1a Identify 2 nonprofits, 2 general purpose governments, and 2 special purpose governments in your local area (do not list the same entity as Question 2).
1b Describe what differentiates a non-profit from a government. Describe what differentiates non-profits and governments from a for-profit business.
2 Explore the website for Outlook Nebraska, Inc. (https://www.outlookne.org) The annual report and Form 990s can be found under the About/Stewardship path. Answer the following questions:
2a Is Outlook Nebraska, Inc. a nonprofit, government, or business? What characteristics of the organization helped you identify the type of organization?
2b “Describe how the following elements apply to Outlook Nebraska, Inc.:
1) Profit motive
2) Expectations of resource providers
3) Ownership interest”
2c What is Outlook Nebraska, Inc.’s main activity and revenue source?
3 Obtain the Douglas County, Nebraska CAFR. Answer the following questions
3a Does the CAFR contain both government-wide and fund financial statements? How many financial statements have been included as part of the basic financial statement section of the CAFR?
3b “How many of each of the following funds does Douglas County have?
• General Fund
• Special Revenue Funds
• Capital Project Funds
• Debt Services Funds
• Permanent Funds
• Enterprise Funds
• Internal Service Funds”
3c What are the main revenue sources of the County?
3d Do the financial statements provide evidence that the governmental, proprietary, and fiduciary funds use the appropriate basis of accounting? How can you determine this through review of the financial statements?
3e What are the revenue recognition criteria for the County?
3f How do the footnotes define the term “available for paying current period obligations?
3g Which financial statements present expenditures instead of expenses?
4 In your opinion, what are the most important information needs that a government annual report should fulfill for members of the elected officials?
5 Consider how the current pandemic is impacting state and local governments. Describe in your own words how the impact on state and local governments may be similar to that of for-profit businesses and how it may be different.
6 Locate one current event article that describes the impact of COVID-19 on a state or local government. Provide a link and brief summary of the article.
Notes
The Douglas County CAFR can be found on the County Clerk/Comptroller’s website. Follow the path below:
• https://www.douglascountyclerk.org/
• Select “County Financial Reports” in the links to the left.
• Select the link to the June 30, 2019 CAFR.
Sample Solution
