Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Notes & Samples

NOTE 23 – Unusual or Infrequent Items
Sample (Illustrative, may not tie to exhibits)

Sample Agency experienced a flood in March 20X5 that was a catastrophic event outside management’s control. The agency incurred expenses to clean up flood damage in the amount of $10 million. This total is attributable to the functions of general government and public safety in the amounts of $8.3 million and $1.6 million, respectively. Sample Agency also received $2.5 million in grants from the Federal Emergency Management Agency to assist with the cleanup effort.