Preparing Year-End Financial Statements for
Tribes and Tribal Organizations

The Comprehensive Annual Financial Report, otherwise known as the CAFR, is not a project that organizations should undertake lightly. The report documents all of a tribeís or tribal organizationís financial activities recorded throughout the preceding year. The CAFR is prepared under the accounting and reporting standards outlined by the Government Accounting Standards Board (GASB). Taking the time to prepare this document will provide your organization with a comprehensive look at its financial condition.

This class will look at every aspect associated with creating a CAFR, from considerations related to the letter of transmittal, MD&A, fund financial statements and government-wide financial statements to the required supplementary information and statistical section.

T O P I C S   I N C L U D E

Reporting Resources

  • Codification
  • Comprehensive question and answer guide
  • GFOA Blue Book
  • GFOA Reporting Checklist
  • Level B GAAP
Fund Financial Statements
  • Major fund calculations
  • Reserved fund balance
  • When an internal service fund makes sense
  • Permanent and fiduciary funds
Converting to Government-Wide Statements
  • Second-year considerations
  • Inter-period allocation
  • Reconciliations to the fund statements
  • Discreet component units
Management Discussion and Analysis
  • Minimum and maximum
  • Defining “significant”
  • Charts
  • Clarity and conciseness
The Letter of Transmittal
  • Avoiding repetition
  • Communicating with users
  • Graphics
  • Table of contents
  • Section dividers
  • Styles
Notes to the Financial Statements
  • Use as a management tool
  • Summary of significant accounting policies
  • Roll forward tables and schedules
  • Capital asset and long-term debt as a first step
  • Detailed notes

Required Supplementary Information

  • Budget vs. actual
  • Combining non-major funds statements
  • Pension trend data
  • Grant compliance
The Statistical Section
  • Required sections applicable to Indian Country
  • Meaningful information for tribes
GASB Update
    • Statements effective this year
    • GASB exposure drafts
    • Upcoming agendas

    *Topics subject to change.

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