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The financial statements also include notes that explain some of the information in the statements and provide more detailed data. The statements are followed by a section of required supplementary information that further explains and supports the financial statements with a comparison of the Academy ' s budgets for the year. Academy- Wide Statements The Academy- Wide statements report information about the Academy as a whole using accounting methods similar to those used by private-sector companies . The statement of net assets includes all of the Academy ' s assets and liabilities . All of the current year ' s revenues and expenses are accounted for in the statement of activities regardless of when cash is received or paid . The two Academy- Wide statements report the Academy ' s net assets and how they have changed . Net assets — the difference between the Academy ' s assets and liabilities — are one way to measure the Academy ' s financial health or position. • Over time, increases or decreases in the Academy ' s net assets are an indicator of whether its financial position is improving or deteriorating . • To assess the overall health of the Academy, you need to consider additional nonfinancial factors such as the grade assessed under the State of Florida' s Academy grading system and the number of full-time equivalents of students attending the Academy. In the Academy-Wide financial statements, the Academy ' s activities are divided into two categories : • Governmental activities — The Academy ' s basic services are included here , such as regular and special education, transportation, and administration. Intergovernmental revenues from the Indian River County School Board (initially funded by property taxes) finance most of these activities . • Business -type activities — These activities charge fees to help cover the costs of services provided . The Academy ' s child care and child development program is included in this activity . Fund Financial Statements The fund financial statements provide more detailed information about the Academy ' s funds, focusing on its most significant or "major" funds — not the Academy as a whole . Funds are accounting devices the Academy uses to keep track of specific sources of funding and spending on particular programs : • Some funds are required by State law. • The Academy establishes other funds to control and manage money for particular purposes or to show that it is properly using certain revenues (like federal grants) . 3