Reporting Requirements for Annual Financial Reports of State Agencies and Universities
Agency Fiscal Year-End USAS Adjustments and AFR Checklist
Step 8 – Notes to the Financial Statements
Note 18 – Management’s Discussion and Analysis
- Disclose that material changes in net position, revenues and expenses, etc. (if any).
- Include descriptions of currently known facts, conditions or decisions that could affect the availability of fund resources.
- Include descriptions of significant capital asset and long-term liability activity including:
- Commitments made for capital expenditures
- Changes in credit ratings and debt limitations that may affect financing of planned activities
- Submit a copy of the agency’s applicable note from its published AFR through the ONDSS web application. The required format is a Microsoft Word document (latest version: docx) with header information that includes: agency name/number and note number/name. If the note contains a table, include the table in the Word document — rather than as a separate Excel document or other database application file. Do not submit a note to indicate “not applicable.”