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Part 2: Key Assignment
Review the Comprehensive Annual Financial Report (http://www.cedarfalls.com/DocumentCenter/View/3037) (CAFR) for 2013 from the city of Cedar Falls, Iowa, and answer the following questions.
- Explain how Cedar Falls follows the Government Accounting Standards Board (GASB) Statement No. 34. Create a brief outline that showcases the flow.
- Read the management discussion and analysis (MD&A) section on page 18 and describe 2 or more significant areas that were addressed by management.
- From the notes of the financial statements starting on page 46, describe which accounting policies are being utilized by the city.
- What did you discover in the statistical section?
- How is the city doing?
- Provide an analysis.
- Examine the funds listed under the budget on page 37 and discuss how they are being utilized by Cedar Falls. Include some examples of items that would be included in these funds and any restrictions that might apply.
- By looking at the budget starting on page 81, choose 2 different funds and discuss how they are being utilized by Cedar Falls. Include some examples of items that would be included in these funds and any restrictions that might apply.
- Define and give examples of the infrastructure assets that are held by Cedar Falls.
- Describe the circumstances, and provide the journal entries for the 2 entries that are going in to the general fund.
- For example, 1 entry goes into the debt service fund and 1 goes into the capital projects fund.
Part 3: Key Assignment Continued
Your city has a voluntary health and welfare organization (VHWD) that provides musical opportunities for inner-city youth. It does not use fund accounting, but it does identify all revenues by their net asset class. The following transactions have occurred in the past year:
- The VHWD received gift pledges from donors in the amount of $25,000, which were to be used however they were needed. History shows that 95% of the pledges were collected.
- After 1 month, $24,000 of the pledges was collected. There was $1,000 written off as uncollectible.
- The VHWD received a gift of 1,000 shares of stock. The donor of the gift of shares stated that the money was to be used to buy musical instruments for the program.
- Fair value of the stock on the date of the gift was $15 per share.
- Sale of the stock yielded $17,000.
- The VHWD purchased 2 violins at the cost of $2,000 each, 2 cellos for $3,000 each, and a small harp for $5,000 for the program, using the proceeds from the stock sale.
- The VHWD billed the city for $5,000 of contracted costs.
- The VHWD spent $10,000 on the following:
Please make a journal entry for each of the transactions. Remember that the revenues must be classified as unrestricted, temporarily restricted, or permanently restricted. The main areas for information on financial reporting for not-for-profit organizations (NFPOs) and VHWOs can be found in Financial Accounting Standards Board (FASB) statements 116 and 117. For your VHWO, you will have to make an additional report that is not required for NFPOs.
Provide examples of the types of information that would be included in this report. The deliverable length is all journal entries, plus 300–500 words.
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