803 Statement of Net Position - continued The following meet the definition of Deferred Outflows of Resources and Deferred do not Inflow of Resources as they have present service capacity or represent a present obligation to sacrifice resources. Deferred Outflows of Resources Prepayments Deferred Inflows of Resources Resources received in advance of an exchange transaction Amounts included within the should be broken down into the following three Net Position categories: - Includes capital assets, including restricted capital Net Investment in Capital Assets assets, net of accumulated depreciation and reduced by any debt attributable to the acquisition, construction or improvement of those assets. The should be calculated using Net Invested in Capital Assets, Net of Related Debt the formula below and disclosed in the notes to the financial statements: Cost of Capital Assets Acquired Accumulated Depreciation Less: Less: Outstanding Debt Related to Capital Assets Equals: Net Investment in Capital Assets Includes net position by major categories of the restrictions, Restricted Net Position – if any, either on the face of the Statement of Net Position or in the notes to the financial statements. Includes net position that does not meet the definition of Unrestricted Net Position – or Net Investment in Capital Assets, Net of Related Debt Restricted Net Position. 804 Statement of Revenue, Expenses and Changes in Net Position The reflects the operating Statement of Revenue, Expenses and Changes in Net Position and non-operating activities of the charter school. The statement distinguishes between operating and non-operating revenues and expenses, which should be presented under the captions and Operating Revenues, Operating Expenses Non Operating Revenues and Revenues from Capital Contributions, special and extraordinary items and Expenses. transfers should be reported separately in the statement after the Non Operating Revenues section. and Expenses
803 Statement of Net Position - continued The following do not meet the definition of Deferred Outflows of Resources and Deferred Inflow of Resources as they have present service capacity or represent a present obligation to sacrifice resources. Deferred Outflows of Resources Prepayments Deferred Inflows of Resources Resources received in advance of an exchange transaction Amounts included within the Net Position should be broken down into the following three categories: Net Investment in Capital Assets - Includes capital assets, including restricted capital assets, net of accumulated depreciation and reduced by any debt attributable to the acquisition, construction or improvement of those assets. The Net Invested in Capital Assets, Net of Related Debt should be calculated using the formula below and disclosed in the notes to the financial statements: Cost of Capital Assets Acquired Less: Accumulated Depreciation Less: Outstanding Debt Related to Capital Assets Equals: Net Investment in Capital Assets Restricted Net Position – Includes net position by major categories of the restrictions, if any, either on the face of the Statement of Net Position or in the notes to the financial statements. Unrestricted Net Position – Includes net position that does not meet the definition of Net Investment in Capital Assets, Net of Related Debt or Restricted Net Position. 804 Statement of Revenue, Expenses and Changes in Net Position The Statement of Revenue, Expenses and Changes in Net Position reflects the operating and non-operating activities of the charter school. The statement distinguishes between operating and non-operating revenues and expenses, which should be presented under the captions Operating Revenues, Operating Expenses and Non Operating Revenues and Expenses. Revenues from Capital Contributions, special and extraordinary items and transfers should be reported separately in the statement after the Non Operating Revenues and Expenses section.
FY18AuditGuide.docx