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This report presents the financial operations and condition of the City Colleges of Chicago for the fiscal year ended June 30, 2008. It includes details of revenue, expenditures, and insights into program performance, while highlighting awards received for excellence in financial reporting.
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What is a comprehensive annual financial report?
A comprehensive annual financial report (CAFR) is a financial report that provides a detailed presentation of an entity's financial condition, including its revenues, expenditures, assets, liabilities, and net position. It typically consists of three sections: the introductory section, the financial section, and the statistical section.
Who is required to file a comprehensive annual financial report?
Entities such as state and local governments, as well as agencies and nonprofit organizations that receive federal funds, are generally required to file a CAFR. Specific requirements may vary based on jurisdiction and regulations.
How to fill out a comprehensive annual financial report?
Filling out a CAFR involves gathering financial data from various departments, ensuring compliance with accounting standards (such as GAAP), and compiling information into the structured format required. This includes preparing financial statements, notes, and supplementary information.
What is the purpose of a comprehensive annual financial report?
The purpose of a CAFR is to provide a comprehensive overview of an entity's financial position, performance, and changes in financial condition. It is used by various stakeholders including government officials, investors, and the public to assess the financial health and accountability of the entity.
What information must be reported on a comprehensive annual financial report?
A CAFR must include financial statements, notes to the financial statements, an introductory section, a statistical section, and other supplementary information. Key components include the government-wide statements, fund financial statements, and notes detailing significant accounting policies and disclosures.
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