pls help me to solve this project.......................................

For this CAFR Project, you have been assigned one (1) state government in the United States. Download your state's Comprehensive Annual Financial Report (CAFR) for the most recent fiscal year (2016). The purpose of this project is to immerse you into a set of financial statements of a state so that you can see the various components that we have been studying and examining in this course. Please keep in mind, this project is partly a scavenger hunt; the other part is to interpret and provide in-depth responses to the questions. The results must be neatly presented and typed in Word, with each item numbered and labeled (i.e., 2b., 3a., etc.). Any project that is prepared with limited responses or not neatly presented will lose points. The project can be completed either individually or in teams of two (2), your choice. For students working in pairs, please understand that the effort will be graded as a group grade and you will both receive the same grade. Once you inform me of your decision to do the project alone or with a partner, that decision cannot be changed. No more than one project per state; no duplicate states. Important note for students working in pairs: You must provide a statement in explaining how you split up the work (see question 13). Any approach you choose will be acceptable as long as it represents a fair division of labor. However, BOTH STUDENTS MUST CONTRIBUTE EQUALLY TO QUESTION 11, THE RATIO ANALYSIS. In question 13, submit an attestation statement that you have complied with this requirement. Project Due Date: Sunday, April 30th. Your completed project must be uploaded to Blackboard in the Assignment section. Late assignments will be accepted, however, there will be a 5 point penalty for each day late. No papers will be accepted after Friday, May 5 th. Instructions: a. In answering each question, be sure to insert your responses directly below the indicated questions (do not merely number each question and put in a response). b. For each question where you are asked to locate or identify an item(s) in the CAFR, be sure to provide the exact page number(s) printed on the CAFR (not the PDF page numbers). c. Neatness in your write-up, clarity in your responses, and preciseness are very important in the grade determination. For example, if you are asked to provide dollar amounts, indicate: $2,575,325 (no cents or 2575325 as a response). d. If you cannot locate an element in the question, do not leave the question blank and do not write \"N/A\". For example, if the state you are examining does not recognize business-type activities, you would write, \"The (indicate state) 2016 CAFR does not separately recognize business-type activities and it is not reflected in the Statement of Activities or Statement of Net Position.\" You would also provide the page numbers to the two aforementioned financial statements. e. Do not attach any CAFR materials to your results. Your completed project must be submitted through Bb in the Assignment section. Projects sent to me via email will not be graded. Follow all project and presentation instructions carefully to maximize your point potential. Download the most recent (2016) state CAFR (not the state's pension CAFR) and use it to respond to the following items: 1. Identify the state you are examining and provide the exact URL of the web page from which you downloaded the CAFR (copy-and-paste the URL, do not type; then test the URL to be sure it opens correctly). What is the most recent fiscal year (and indicate the last date of the fiscal year)? Also indicate the date the CAFR was published and the name of the Chief Executive Officer of the state (the governor). 2 2. In the Introductory Section, there is a Letter of Transmittal. Briefly explain in your own words the purpose of the Letter of Transmittal and identify and explain the following: a. What is the date on the letter? b. To whom is the Letter addressed? c. From whom is the Letter written (also identify the office on the letterhead where the letter was written)? d. What are some of the highlights that were mentioned for the most recent fiscal year? The highlights must be expressed in your own words. Do not copy and paste text from the CAFR. e. Was the state organizational government chart provided? Briefly explain how the state is organized (administration with agencies, legislative, and judiciary). f. Were there any component units? If so, how many? g. Does the Letter contain any discussion on the budget and appropriations? Briefly explain in a paragraph the state's budgetary policies (including appropriations). h. Who signed the letter? 3. In the state's Financial Section, there is an auditor's report. Briefly explain the purpose of the auditor's report and also identify and explain the following: a. What is the date on the letter? b. Given the last date of the fiscal year, exactly how many days had passed until the dated audit report letter? c. To whom is the auditor's report addressed? d. From whom is the auditor's report written (also identify the office on the letterhead where the report was written)? e. Was the audit performed by an independent audit firm? If not, what organization performed the audit? f. Usually in the second paragraph of the auditor's report, the phrase \"We conducted our audits in accordance with . . .\" What is the auditor referring to? g. Is there any place on the auditor's report that refers to Generally Accepted Accounting Principles? What paragraph is this and why is it included in that paragraph? h. In the Management's Discussion and Analysis (MD&A) section, there is a section that discusses the Government-wide Financial Analysis. Briefly explain in your own words some significant results that are highlighted on the Statement of Net Position and Statement of Activities that occurred during the current fiscal year. 3 i. On the Statement of Activities, what is the largest revenue source and largest expense source? How large? j. In the major governmental funds section of the MD&A, in the General Fund, does the paragraph indicate the amount of the ending fund balance for the fiscal year? How much? Also, is any part of the fund balance unreserved? How much? k. Explain the difference among net investment in capital assets, unrestricted net position and restricted net position? 4. In the Basic Financial Statement section, list each financial statement provided in the order presented in the section and identify and explain the following: a. On the statement of net position, list the specific accounts and the amounts under Governmental Activities section and explain the following items: Due from ... Inventories Internal balance Capital assets (net) Accounts payable and accrued liabilities Current portion of long term liabilities Net Position (indicate how much is net investment in capital assets, how much is restricted and how much is unrestricted) b. On the statement of net position, is the total net position in the Governmental Activities section listed as a positive or negative number? Interpret briefly what the total represents. c. On the statement of activities, identify and list the largest expense in the Governmental Activities section? Identify and list the smallest? d. On the statement of activities, what is the total interest expense reported? e. On the statement of activities, identify and list the largest charge for service under program revenues in the Governmental Activities section? Identify and list the smallest? f. Explain the items under the category \"Operating Grants and Contributions\". g. Explain the items under the category \"Capital Grants and Contributions\". h. List the business-type activities found on the statement of activities. i. On the statement of activities, identify the largest \"net expense\" for Governmental Activities. Identify any programs or functions in that section that generated \"net revenues\" and list the amount(s). 4 j. On the statement of activities, list the types of general revenues and transfers provided. k. On the statement of activities, did the general revenues and transfers offset the total \"net expense\" to provide a positive increase to the fund balance? How much of a positive change resulted? If there was a negative change, how much resulted? l. Where there any discretely presented component units presented on the statement of activities or the statement of net position? Yes or No. If yes, briefly describe. 5. In the Basic Financial Statement section, in examining the Balance Sheet for the General Fund (and possibly non-major other governmental funds), identify and explain the following: a. In the fund balance section, list the restricted components and the unrestricted component(s). b. Explain the difference among non-spendable, restricted, committed, assigned, and unassigned fund balances. c. Explain how the balance sheet for the General Fund is different from the Statement of Net Position of the state you are examining. Provide examples of notable differences. 6. In the Basic Financial Statement section, in examining the proprietary fund Statement of Net Position, and the Statement of Revenues, Expenses, and Changes in Fund Net Position, as well as the Statement of Cash Flows, identify and explain the following: a. What is the method of accounting that is used to account for proprietary funds? b. What are the specific propriety fund categories that are reported on the proprietary fund Statement of Net Position? c. List the assets and liability accounts (ignore amounts) that are reported on the propriety fund Statement of Net Position. If any of these accounts are non-current, so indicate. d. On the Statement of Net Position, in the net position section at the bottom of the statement, explain why the majority of the amounts are listed as \"restricted\". e. On the Statement of Revenues, Expenses, and Changes in Fund Net Position, what is the net amount of revenues minus expenses described? [what are the specific words that are used? Hint: \"operating . . . \" ] f. On the Statement of Revenues, Expenses, and Changes in Fund Net Position, how much depreciation expense is listed for each enterprise fund category? g. On the Statement of Revenues, Expenses, and Changes in Fund Net Position, how much is the operating income (loss) for each of the specific enterprise funds listed? h. On the Statement of Revenues, Expenses, and Changes in Fund Net Position, list the type(s) and how much is (are) the non-operating income (loss) for each of the specific enterprise funds listed? 5 i. On the Cash Flows Statement, is the direct or indirect method being used (per SFAS No. 95)? Does a reconciliation schedule follow the Cash Flows Statement? j. On the Cash Flows Statement, briefly discuss some of other operating activities (inflows and outflows). For example, if one of the enterprise funds is a lottery, what are the inflows and outflows in the operating area? k. On the Cash Flows Statement for propriety funds, how does the order of activities reported differ with the order of activities of a for-profit operation? l. On the Cash Flows Statement, explain how the financing activities section is presented and contrast such reporting with the financing activities' section of a for-profit operation. Provide specific examples in your response. 7. In the Basic Financial Statement section, in examining the fiduciary fund Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position, identify and explain the following: a. On the Statement of Fiduciary Net Position, what are the specific categories of funds (pension, private purpose trusts, agency, etc)? b. On the Statement of Fiduciary Net Position, describe in a few sentences, the types of assets listed, if the assets are mainly current or non-current, and some of the specific assets for each of the funds that are reported. c. On the Statement of Fiduciary Net Position, many of the assets are intra-fund receivables. List some examples with amounts. d. On the Statement of Fiduciary Net Position, many of the liabilities are intra-fund payables. List some examples with amounts. e. On the Statement of Fiduciary Net Position, list some of the accounts reported in the Net Position section. How much (in total) in Net Position is reported for Agency Fund(s)? f. On the Statement of Changes in Fiduciary Net Position, why is the statement presented with the headings \"additions\" and \"deductions\"? g. Are the results of the Statement of Fiduciary Net Position and Changes in Fiduciary Net Position included in the government-wide financial statements? Explain. 8. In the Basic Financial Statement section, what are the specific component units of the state government? What are the financial statements that were prepared? List them. 9. In the Basic Financial Statement section, on what page do the Notes to Financial Statements begin and on what page do they? How many disclosure notes are provided? What is the first disclosure note referred to as? a. How much debt is the state carrying (see disclosure on debt)? 10. In the Required Supplementary Information section of the CAFR, identify and explain the following: 6 a. On the Budgetary Comparison Schedule, what revenue item had the largest DIFFERENCE between the original budget and the final budget? b. On the Budgetary Comparison Schedule, what expenditure item had the largest DIFFERENCE between the original budget and the final budget? c. On the Budgetary Comparison Schedule, what is the total difference in revenues between the final budget and the actual (on a budgetary basis)? Was this over (under) budget? What item(s) contributed the most to this difference? d. On the Budgetary Comparison Schedule, what is the total difference in expenditures between the final budget and the actual (on a budgetary basis)? Was this over (under) budget? What item(s) contributed the most to this difference? 11. Reminder: If you are working on a team project, BOTH STUDENTS MUST CONTRIBUTE EQUALLY TO THIS ANALYSIS QUESTION. The ability to properly interpret financial ratios is critical to your understanding of governmental financial reporting. In Chapter 10 of the text, turn to pages 418-20. The ratios on page 418 are used to analyze government-wide financial reporting in a CAFR. Most of the ratios are briefly explained in Illustration 10-4. Please calculate the following ratios: Financial Position Ratios - #1 Unrestricted Net Position (Assets), # 3 Debt to Assets, and #4 Current Ratio; Financial Performance - #6 Change in net position, #7 Interperiod equity, and #9 BTA selfsufficiency, Financial Capability - #11 Bonded debt per capita, #12 Available legal debt limit, and #13 Property taxes per capita. In preparing your ratios, you might have to consult information contained in the disclosures. For example, the ratio for bonded debt, per capita; you would need to examine the required supplementary information for long-term debt to determine the numerator. The population in the denominator could be found most likely in the statistical section of the CAFR. When you write up and explain your ratio analysis, be sure to list the ratio (explaining what is contained in the numerator and what is contained in the denominator), then show your calculations and indicate the page number(s) in the CAFR from which you retrieved the amounts. Lastly, you will need to interpret the ratio result in a sentence or two. 12. In a well-developed paragraph or two, after examining the financial statements, disclosures, and calculated some ratios in the CAFR of the state you selected, write in some detail any particular items or impressions that interested you, what you learned from examining the CAFR. Do you believe you understand the financial operations of a government better after having taken this course and completed this project? 13. For students working in pairs, provide an explanation of how you split up the work on this project. Also provide an attestation that you BOTH contributed equally to the ratio analysis, Question #11