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Management's Discussion and Analysis - Continued <br />March 24, 2010 <br />Figure 2 summarizes the major features of the Organization's financial statements, including the portion of the Organization <br />government they cover and the types of information they contain. The remainder of this overview section of management's <br />discussion and analysis explains the structure and contents of each of the statements. <br />Figure 2 <br />Major features of the Government -wide and Fund Financial Statements <br />Fund Financial Statements <br />Government -wide <br />Statements <br />Governmental Funds <br />Scope <br />Entire Organization <br />The activities of the. <br />Organization <br />• Balance Sheet <br />• Statement of Revenues, <br />Expenditures, and <br />Changes in Fund <br />Balances <br />Required financial <br />statements <br />• Statement of Net Assets <br />• Statement of Activities <br />Accounting Basis and <br />measurement focus <br />Accrual accounting and <br />economic resources focus <br />Modified accrual accounting <br />and current financial <br />resources focus <br />Type of asset/liability <br />information <br />All assets and liabilities, both <br />financial and capital, and <br />short-term and long-term <br />Only assets expected to be <br />used up and liabilities that <br />come due during the year or <br />soon thereafter; no capital <br />assets included <br />Type of in flow/out flow <br />information <br />All revenues and expenses <br />during year, regardless of <br />when cash is received or paid <br />Revenues for which cash is <br />received during or soon after <br />the end of the year; <br />expenditures when goods or <br />services have been received <br />and payment is due during <br />the year or soon thereafter <br />Government -wide Financial Statements <br />The government -wide financial statements are designed to provide readers with a broad overview of the Organization's finances, <br />in a manner similar to a private -sector business. <br />The statement of net assets presents information on all of the Organization's assets and liabilities, with the difference between the <br />two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial <br />position of the Organization is improving or deteriorating. <br />The statement of activities presents information showing how the Organization's net assets changed during the most recent fiscal <br />year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless of the <br />timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in <br />cash flows in future fiscal periods (e.g., grants and earned but unused vacation and sick leave). <br />The governmental activities of the Organization include general government, programs, and projects. <br />The government -wide financial statements start on page 22 of this report. <br />-13- <br />