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ACTIVITIES AND EXPENDITURES REPORT DCI Number/Fiscal Year: 4548549 (20242025) Purpose: The information collected in this report may be used to demonstrate that funds have been used in a manner that

How to fill out governmental fund financial statements

How to fill out governmental fund financial statements

1. To fill out governmental fund financial statements, follow these steps:
2. Gather the necessary financial information, including the current balance sheet, income statement, and cash flow statement.
3. Identify the various funds within the government and determine which funds are required to be reported on the financial statements.
4. Prepare a separate balance sheet for each fund, including assets, liabilities, and fund balance.
5. Include a statement of revenues, expenditures, and changes in fund balance for each fund, detailing the inflows and outflows of financial resources.
6. Provide additional disclosures, such as significant accounting policies, contingencies, and commitments.
7. Ensure that the financial statements comply with the relevant accounting standards and regulations applicable to governmental entities.
8. Review and verify the accuracy of the financial statements before finalizing them.
9. Present the financial statements to the appropriate governing body or authorities for approval and submission.

Who needs governmental fund financial statements?

1. Governmental fund financial statements are needed by various stakeholders, including:
2. - Government agencies and departments responsible for budgeting and financial planning
3. - Elected officials and policymakers who make decisions based on the government's financial position
4. - Taxpayers and citizens who want transparency and accountability in government finances
5. - Auditors and regulatory bodies that oversee government entities
6. - Creditors and lenders interested in assessing the creditworthiness of the government
7. - Researchers and analysts studying governmental finances

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What is governmental fund financial statements?

Governmental fund financial statements are financial reports that provide information about the financial position and operations of governmental funds, focusing on the sources, uses, and balances of financial resources.

Who is required to file governmental fund financial statements?

Entities such as state and local governmental units, including municipalities, school districts, and other public agencies, are required to file governmental fund financial statements.

How to fill out governmental fund financial statements?

To fill out governmental fund financial statements, entities must gather relevant financial data, categorize revenues and expenditures according to fund types, and present the information according to the guidelines set forth by the Governmental Accounting Standards Board (GASB).

What is the purpose of governmental fund financial statements?

The purpose of governmental fund financial statements is to provide transparency regarding the financial activities of government funds and to assist stakeholders in assessing financial accountability and resource allocation.

What information must be reported on governmental fund financial statements?

Governmental fund financial statements must report information including the fund's assets, liabilities, revenues, expenditures, and fund balances, as well as changes in these items during the reporting period.