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Separately Issued Fund Financial Statements Policy

Effective Date:
Periods beginning on or after 7/1/2006
Early implementation is encouraged

References:
AICPA Audit and Accounting Guide: State and Local Governments, With Conforming Changes as of May 1, 2006 (paragraph 14.65)
GFOA Recommended Practice: Including Management's Discussion and Analysis in Departmental Reports (2004)

Policy:
The following applies to separately issued and audited GAAP-based fund (or departmental) financial statements issued for reporting units that are not legally separate:

State agencies, universities, community colleges, and other component units may issue separate GAAP-based financial statements for one or more individual funds (or departments), which are intended to represent financial activities of the specific fund(s) (or departments) and not the State or component unit as a whole. These presentations should apply all relevant GAAP to the extent those principles apply to the fund (or departmental) financial statements. Thus, these financial statements should include all relevant GAAP financial statements, note disclosures, and required supplementary information, including management's discussion and analysis (MD&A). The MD&A should discuss all topics required by GAAP (as applicable).

For example, this policy applies to the following reporting units that have separately issued and audited GAAP-based financial statements:

• N.C. Education Lottery (enterprise fund)
• USS North Carolina Battleship Commission (enterprise fund)
• Licensing boards (enterprise funds)
• Wireless Emergency Telephone System Fund (special revenue fund)
• University bookstores