2003-253I - Laserfiche WebLink

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There are three kinds of funds : • Governmental funds — The Academy ' s basic services are included in governmental funds , which generally focus on how cash and other financial assets that can readily be converted to cash flow in and out, and, the balances left at year-end that are available for spending . Consequently , the governmental funds statements provide a detailed short-term view that helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance the Academy ' s programs . Because this information does not encompass the additional long-term focus of the Academy-Wide statements , we provide additional information with the governmental funds statements that explains the relationship or differences between them . • Proprietary funds — Services for which a fee is charged are generally reported in proprietary funds . Proprietary funds are reported in the same way as the Academy- Wide financial statements, but provides an additional cash flows statement. • Fiduciary funds — The Academy is the trustee, or fiduciary, for assets that belong to others , such as the student activities funds . The Academy is responsible for ensuring that the assets reported in these funds are used only for their intended purposes and by those to whom the assets belong. We exclude these activities from the Academy- Wide financial statements because the Academy cannot use these assets to finance its operations . Financial Analysis of the Academy as a Whole Net assets of the Academy ' s governmental assets consisted of the following as of June 30 , 2002 and 2001 : Net Assets — Governmental Activities 2002 2001 Current and other assets $ 641 , 163 593 , 762 Capital assets , net 78 , 589 48 , 827 Total assets 719 , 752 642 , 589 Current liabilities 10 , 623 Net assets : Invested in capital assets 787589 485827 Restricted 618 ,387 573 ,486 Unrestricted 12, 153 20 ,276 Total net assets $ 709 , 129 642 , 589 The Academy ' s governmental net assets grew by $ 66 , 540 , or 10 .4% over the prior year. Most of the increase was due to the Academy ' s increase in capital assets and capital outlay funding available for future purchases of capital assets . The Academy ' s business-type assets, consisting primarily of cash and receivables , totaled $ 33 , 011 and $ 38 , 403 as of June 30, 2002 and 2001 , respectively . 4