarding, either: capitalizations of art collection or historical treasure materials, or, in regards to assets, that are acquired, under capital leases.

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Conclusion-Last Remaining Questions, Regards to: Capital Assets, As they Relate to Infrastructure: 2015, CAFR, city, Washington, DC:

* Is the accumulated cost of construction work in progress recorded as an asset anywhere? No information available on construction.

* In your opinion, is the information disclosed abut construction work in progress and construction commitments adequate? N/A

* Which fund, or funds, account for cash received, or receivables created, from sales of general capital assets? Capital assets balance sheet, does not show sales, it shows only revenues, and expenditures.

* Are the proceeds of sales of general capital assets reported as an other financing source or as revenue? I do not see any information, about the sales of capital assets.

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CAFR Washington, DC, 2015, Summary

References:

• Alexander, C., Omisore, D., & Slack, B. (2015). City of Washington, DC CARF 2015 and Data

Sets [Data file]. Retrieved from http://cfo.dc.gov/page/annual-financial-report-cafr

• Alexander, C., Omisore, D., & Slack, B. (2015). City of Washington, DC CARF Summary, 2015, and Data

Sets [Data file]. Retrieved from

http://cfo.dc.gov/sites/default/files/dc/sites/ocfo/publication/attachments/FY%202015%20CAFR%20SUMMARY.pdf

• Kattelus, Susan C., Reck, Jacqueline L., & Wilson, Earl R. (2010). Accounting for Governmental

& Nonprofit Entities. Boston: McGraw-Hill Irwin.14

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