On the Statement of Net Position, the Statement of Revenues, Expenses, and Changes in Fund Balance, and the Cash Flow Statement for Proprietary Funds:

1. Write a statement in clear terms explaining to an uninformed citizen what each of these financial statements are describing. Then, write a statement in clear terms explaining to fellow accountants what these statements are describing and how it is the same/differs from financial statements they are used to seeing in for-profit accounting financial statements.

2. List and describe the major enterprise funds. Give a clear explanation of what each major fund reports, how major funds are determined, and where non-major fund information can be found. If your government does not utilize enterprise funds, give examples of activities that could be recorded using an enterprise fund.

3. Identify which major funds are self-sustaining and provide a description of how you came to this conclusion.

4. Identify the major enterprise fund that produced the most Income Before Contributions and Transfers and describe the following: how much is it generating? does the fund receive any additional resources (i.e. contributions or transfers-in)? Does the fund transfer anything out?

5. Identify the major enterprise fund that produced the biggest (Loss) Before Contributions and Transfers and describe the following: how big is the deficit? Does the fund receive any additional resources (i.e. contributions or transfers-in)? Does the fund transfer anything out?

6. Take a deeper look into the major enterprise fund that produces the largest (Loss) Before Contributions and Transfers. Write a memo to the governing board describing what is primarily generating this loss and give detailed recommendations on how you would suggest to fix it. If the entity does not have any documented losses, write a memo to the governing board providing insight into the reasons the government is able to have all enterprise funds self-sustaining, particularly highlighting the areas in which they are excelling.