IS IT PART OF THE COUNTY?

Harland County is in a financially distressed
area within the state of Missouri. In hopes of
enticing business to the county, the state
legislature appropriates $3 million to start an
industrial development commission. The
federal government provides an additional $1
million. The state appoints 15 individuals to a
board to oversee the operations of this
commission. Harland County officials name five
additional members. The commission begins
operations by raising funds from local citizens
and businesses. Over the past 12 months, it
received $700,000 in donations and pledges.
The county provides clerical assistance and
allows the commission to use one wing of a
county office building for its headquarters. The
Harland County government must approve the
commission's annual operating budget. The
county will also cover any deficits that might
occur.
During the current period, the commission
spent $2.4 million and achieves notable
success. Several large companies recently
began to explore the possibility of opening
manufacturing plants in the county.
Harland County is currently preparing its
comprehensive annual financial report.

Requirements:

Is the industrial development commission a
component unit of the State of Missouri?

How should its activities be presented in the state's comprehensive annual financial report?