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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 discussion <br />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 Statements <br />Governmental Funds <br />Scope <br />Entire Organization <br />The activities of the Organization <br />Required financial statements <br />• Statement of Net Position <br />• Statement of Activities <br />• Balance Sheet <br />• Statement of Revenues, Expenditures, and <br />Changes in Fund Balances <br />Accounting Basis and <br />measurement focus <br />Accrual accounting and economic <br />resources focus <br />Modified accrual accounting and current <br />financial resources focus <br />Type of asset/liability <br />information <br />All assets and liabilities, both <br />financial and capital, and short- <br />term and long-term <br />Only assets expected to be used up and <br />liabilities that come due during the year or <br />soon thereafter; no capital assets included <br />Type of deferred <br />outflows/inflows of resources <br />information <br />All deferred outflows/inflows of <br />resources, regardless of when <br />cash is received or paid. <br />Only deferred outflows of resources expected <br />to be used up and deferred inflows of <br />resources that come due during the year or <br />soon thereafter; no capital assets included <br />Type of inflow/out flow <br />information <br />All revenues and expenses during <br />year, regardless of when cash is <br />received or paid <br />Revenues for which cash is received during <br />or soon after the end of the year; expenditures <br />when goods or services have been received <br />and payment is due during the year or soon <br />thereafter <br />Government -wide financial statements. The government -wide financial statements are designed to provide readers with a broad <br />overview of the Organization's finances, in a manner similar to a private -sector business. <br />The statement of net position presents information on all of the Organization's assets and liabilities, with the difference between the <br />two reported as net position. Over time, increases or decreases in net position 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 position changed during the most recent fiscal <br />year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing <br />of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in <br />future fiscal periods (e.g., grants and earned but unused vacation and sick leave). <br />The governmental activities of the Organization include general and administrative, programs, and projects. <br />The government -wide financial statements start on page 24 of this report. <br />Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been <br />segregated for specific activities or objectives. The Organization, like other state and local government, uses fund accounting to <br />ensure and demonstrate compliance with finance -related legal requirements. The Organization currently only uses governmental <br />funds. <br />-17- <br />