Reporting Requirements for Annual Financial Reports of State Agencies and Universities
The Financial Reporting Entity
Jointly Governed Organizations
Jointly governed organizations, as defined by GASB 14, paragraph 77, are regional governments or other multi-governmental arrangements that are governed by representatives from each of the governments that create the organizations but are not joint ventures because the participants do not retain an ongoing financial interest or responsibility.
For jointly governed organizations, note disclosure similar to that for related parties is required. For further information on note disclosure requirements, see Jointly Governed Organizations in Note 19 — The Financial Reporting Entity. Also, a copy of GASB 14 may be purchased from the GASB store or a PDF version may be downloaded from the Pronouncement’s page of GASB’s website.