The GASB defines a financial reporting entity as the primary government and the entities for which the primary government is financially accountable. Following is a list of entities being considered for classification as primary governments.

$\_\_\_\_\_1.$ Waseca County government.

$\_\_\_\_\_2.$ University of South Florida, a part of the State University System of Florida.

$\_\_\_\_\_3.$ The Tri$-$County Independent School District, a legal entity, with an elected board and financial independence.

$\_\_\_\_\_4.$ The State of Colorado.

$\_\_\_\_\_5.$ Greenfield Sports Authority, a joint venture between Greenfield County and the Mighty Ducks Sports franchise.

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Required

For each of the entities listed, indicate with a Y $($yes$)$ if the entity would be considered a primary government and with an N $($no$)$ if it would not be considered a primary government. In addition, explain why you believe the entity should or should not be considered a primary government.