AND AUDITORS 1 REPORTS

Transcription

1 SICILY ISLAND, LUISIANA FINANCIAL STATEMENTS AND AUDITRS 1 REPRTS June 30, 2005 Under prvisins f state law, this reprt is a public dcument. Acpy f the reprt has been submitted t the entity and ther apprpriate public fficials. The reprt is available fr public inspectin at the Batn Ruge ffice f the Legislative Auditr and, where apprpriate, at the ffice f the parish clerk f curt. Release Date I i ' '^ ~ 0 S

2 TABLE F NTENTS Financial Reprt Catahula Cuncil n Aging Sicily Island, Luisiana June 30, 2005 MANAGEMENTS DISCUSSIN AND ANALYSIS 1 INDEPENDENT AUDITR'S REPRT 8 BASIC FINANCIAL STATEMENTS A. GVERNMENTAL WIDE FINANCIAL STATEMENTS: Statement f Net Assets 11 Statement f Activities 12 B. FUND FINANCIAL STATEMENTS: Balance Sheet 14 Statement f Revenues, Expenditures, and changes 15 in Fund Balances Recnciliatin f the Statement f Revenues, Expenditures, and Changes in Fund Balances f Gvernmental Fund t the Statement f Activities 17 C. NTES T THE FINANCIAL STATEMENTS 18 SUPPLEMENTARY FINANCIAL INFRMATIN REQUIRED BY GASB STATEMENT 34: Budgetary Cmparisn Schedule - General Fund 37 Budgetary Cmparisn Schedule-Title 111 B Fund 38 Budgetary Cmparisn Schedule - Title III C-1 Fund 39 Budgetary Cmparisn Schedule-Title III C-2 Fund 40

3 SUPPLEMENTARY FINANCIAL INFRMATIN REQUIRED BY GEA: Schedule f Nn-Majr Special Revenue 42 Cmparative Schedule f General Fixed Assets and Changes in General Fixed Assets 43 THER REPRT REQUIRED BY GVERNMENT AUDITING STANDARDS REPRT N MPLIANCE AND N INTERNAL NTRL VER FINANCIAL REPRTING BASED N AN AUDIT F FINANCIAL STATEMENTS PERFRMED IN ACRDANCE WITH GVERNMENT AUDITING STANDARDS 45 SCHEDULE F FINDINGS AND QUESTINED STS 47 SUMMARY SCHEDULE F PRIR AUDIT FINDINGS 48

4 MANAGEMENT'S DISCUSSIN AND ANALYSIS (MD&A) The fllwing discussin and analysis f Catahula Cuncil n Aging's financial perfrmance prvides an verview f the Cuncil's financial activities fr the year ended June 30,2005. Please read it in cnjunctin with the financial statements, which begin n page 11. FINANCIAL HIGHLIGHTS The Cuncil shwed a net increase in verall net assets f $88,763 r 71% this year. Net Capital Assets f the Cuncil rse by $59,946 r 1.6 times. N deficit fund balances exist at year-end. The unreserved, undesignated fund balance fr the Cuncil's General Fund was $118,353 at year-end, which is a $28,817 increase frm the prir year. HW T USE THIS ANNUAL REPRT This annual reprt cnsists f a series f financial statements. The Statement f Net Assets and the Statement f Activities (n pages 1 land 12 ) prvide infrmatin abut the activities f the Cuncil as a whle and present a lnger-term view f the Cuncil's finances. Fund financial statements begin n page 14. Fr gvernmental activities, these statements tell hw services were financed in the shrt-term as well as what remains fr future spending. Fund financial statements als reprt the Cuncil's peratins in mre detail than the gvernment-wide statements by prviding infrmatin abut the Cuncil's mst significant funds. ur auditr has prvided assurance in his independent auditr's reprt, lcated immediately after this Management's Discussin and Analysis, that the Basic Financial Statements are fairly stated. The auditr is prviding varying degrees f assurance abut Supplementary Financial Infrmatin Required by GASB Statement 34 and Supplementary Financial Infrmatin Required by GEA that fllw later in this reprting package. A user f this reprt shuld read the independent auditr's reprt carefully t ascertain the level f assurance being prvided fr each part f the financial sectin f the reprt.

5 Reprting the Cuncil as a Whle Using Gvernment-Wide Statements ur analysis f the Cuncil as a whle begins n page 11. An imprtant questin t ask abut the Cuncil's finances is, "Is the Cuncil as a whle better ff r wrse ff as a result f the year's activities?" The Statement f Net Assets and the Statement f Activities (referred t cllectively as the Gvernment-Wide financial Statements) reprt infrmatin abut the Cuncil as a whle and abut its activities in a way that helps answer this questin. These statements include all assets and liabilities using the accrual basis f accunting, which is similar t the accunting methd used by mst private-sectr cmpanies. All current year revenues and expenses are taken int accunt regardless f when cash is received r paid. The Gvernment-Wide statements can be fund n pages 10 and 11 and reprt the cuncil's net assets and changes in them. The Statement f Net Assets is designed t present the financial psitin f the Cuncil as f year-end. ver time, increases r decreases in the Cuncil's net assets are ne indicatr f whether its financial psitin is imprving r deterirating. Hwever, t assess the verall financial psitin f the Cuncil, yu will need t cnsider ther nnfinancial factrs, such as the cnditin f the Cuncil's capital assets and facilities, the additin r terminatin f grants and ther revenue surces, and the expansin r cntractin f prgrams and services. The statement f activities prvides infrmatin that shw hw the Cuncil's net assets changed as a result f this year's activities. All f the Cuncil's significant activities are reprted in the Statement f Activities. These activities include a Health, Welfare, and Scial Services functin. The Health, Welfare, and Scial Services functin is cmprised f varius prgrams that include varius supprtive scial services, and nutritinal services. All activities f the Cuncil are cnsidered t be gvernmental activities. A gvernmental activity is ne where the Cuncil uses mney it receives frm gvernment grants and cntracts, alng with dnatins frm the general public, r a segment f the general public, such as the elderly. In ther wrds, the peple benefitting frm the services are nt required t pay fr what they receive. If the Cuncil charged fees t cver all r mst f the cst f prviding a service, that activity wuld be classified as a business-type activity. The Cuncil des nt have any business-type activities. Reprting the Cuncil's Mst Significant Funds Using Fund Financial Statements ur analysis f the Cuncil's majr funds begins n page 14. The Fund Financial Statements can be fund n pages 14 t 17 and prvide detailed infrmatin abut the mst significant funds - nt the Cuncil as a whle, hi the Fund Financial Statements yu will see a General Fund and a variety f Special Revenue Funds. The General Fund is used t accunt fr prceeds that are nt legally restricted t expenditure fr specified purpses. By using separate funds t track revenues and expenditures, we can cntrl and manage funds fr particular purpses r we can shw that the fund is meeting legal respnsibilities fr using certain grants and ther mney.

6 The General Fund and Special Revenue Funds are cnsidered gvernmental funds. Gvernmental funds fcus n hw mney flws int and ut f funds and the balances left at year-end that are available fr spending. These funds are reprted using an accunting methd called the mdified accrual accunting, which measures cash and all ther financial assets that can be readily cnverted t cash. The gvernmental fund statements prvide a detailed shrt-term view f the Cuncil's general gvernment peratins and the basic services it prvides. Gvernmental fund infrmatin helps yu determine whether there are mre r fewer financial resurces that can be spent in the near future t finance the Cuncil's prgrams. We have presented the difference between the net assets f gvernmental activities and the fund balances f the gvernmental funds in a recnciliatin at the bttm f the Balance Sheet fr Gvernmental Funds. In additin, the difference between the change in net assets fr the gvernmental funds and the change in net assets fr the gvernmental activities has been presented in a recnciliatin n a separate page that fllws the statement f Revenues, Expenditures, and Changes in Fund Balances fr the Gvernmental Funds. Ntes t the Financial Statements The ntes prvide additinal infrmatin that is essential t a full understanding f the data prvided in the gvernment-wide and fund financial statements. The ntes t the financial statements can be fund n pages 18 t 35. Yu shuld read the ntes befre making assumptins r drawing cnclusins abut the Cuncil's financial cnditin. Supplementary Financial Infrmatin Required by GASB Statement 34 The Gvernmental Accunting Standards Bard (GASB) Statement 34 requires budgetary cmparisn schedules fr the General Fund and each majr Special Revenue Fund that has a legally adpted annual budget. The schedules cmpare the riginal and final apprpriated budgets t actual budget results fr the Cuncil's fiscal year. We have als pted t present psitive and negative variances between the final budget and actual amunts. Majr funds are thse funds whse revenues, expenditures, assets, r liabilities are at least 10% f crrespnding ttals fr all gvernmental funds. In additin, a majr fund culd be a fund that des nt meet these criteria but which we believe is imprtant t present fr the Cuncil's financial statement users. Management's Discussin and Analysis is als required supplementary infrmatin (RSI) by GASB Statement 34. Hwever, it is presented as the first item in this reprting package and nt with the ther RSI by GASB Statement 34.

7 ther Supplementary Financial Infrmatin Required by GEA The Cuncil has als presented ther required supplemental infrmatin in this reprt package. The Gvernr's ffice f Elderly Affairs (GEA) has required the Cuncil t present as schedules the infrmatin n pages 42 t 43. This infrmatin will be used by GEA t verify the accuracy f infrmatin the Cuncil submitted t it during the year and t help GEA mnitr certain cmpliance requirements set frth in the grants that it has with the Cuncil. AN ANALYSIS F THE UNCIL AS A WHLE USING GVERNMENT-WIDE FINANCIAL STATEMENTS The fllwing table reflects cndensed infrmatin n the Cuncil's net assets: Current and ther assets $ 130,944 $ 103,261 Capital Assets, net f depreciatin Ttal Assets Current Liabilities 12,591 13,725 Lng-Term Liabilities Q Ttal Liabilities Invested in capital assets, net f related debt 96,087 36,141 Unrestricted Ttal Net Assets $ $ As f June 30,2005, the Cuncil "as a whle" had assets greater than its liabilities by $214,440. The Cuncil's ttal net assets increased frm $125,677 t $214,440. This equates t an increase f 71%. All f the Cuncil's net assets are unrestricted as f June 30,2005. It is imprtant that the Cuncil have unrestricted net assets s that we will have resurces available t adapt t changes in the ecnmy, emergencies, unexpected needs, and reductins in r terminatin f grant revenues by gvernment agencies. The Cuncil had n restricted net assets. Net assets are reprted as restricted when the cnstraints placed upn the asset's use are either (a) externally impsed by a grantr, cntributr, r laws r regulatins f ther gvernments, r (b)impsed by law thrugh cnstitutinal prvisins r enabling legislatin. The net assets that have been invested in capital assets are presented net f any related utstanding debt incurred t acquire them.

8 AN ANALYSIS F GVERNMENTAL ACTIVITIES Mst f the Cuncil's activities are funded by federal, state, and lcal grants. These grants amunt t apprximately 92% f the revenues f the Cuncil in 2005 and 75% in Sme f these grants are restricted which means that the mney can nly be used in certain prgrams. The amunt f funds available frm mst f the grants remains rather cnstant frm year t year, hwever, sme grant amunts may change based upn the level f service by the Cuncil under ther terms f the particular grant award. The Cuncil als receives dnatins frm its clients and the general public. These revenues help t lessen the financial burden n the Cuncil and allw it t maintain and expand services. Public supprt revenues represented 2.5% and 4% f the ttal revenues f 2005 and 2004 respectively. The Cuncil invests idle funds and is able t earn sme interest n this mney each year. The investment earning are used r accumulated as necessary t meet expenses each year. When reviewing the Gvernment-Wide Statement f Activities, there are relatinships that are imprtant t the understanding f the Cuncil's peratins. As yu can see, the Cuncil's largest activities are related t nutritin services. The Cuncil's main fcus is t meet the needs f the elderly citizens f Catahula Parish. There is a high demand fr these services; therefre, resurces are channeled t meet the demand. AN ANALYSIS F THE UNCIL'S FUNDS USING GVERNMENTAL FUND FINANCIAL STATEMENTS Fund Balances The Cuncil shwed a cmbined gvernmental fund balance f $118,353 (as shwn n the Fund Financial Statement's balance sheet at page 14) at the end f this year, which is an increase f $28,817. All f the gvernmental fund balance belnged t the general fund. In additin, the General Fund als transferred funds t cver the deficits f sme f the Special Revenue Funds. The transfers t the Special Revenue Funds are the main reasns fr the decrease in the General Fund's fund balance this year. Revenues The cmbined fund revenues increased $85,744 this year versus last year, r 45%. This increase is attributable t USDA grant funding fr building cnstructin.

9 Expenditures Ttal expenditures increased by $91,308 this year, r 44%. The mst significant reasn fr the increase was expenditures fr building cnstructin csts. AN ANALYSIS F THE GENERAL FUND BUDGET The riginal and amended budgets fr the riginal and amended budgets fr the General, Title III-B, Title III C-1, and Title IIC-2 funds are lcated in the Supplementary Financial Infrmatin Required by GASB Statement 34 sectin f this reprt n pages 37 t 40. When yu review the budget versus actual schedule, yu will nte that the favrable and unfavrable variances are nt very large. This is a result f the budget amendment prcess, which allws us the pprtunity t use hindsight t adjust the frecast that it made at the beginning f the year, if necessary. AN ANALYSIS F CAPITAL ASSET AND DEBT ADMINISTRATIN At the end f the year, the Cuncil had $145,803 in fixed assets net f accumulated depreciatin f $34,139. This amunted t a net increase f $109,662 ver last year. Capital Assets at Year End Gvernmental Activities Land $ 5,000 $ 5,000 Furniture & Equipment 1,559 1,559 Vehicles 56,101 56,101 Buildings The majr additin this year t the Cuncil's fixed assets was the cnstructin f a new building. Mre detailed infrmatin can be fund abut the Cuncil's capital assets in Ntes Ij and 5 t the financial statements.

10 ENMIC FACTRS AND NEXT YEAR'S BUDGETS The Cuncil receives mst f its funding frm federal and state agencies passed thrugh the Cenla Area Agency n Aging, Inc. Because f this, the surce f incme fr the Cuncil is rather steady. Hwever, sme f the Cuncil's grants and cntracts are cntingent upn the level f service prvided by the Cuncil, and therefre, revenues may vary frm year t year. In setting its budget fr fiscal year 2005, it was imprtant that we deliver at least the same level f service t ur clients and the public as we did in All f the Cuncil's grants and cntracts frm the usual federal and state agencies have been apprved fr FY There have been n significant changes t the funding levels r terms f the grants and cntracts. Accrdingly, we have set ur initial budget t prvide the same prgrams and levels f service next year. There are n plans t add any significant prgrams fr next year. NTACTING THE UNCIL'S MANAGEMENT ur financial reprt is designed t prvide gvernment agencies and the general public an verview f the Cuncil's finances and t demnstrate accuntability fr the mney that it receives. If yu have any questins abut this reprt r wish t ask fr mre infrmatin, yu shuld cntact Jackie Ple, the Cuncil's Executive Directr, at the Cuncil's address, P., Bx 237, Sicily Island, La., by phne at

11 MEMBER V^^aM AMERICAN INSTITUTE F ^S^3 A. SCIETY f LUISIANA CERTIFIED PUBLIC ACUNTANTS «HBft CERTIFIED PUBLIC ACUNTANTS DAUZAT, BEALL & DEBEVEC, CPAs A PRFESSINAL RPRATIN MEMBER INDEPENDENT AUDITRS' REPRT Bard f Directrs Catahula Cuncil n Aging, Inc. Sicily Island, Luisiana We have audited the accmpanying general purpse financial statements f Catahula Cuncil n Aging, Inc., (a nn-prfit, quasi-public rganizatin) as f and fr the year ended June 30, These general purpse financial statements are the respnsibility f the Cuncil's management. ur respnsibility is t express an pinin n these general purpse financial statements based n ur audit. We cnducted ur audit in accrdance with generally accepted auditing standards in the U.S. and the standards applicable t the financial audits cntained in Gvernment Auditing Standards, issued by the Cmptrller General f the United States. Thse standards require that we plan and perfrm the audit t btain reasnable assurance abut whether the general purpse financial statements are free f material misstatement. An audit includes examining, n a test basis, evidence supprting the amunts and disclsures in the general purpse financial statements. An audit als includes assessing the accunting principles used and significant estimates made by management, as well as evaluating the verall general purpse financial statement presentatin. We believe that ur audit prvides a reasnable basis fr ur pinin. In ur pinin, the general purpse financial statements referred t abve present fairly, hi all material respects, the financial psitin f Catahula Cuncil n Aging, Inc., as f June 30, 2005, and the results f its peratins fr the year then ended in cnfrmity with generally accepted accunting principles. In accrdance with Gvernment A uditing Standards, we have als issued ur reprt dated ctber 13,2005, n ur cnsideratin f the Cuncil's internal cntrl ver financial reprting and ur test f its cmpliance with certain prvisins f laws, regulatins, and cntracts WINDSR PLACE ALEXANDRIA, LUISIANA (318) " FAX (318)

12 ur audit was made fr the purpse f frming an pinin n the general purpse financial statements taken as a whle. The additinal infrmatin as listed in the table f cntents is presented fr purpses f additinal analysis and is nt a required part f the general purpse financial statements f the Catahula Cuncil n Aging, Inc. Such infrmatin has been subjected t the auditing prcedures applied in the audit f the general purpse financial statements and, in ur pinin, is fairly presented in all material respects in relatin t the general purpse financial statements taken as a whle. Certified Public Accuntants ctber 13, 2005

13 GVERNMENT WIDE FINANCIAL STATEMENTS

14 SICILY ISLAND, LUISIANA GVERNMENT WIDE STATEMENT F NET ASSETS JUNE 30, 2005 Gvernmental Activities Assets Cash $ 116,869 Grants and Cntracts Receivable 13,325 Prepaid Insurance 750 Capital Assets (net f accumulated depreciatin) 145,803 Ttal Assets 276,747 Liabilities Accunts Payable 3,123 Accrued Expenses 9,468 Building Nte Payable Ttal Liabilities 62,307 Net Assets Invested in Capital Assets ( net f debt) 96,087 Unrestricted/ Undesignated 118,353 Ttal Net Assets $ 214,440 The accmpanying ntes are an integral part f this statement. 11

15 "3T *Jet (Expense Revenue an Increases *- creases) in f» Assets. Ttal T5 Gvernment Activities c in *~ T- CM T^ CM c" c r- c r- r- c" in CM CM (ft (fl c J2 * 11 P n t V) UJ - r~ «K 4 0> UJ < 5 y 1^ HI < W Z H UJ < U c.2 S a a c c s 2 1 n J T- e t*. CM c c f- CN Tj- t^ CM e m CM»«CM at ) c" CM T^ in" CM C- I-- en h- > T- c in c > c T- r»- > 1^ * <J> f^ ^ D h- > *T c r- > c c ~ T^ T-" N." CM w i- ' ' CM 1C 1- * ^ " -<r" CM CM *» 2 ) e Q. U ts in 2 "S ts c 1 buttns nt initment Incr U.Revenues "C c? 1 «"- t ra c 5 c r 0) c > "G 'C (0 C 2 C V S 3 ( U) < " ẓ c "S 1 IB 9. V fll b C 5= n) >* nning f the f the year S" 3) " ( (0 "S z c 3 V> J? "S Z c Q. CM > (A 4-1 W s= 2 E< 2 a? S 2 c v> 51 J ^ 3 e? 5 a ra W > X D C s.9 c 1 cl E W V M V C c p :-= ^ I- X a> «S c s? ^ rit -c Q.. 3 W '? IsHHilS p(tte:_i"_ -. C l«cne Hme >. C E.ii " ««c II A V Q u c t S '> "-^?< -5 c CJ p < X I c S g <S^ S

16 FUND FINANCIAL STATEMENTS

17 ^n "5 1- > in t-^,_ < c CM c m h- min " c" T-~ ^J ^" ^" T"" ^ <* h^ CM T-_ TT_ in J T- V 00 ^ CM < T- t h-_ in cf z fc Z M 5 x S T LU UJ I UJ < UJ ffl > IC 10 U t ' CM m CM in in in c c ) in r- c c w w m c- m c f T-" > <D J2 "«*"^ tj L. "c tf) T3 C U. 3 C <D > <D K^^ " Q. c B LL I 2 D <» Q. X HI T3 *S CL Q. T " (0 3 s 1 t cd LL labitities Accunts Payal Accrued Expen Due t General w.3? 5 LJ Is und Balances: Reserved S c ) "(ft T3 T3 c Unreserved/Un General Fu c C LL 3 ID tfy rcd Fund Balances <P.9? IS ilj J3 w D A ^ <D l 1g n> fl ( 10 " c "5 ^^c E ra V) ^^ c (0 ^^ l> 'r gvernmental act 3sed in gvernmental "S Q. M c D E (A C 5 *^ C ^ c. ^j c <D ^ C (0 EA 15 3c(0 «= (.5v^ 3= u If) Q) V) at 3 ex _c D a 1 &,.C T> C(0 3 <A 0> "S c "c 3 " 3 "D 'c Q. C _ T Q. IA " C ) 'S c (0 c i: n t "J3 0 5 " S j s J '5. * mmental Activities Q> - 3 " (A w *t "S

18 CM h- m t i- > )_ c in T-~ CN ^- h- 00 " CM" c~ c J in at ) CN f^- CM m T J 00 CM «~ «t CM «* h- 00 CM r- c" CM II ) in CM a> CM c c CM < i- t^ c in * <* * <» = CM CM" h- Tf T- t- CM m m c c fr e c "* CM <D" CM" CM" *-" CM CM z " z z z < 2 d - 1 i 5 I T UJ H CC. Z 13 ts Ul» i Q K UJ UJ 5 CL > u X z UJ t*\ 3 0) UJ UJ 3 J53 UJ < Q s *~ > 5 t c z w M- <- in > c" in" T-" CM" r- c" ) in CM c CM" CM r^. t c in eg c in <- CM in in c in in c r- c c c r*- c <! h- C> ) i- in c )»CN** CMCM'<- CM CM V) (A C 0 a: tergvemmental: Gvernr's ffice Passed thrugh C _c f Elderly Affai "c 0 6 di.c D ) < <D c ^ 0 0 >> f CJ '. C (0 <1) _J )!* < rf Q c S ID terest Incme iscellaneus _ c Q. CL D c Client Cntributir ( c In-Kind Cntributi' Ttal Revenues UJ 05 " w 1 ±3 < w.2 =S > C. 9- c«d J2 Q. >,.. m n X * * UJ *=.0 qj V) I ^ CL X UJ -^ -^ V^ ^ /-\ f* "rt "ta "m c "cu 2 J 2> > m m t v i _cg W c *C 2 Q. Q. <P H - 'C c LJL i- D. ^J n_ Q

19 e * ^ )" f m m in l^ <c c" c w i CN 00 CN T I--" c en c m T- c" " (N U) CM CM CN CN CN in c r- f J <N s 5 I in CM" tn in CN CN in f^- r-^ CN T-_ CM" h-" c m c CN >> U i. C 0 g w IP W m 0 C a?3 H w? 5 " c 0 «j t 8 c (0 > c "3 pnc u. 1_ 0 S Q. _c X *. X *! UJ UJ (0I ) _c <D Q. "3 CA a 1 i_ceeds D) D) C " c03 t w (0 _c i~ D «6 urces ( _c a. js </> c I(0 a. ' 0 CA (Q u 0, 0 (A 10 0 rn J C K- c ^> T3 0 C m uj " 0" u u c c 5 SZ *n m ca T3 T3 C C 3 3 U- U.

20 Catahula Cuncil n Aging, Inc. Sicily Island, La. Recnciliatin f the Statement f Revenues, Expenditures, and Changes in Fund Balances f Gvernmental Funds t the Statement f Activities Year Ended June 30, 2005 Net Increase (Decrease) in fund balances - ttal gvernmental funds $ 28,817 Gvernmental funds reprt capital utlays as expenditures. Hwever, in the Statement f Activities the cst f these assets is allcated ver their estimated useful lives and reprted as depreciatin expense. This is the amunt by which capital utlays ($116,386) exceed depreciatin ($6,720) in the current perid. 109,662 Prceeds frm lng-term debt prvide current financial resurces t gvernmental funds, but the issuing f debt increases lng-term liabilities in the Statement f Net Assets. (50,000) Repayment f nte principal is an expenditure in the gvernmental funds, but the repayment reduces lng-term liabilities in the Statement f Net Activities. 284 Increase (Decrease) f net assets f gvernmental activities $ 88,763 The accmpanying ntes are an integral part f this statement. 17

21 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 1 Purpse f the Cuncil n Aging and Summary f Significant Accunting Plicies a. Purpse f the Cuncil n Aging: The purpse f the Cuncil is t cllect facts and statistics and make special studies f cnditins pertaining t the emplyment, financial status, recreatin, scial adjustment, mental and physical health r ther cnditins affecting the welfare f the aging peple in Catahula Parish; t keep abreast f the latest develpments in these fields f activity thrughut Luisiana and the United States; t interpret its findings t the citizens f the parish and state level; t cnduct public meetings t make recmmendatins fr needed imprvements and additinal resurces; t prmte the welfare f aging peple when requested t d s; t crdinate and mnitr services f ther lcal agencies serving the aging peple f the parish; and t assist and cperate with the Gvernr's ffice f Elderly Affairs (GEA) and ther departments f state and lcal gvernment serving the elderly; and t make recmmendatins relevant t the planning and delivery f services t the elderly f the parish. Specific services prvided by the Cuncil t the elderly residents f Catahula Parish include prviding cngregate and hme delivered meals, nutritinal educatin, persnal care, infrmatin and assistance, utreach, medicatin management, wellness, in-hme respite, utility assistance, hmemakers, recreatin, and transprtatin. b. Reprting Entity: In 1964, the State f Luisiana passed Act 456 authrizing the charter f a vluntary cuncil n aging fr the welfare f the aging peple in each parish f Luisiana. Hwever, befre the cuncil n aging can begin peratins in a specific parish, its applicatin fr a charter must receive apprval frm the Gvernr's ffice f Elderly Affairs pursuant t LA R.S. 46:1602. The functins f each cuncil n aging in Luisiana must cmply with the bjectives f state laws and are gverned by the plicies and regulatins established by GEA. 18

22 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 1 Summary f Significant Accunting Plicies - (cntinued) b. Reprting Entity: - (cntinued) The Catahula Cuncil n Aging is a legally separate, nn-prfit, quasi-public crpratin. It received its charter and began peratins n August 1, A bard f directrs, cnsisting f 13 vluntary members, wh serve three-year terms, gverns the Cuncil. The bard f directrs is cmprised f, but nt limited t representatives f the Parish's elderly ppulatin, general public, private businesses, and elected public fficials. Bard members are elected annually. Membership in the Cuncil is pen at all times, withut restrictin, t all residents f Catahula Parish wh have reached the age f majrity and wh express an interest in the Cuncil and wish t cntribute t r share in its prgrams. Membership fees are nt charged. Based n the criteria set frth in GASB Statement 14, the Catahula Cuncil n Aging is nt a cmpnent unit f anther primary gvernment nr des it have any cmpnent units that are related t it. In additin, based n the criteria set frth in GASB Cdificatin Sectin 2100, the Cuncil has presented its financial statements as a primary gvernment, because it is a special-purpse gvernment that has a separately elected gverning bdy, is legally separate, and is fiscally independent f ther state and lcal gvernments. As previusly mentined, GEA establishes the plicies and regulatins that all cuncils must fllw. Included in its plicies is a prvisin that the Cuncil's budget be apprved by GEA. Hwever, this apprval prcess is part f GEA's general versight respnsibility fr the Cuncil and is mre ministerial r cmpliance riented than substantive. Accrdingly, the Cuncil is viewed as being fiscally independent fr purpses f applying the reprting entity criteria f GASB Statement

23 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 1 Summary f Significant Accunting Plicies - (cntinued) c. Presentatin f Statements: The Cuncil's statements are prepared in accrdance with accunting principles generally accepted (GAAP) in the United States f America as applicable t gvernmental entities. The Gvernmental Accunting Standards (GASB) is respnsible fr establishing GAAP fr state and lcal gvernments thrugh its prnuncements (Statements and Interpretatins). Gvernments are als required t fllw the prnuncements f the Financial Accunting Standards Bard (F ASB) issued thrugh Nvember 30,1989 (when applicable) that d nt cnflict with r cntradict GASB prnuncements. The Cuncil has the ptin t apply FASB prnuncements issued after that date t its business-type activities and enterprise funds; hwever, the Cuncil has chsen nt t d s because it des nt have any business-type activities r enterprise funds. The mre significant accunting plicies established in GAAP and used by the Cuncil are discussed belw. In June 1999, the Gvernmental Accunting Standards Bard (GASB) unanimusly apprved Statement N. 34, Basic Financial Statements-and Management's Discussin and Analysis-far State and Lcal Gvernments. Certain f the significant changes in the Statement include the fllwing: The financial statements include: A Management Discussin and Analysis (MD&A) sectin prviding an analysis f the Cuncil's verall financial psitin and results f peratins. Gvernmental-Wide Financial statements prepared using full accrual accunting fr all f the Cuncil's activities. A change in the fund financial statements t fcus n the majr funds. 20

24 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 1 Summary f Significant Accunting Plicies - (cntinued) Presentatin f Statements: -(cntinued) These and ther changes are reflected in the accmpanying financial Statements (including ntes t financial statements). The Cuncil was required t implement the general prvisins f the GASB Statement 34 in the year ended June 30, Basic Financial statements - Gvernment-Wide Statements The Cuncil's basic financial statements include bth Gvernment-Wide (reprting the Cuncil as a whle) and fund financial statements (reprting the Cuncil's majr funds). Bth the Gvernment-Wide and Fund Financial Statements categrize primary activities as either gvernmental r business type. The Cuncil's functins and prgrams have been classified as gvernmental activities. The Cuncil des nt have any business-type activities, fiduciary funds, r any cmpnent units that are fiduciary in nature. Accrdingly, the Gvernment-Wide financial statements d nt include any f these activities r funds. In the Gvernment-Wide statement f Net Assets, the gvernmental type activities Clumn (a) is presented n a cnslidated basis by clumn, (b) and is reprted n a full accrual, ecnmic resurce basis, which recgnizes all lng-term assets and receivables as well as lng-term debt and bligatins. The Cuncil's net assets are reprted in three parts - invested in capital assets, net f related debt; restricted net assets; and unrestricted net assets. Invested in capital assets, net f related debt cnsists f capital assets including restricted capital assets, net f accumulated depreciatin and reduced by the utstanding balances f any bnds, mrtgages, ntes, r ther brrwings that are attributable t the acquisitin, cnstructin, r imprvement f thse capital assets. Restricted net assets cnsist f net assets with cnstraints placed n the use either by (1) external grups such as creditrs, grantrs, 21

25 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 1 Summary f Significant Accunting Plicies - (cntinued) d. Basic Financial statements - Gvernment-Wide Statements - (cntinued) cntributrs, r laws and regulatins f ther gvernments; r (2) law thrugh cnstitutinal prvisins r enabling legislatin. Unrestricted net assets include all ther net assets that d nt meet the definitin f "restricted" r "invested in capital assets, net f related debt." The Cuncil's plicy is t use restricted resurces first t finance its activities. Quite ften unrestricted resurces are available fr use that must be cnsumed r they will have t be returned t GEA. In such cases it is better fr management t elect t apply and cnsume the unrestricted resurces befre using the restricted resurces. As a result, the Cuncil will depart frm its usual plicy f using restricted resurces first. The Gvernment-Wide Statement f Activities reprts bth the grss and net cst f each f the Cuncil's functins and significant prgrams. Many functins and prgrams are supprted by general gvernment revenues like intergvernmental revenues, and unrestricted investment incme, particularly if the functin r prgram has a net cst. The Statement f Activities begins by presenting grss direct and indirect expenses that include depreciatin, and then reduces the expenses by related prgram revenues, such as perating and capital grants and cntributins, t derive the net cst f each functin f each functin r prgram. Prgram revenues must be directly assciated with the functin r prgram t be used t directly ffset its cst. perating grants include perating-specific and discretinary (either perating r capital) grants, while the capital grants clumn reflects capital-specific grants. 22

26 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 1 Summary f Significant Accunting Plicies - (cntinued) d. Basic Financial statements - Gvernment-Wide Statements - (cntinued) The Cuncil allcates its indirect csts amng varius functins and prgrams in accrdance with Circular A-87. The Statement f Activities shws this allcatin in a separate clumn labeled "indirect cst allcatin." In additin, GEA prvides grant funds t help the Cuncil pay fr a prtin f its indirect csts. As a result, nly the indirect csts in excess f the GEA funds are allcated t the Cuncil's ther functins and prgrams. The Gvernment-Wide Statements fcus upn the Cuncil's ability t sustain peratins and the change in its net assets resulting frm the current year's activities. e. Basic Financial Statements - Fund Financial Statements: The financial transactins f the Cuncil are reprted in individual funds in the Fund Financial Statements. The peratins f each fund are accunted fr with a separate set f self-balancing accunts that cmprmise its assets, liabilities, equity, revenues, and expenditures. Resurces are allcated t and accunted fr in individual funds based upn the purpse fr which they are t be spent and the means by which spending activities are cntrlled. The varius funds are reprted by generic classificatin within the financial statements. The Cuncil uses gvernmental fund types. The fcus f the gvernmental fund measurement (in the fund statements) is n determinatin f financial psitin and changes in financial psitin (surces, uses, and balances f financial resurces) rather than n net incme. An additinal emphasis is placed n majr funds within the gvernmental fund types. A fund is cnsidered majr if it is the primary perating fund f the Cuncil r if its ttal assets, liabilities, revenues, r expenditures are at least 10% f the crrespnding ttal fr all funds f that categry r type. 23

27 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 1 Summary f Significant Accunting Plicies - (cntinued) e. Basic Financial Statements - Fund Financial Statements: - (cntinued) Gvernmental fund equity is called the fund balance. Fund balance is further classified as reserved and unreserved, with unreserved being further split int designated and undesignated. Reserved means that the fund balance is nt available fr expenditure because resurces have already been expended (but nt cnsumed), r a legal restrictin has been placed n certain assets that makes them nly available t meet future bligatins. Designated fund balances result when management tentatively sets aside r earmarks certain resurces t expend in a designated manner. In cntrast t reserved fund balances, designated amunts can be changed at the discretin f management. The fllwing is a descriptin f the gvernmental funds f the Cuncil: The General Fund is the general perating fund f the Cuncil. It is used t accunt fr all financial resurces except thse required t be accunted fr in anther fund. Special Revenue Funds are used t accunt fr the prceeds f specific revenue surces that are legally restricted t expenditures fr specified purpses. A large percentage f the Cuncil's special revenue funds are Title III funds. These funds are prvided by the United States Department f Health and Human Services - Administratin n Aging t the Gvernr's ffice f Elderly Affairs, which in turn "passes thrugh" the funds t the Cenla Area Agency n Aging, which passes thrugh the funds t the Cuncil n a predetermined unit cash reimbursement basis. The Cuncil has established several special revenue fund. The fllwing is a brief descriptin f each special revenue fund's purpse: 24

28 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 1 Summary f Significant Accunting Plicies - (cntinued) e. Basic Financial Statements - Fund Financial Statements: - (cntinued) Majr Special Revenue Funds The Title III B Fund is used t accunt fr funds, which are used t prvide varius units f supprtive scial services t the elderly. GEA has established the criteria fr defining a qualifying unit f service fr each Title HI prgram. The Title III C-l Fund is used t accunt fr funds that are used t prvide nutritinal, cngregate meals t the elderly at meal sites lcated in Catahula Parish, During the year the Cuncil served 8,776 meals t peple eligible t participate in this prgram. The Title III C-2 Fund is used t accunt fr funds that are used t prvide nutritinal meals t hmebund lder persns. The Cuncil served 31,618 meals during the year t peple eligible t participate in this prgram. Nn-Mair Special Revenue Funds The Title III D Fund is used t accunt fr funds used fr disease preventin and health prmtin activities. The Senir Center Fund is used t accunt fr the administratin f Senir Center prgram funds apprpriated by the Luisiana Legislative t GEA. The purpse f this prgram is t prvide a cmmunity service center at which elderly peple can receive supprtive scial services and participate in activities which fster their independence, enhance their dignity, and encurage their invlvement in and with the cmmunity. The senir center fr Catahula Parish is lcated in Sicily Island, La. Senir Center funds can be used at management's discretin t supprt any f the Cuncil's prgrams that benefit the elderly. Accrdingly, during the fiscal year, the Senir Center Fund transferred all f its grant revenue t the Title III B Fund t purchase units f service fr the elderly persns wh use the senir center. 25

29 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 1 Summary f Significant Accunting Plicies - (cntinued) e. Basic Financial Statements - Fund Financial Statements: - (cntinued) Nn-Majr Special Revenue Funds - (cntinued^ The Title III-E Fund accunts fr the resurces and activities f the Natinal Family Caregiver Supprt Prgram. The purpse f the prgram is t prvide multifaceted systems f supprt service fr the family caregivers and grandparents r lder individuals wh are relative caregivers. The Supplemental Senir Center Fund was established t accunt fr funds that were apprpriated by the Luisiana Legislature fr the varius cuncils n aging thrughut Luisiana t supplement each cuncil's primary grant fr senir center peratins and activities. The Catahula Cuncil n Aging was ne f the parish cuncils t receive a supplemental grant f $3,825. The mney received by this fund during the year was transferred t the Title III B Fund t supplement the senir center services purchased frm this fund. f. Measurement Fcus and Basis f Accunting: Basis f accunting refers t when revenues r expenditures/expenses are recgnized in the accunts and reprted in the financial statements. It relates t the timing f the measurements made regardless f the measurement fcus applied. 1. Accrual Basis - Gvernment-Wide Financial Statements (GWFS): The Statement f Net Assets and the Statement f Activities display infrmatin abut the Cuncil as a whle. Bth f these statements have been prepared using the ecnmic measurement fcus and the accrual basis f accunting. Revenues, expenses, gains, lsses, assets, and liabilities resulting frm exchange and exchange-like transactins are recgnized when the exchange takes place. 26

30 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 1 Summary f Significant Accunting Plicies - (cntinued) f. Measurement Fcus and Basis f Accunting-(cntinued) 2. Mdified Accrual Basis - Fund Financial Statements (FFS): The accunting and financial reprting treatment applied t a fluid is determined by its measurement fcus. Gvernmental fund types use the flw f current financial resurces measurement fcus and the mdified accrual basis f accunting. Under the mdified accrual basis f accunting, revenues are recrded when susceptible t accrual; i.e., when they are bth measurable and available. "Measurable" means the amunt f the transactin can be determined and "available" means cllectible within the current perid r sn enugh thereafter t pay liabilities f the current perid. The Cuncil cnsiders all revenues "available" if they are cllected within 60 days after year-end. Expenditures are generally recrded under the mdified accrual basis f accunting when the related liability is incurred. The exceptins t this general rule are that (1) unmatured principal and interest n lng-term debt, if any, are recrded when due and (2) claims and judgments and cmpensated absences are recrded as expenditures when paid with expendable available financial resurces. g. Interfund Activity: Interfund activity is reprted as either lans r transfers. Lans between funds are reprted as interfund receivables and payables as apprpriate and are subject t eliminatin upn cnslidatin. All ther interfund transactins are treated as transfers. Transfers represent a permanent reallcatin f resurces between funds. Transfers between funds are netted against ne anther as part f the recnciliatin f the change in fund balances in the fund financial statements t the change in net assets in the Gvernment-Wide Financial Statements. 27

31 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 1 Summary f Significant Accunting Plicies - (cntinued) h. Cash and Cash Equivalents: Cash includes amunts in demand depsits, interest-bearing demand depsits, and petty cash. Cash equivalents include amunts in time depsits and thse investments with riginal maturities f 90 days are less. Cash and cash equivalents are reprted at their carrying amunts that equal their fair values. i. Investments: GASB Statement 31 requires the Cuncil t reprt its investments at fair value, except fr investments in nn-participating interest-earning cntracts, such as nn-negtiable certificates f depsit with redemptin terms that d nt cnsider market rates. This type f investment is reprted using a cst-based measure, prvided that the fair market value f the cntract is nt significantly affected by the impairment f the credit standing f the issuer r ther factrs. Investments that include securities traded n a natinal r internatinal exchange are valued based n their last reprted sales price. Investments that d nt have an established market are reprted at estimated fair value. j. Capital Assets: The accunting and reprting treatment applied t the capital assets assciated with a fund are determined by its measurement fcus. Capital assets are lnglived assets that have been purchased r acquired with an riginal cst f at least $1,000 and that have an estimated useful life f greater than ne year. When purchased r acquired, these assets are recrded as capital assets in the Gvernment-Wide Statement f Net Assets. In cntrast, in the Fund Financial Statements, capital assets are recrded as expenditures f the fund that prvided the resurces t acquire the asset. If the asset was purchased, it is recrded in the bks at its cst. If the asset was dnated, then it is recrded at its estimated fair market value at the date f dnatin. 28

32 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 1 Summary f Significant Accunting Plicies - (cntinued) j. Capital Assets: - (cntinued) Fr capital assets recrded in the Gvernment-Wide Financial Statements, depreciatin is cmputed and recrded using the straight-line methd fr the asset's estimated useful life. The estimated useful lives f the varius classes f depreciable capital assets are as fllws: Buildings Equipment Furniture Vehicles Cmputers 30 years 5-10 years 10 years 5 years 3 years Salvage values have nt been estimated by management when calculating hw much f an asset's cst needs t be depreciated Depreciatin is nt cmputed r recrded n capital assets fr purpses f the Fund Financial Statements. k. Cmpensated Absences: Annual leave is earned by emplyees and may be carried ver int the next year at a rate f n mre than ne year's accumulatin. This amunt is nt significant and has nt been recrded in the financial statements. 1. Management's use f Estimates: The preparatin f financial statements in cnfrmity with generally accepted accunting principles requires management t make estimates and assumptins that affect certain reprted amunts and disclsures. Accrdingly, actual results may differ frm thse estimates. 29

33 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 1 Summary f Significant Accunting Plicies - (cntinued) m. Eliminatin and Reclassificatins: In the prcess f aggregating data fr the Statement f Net Assets and the Statement f Activities, sme amunts reprted as interfund activity and balances in the funds were eliminated r reclassified. Interfund receivables and payables were eliminated t minimize the "grssing up" effect n assets and liabilities within the gvernmental activities clumn, Nte 2 Revenue Recgnitin Revenues are recrded in the Gvernment-Wide Statements when they are earned under the accrual basis f accunting. In applying the susceptible t accrual cncept using this basis f accunting, intergvernmental grant revenues, prgram service fees, and interest incme are usually bth measurable and available. Hwever, the timing and amunts f the receipts are ften difficult t measure; therefre, they are recrded as revenue in the perid received. Nte 3 Cash The Cuncil maintains tw checking accunts t depsit mney it cllects and t pay bills. The cnslidated bank accunt is available fr use by all funds. The purpse f this cnslidated accunt is t reduce administratin csts and facilitate cash balances t cver any negative cash balances in ther funds at year end. At June 30, 2005, the balance f the Cuncil's bank accunts was $116,869. All f the depsits were cvered by federal depsitry insurance. GASB Statement 3 categrized the credit risk f these depsits as Categry 1 because they are fully insured. The cllected bank balances depsited in tw financial institutins ttaled $116,840. Nte 4 Cntracts Receivable Gvernment grants and cntracts receivable represent amunts wed t the Cuncil under a grant award r cntract with a prvider f federal, state, r lcal funds; such amunts being measurable and available as f year-end. 30

34 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 4 Cntracts Receivable - (cntinued) Gvernment grants and cntracts receivable at year-end, cnsist f the fllwing: Prgram Fund Funding Agency Amunt Title III-B Title m C-l Title III C-2 Title HI E Title HID General Special Revenue Special Revenue Special Revenue Special Revenue Special Revenue Gvernmental Ttal Cenla AAA Cenla AAA Cenla AAA Cenla AAA Cenla AAA Cenla AAA S 7,505 1,641 2,502 1, NteS Changes in Fixed Assets Land Buildings Furniture & Equipment Vehicles A summary f changes in general fixed assets fllws: Balance 6/30/04 Additins Deletins $ 5, , $ 116,382 Balance 6/30/05 $ 5, ,282 1, Ttal $ $

35 Mv :23 P DRUZF1T BERLL & DEBEVEC p. 2 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 5 Changes in Fixed Assets (cntinued) Depreciatin was charged t gvernmental activities as fllws: Supprtive Services: Transprtatin Ttal depreciatin expense fr gvernmental activities Nte 6 Bard f Directrs* Cmpensatin The Bard f Directrs is a vluntary bard; therefre, n cmpensatin has been paid t any member. Hwever, bard members are reimbursed fr any ut-f-pcket csts that they might incur n behalf f the Cuncil in accrdance with the Cuncil's applicable reimbursement plicy. Nte 7 In-Kind Cntributins The Cuncil received varius in-kind cntributins during the year. The Cuncil's administrative ffice was prvided by the twn f Sicily Island and the main Senir Center was prvided by the twn f Jnesville. The Maitland Senir Recreatin Center and the Sicily Island Meal site was furnished by the First Baptist Church. These cntributins have been reprted as revenues and the ffsetting expenditures as csts in the financial statements. Nte 8 Incme Tax Status The Cuncil, a nn-prfit crpratin, is exempt frm federal incme taxatin under Sectin 501 (c) (3) f the Internal Revenue Cde, and as an rganizatin that is nt a private fundatin as defined in Sectin 509 (a) f the Cde. It is als exempt frm Luisiana incme tax. 32

36 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 9 Judgments, Claims and Similar Cntingencies There is n litigatin pending against the Cuncil as f year-end. The Cuncil's management believes that any ptential lawsuits wuld be adequately cvered by insurance r reslved withut any material impact upn the Cuncil's financial statements. Nte 10 Cntingencies - Grant Prgrams The Cuncil participates in a number f state and federal grant prgrams, which are Gverned by varius rules and regulatins. Csts charged t the respective grant prgrams are subject t audit and adjustment by the grantr agencies; therefre, t the extent that the Cuncil has nt cmplied with the rules and regulatins gverning the grants, refunds f any mney received and the cllectibility f any related receivable at year-end may be impaired. In management's pinin, there are n significant cntingent liabilities relating t cmpliance with the rules and regulatins gverning state and federal grants; therefre, n prvisin has been recrded in the accmpanying financial statements fr such cntingencies. Audits f prir years have nt resulted in any significant disallwed csts r refunds. Any csts that wuld be disallwed wuld be recgnized in the perid agreed upn by the grantr agency and the Cuncil. Nte 11 Ecnmic Dependency The Cuncil receives the majrity f its revenue thrugh grants administered by the Luisiana Gvernr's ffice f Elderly Affairs (GEA) and awarded t the Cenla Area Agency n Aging, Inc. wh in turn awards these grants t the Cuncil n a per unit f service prvided. The grant amunts are apprpriated each year by the federal and state gvernments. If significant budget cuts are made at the federal and/r state level, the amunt f funds the Cuncil receives culd be reduced significantly and have an adverse impact n its peratins. Management is nt aware f any actins that will adversely affect the amunt f funds the Cuncil will receive in the next fiscal year. 33

37 NTES T FINANCIAL STATEMENTS June 30,2005 Nte 12 Risk Management The Cuncil is expsed t varius risks f lss related t trts; theft f, damage t, and destructin f assets; errrs and missins; jb related illnesses r injuries t emplyees; and natural disasters. The Cuncil has purchased cmmercial insurance t cver r reduce the risk f lss that might arise shuld ne f these incidents ccur. There have been n significant reductins in cverage frm the prir year. N settlements were made during the current perid. Nte 13 Interfund Transfers perating transfers in and ut are listed by fund fr fiscal year ended Funds Transferred In Tide m B- Supprtive Services Title fflc-2 Title m C-l Title ffl D Tide m E General Fund Funds Transferred ut Title m C-l $2.378 PA $ 4,075 8,116 8,857 Senir Center $16,334 Supplemental Senir Center $ 336 2, General Fund $ 1,821 11, ,089 Ttal In $ 22,566 22,219 9, , Ttal ut $2.378 $ $ $ $ Transfers are used t (1) mve revenues frm the fund that statute r budget requires t expend them, and t (2) use unrestricted revenues cllected in the General Fund t finance varius prgrams accunted fr in ther funds in accrdance with budgetary authrizatins. These transfers were eliminated as a part f the cnslidatin prcess in preparing the Gvernment-Wide Financial Statements. 34