Financial Statement Of The University Of Virginia

9. How did the pension plan changes affect Harnischfeger’s financial statements in 1984? Are these changes likely to affect future profits?

For the final project in ACC380 Accounting for Not-For-Profit, we were asked to prepare a Statement of Activities, a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets along with a Statement of Changes in Net Assets for Lee College which is a private not-for-profit college. In addition to the financial statements, we were also asked to explain the process that was used to prepare the financial statements and to offer an in-depth analysis of the financial health of Lee College.

The purpose of this paper is to advise analyze the financial statements of Dillard’s, Inc. in order to recommend whether or not my client should invest $1 million in the large retail company. I will compare the financial statements of Dillard’s, Inc. its competitor, Kohl’s Corporation. Investing in retail can be risky because a retail company’s performance is very heavily influenced by factors that have nothing to do with the actual company such as the overall performance of the economy or the weather during the holiday shopping season. There is, however, potential for profitability within the retail sector. Based on my analysis, I recommend that the client should not invest in Dillard’s, Inc. for the following reasons. First, Dillard’s has experience a decline in net income in the last three years. Second, liquidity ratios indicate that they could face possible liquidity constraints in the future. Third, long-term debt paying ability ratios indicate that the company could have trouble paying off the principal of its current debt obligations. Fourth, the profitability ratios are well below industry averages, suggesting that there are more profitable companies to invest in within the industry. And finally, Investor analysis ratios provide mixed opinion of the future performance of the company. I conclude that retail can be a profitable industry to invest in if an investor has the risk tolerance and risk capacity to withstand the uncertainty, but neither Dillard’s

The Fairfax County’s Comprehensive Annual Financial Report for the fiscal year ended June 30, 2015, addressed to the county’s residents, presenting the county’s financial position and results of operations. The County’s financial statements included in this report conform to generally accepted accounting principles as laid out by the Governmental Accounting Standards Board (GASB). It has been audited as required by the Code of Virginia and received an unmodified opinion by the accounting firm KPMG LLP on November 16, 2015. The report presents a comprehensive picture of the reporting entity’s financial condition as well as it provides information of how funds are spent and allocated throughout the year.

While a budget might indicate that a specific government or agency has financial trouble and debt because of excess spending or mismanagement within the select grouping of general fund accounts presented, the CAFR may indicate, in whole, the same government entity, has many facets possessing large holdings considerably over what is shown in a budget report.

CVS/Pharmacy- CVS/Pharmacy began operations in 1963, and added the pharmacy department in 1967. In 2007, CVS merged with Caremark Rx, Inc. Finally, in 2008, CVS bought the Longs Drug Store chain. CVS has over 7000

Medford University is up against a financial crises and the management have found the need to tackle the crises on high priority. The primary focus is to tackle the considerable cost of fringe benefits and retirement benefits offered by the university to its employees. A whooping $100 million is spent annually by the management towards the fringe benefits for the employees (Brickley, Smith, & Zimmerman, 2009). In an attempt to find a solution for reducing these costs, the management could have approached the Human

Howard University (HU) is a private, not-for profit Historically Black University. HU was founded in 1867 (US News and World Report, 2016). With an enrollment of over 10,000 students (approximately 7,000 undergraduate students), HU grants bachelors, masters and doctoral degrees from 106 majors. According to the Carnegie Classification, it is considered an RU/H (high research activity university) at the level of four-year and above (US News and World Report, 2016). HU’s academic schools include: School of Business, School of Law, College of Medicine, and College of Engineering, Architecture and Computer Sciences. Their acceptance rate is 48%, freshmen student retention rate is 81% (above average), and four-year graduation rate is 42% (64% over six years) (US News and World Report, 2016). The student to faculty ratio is 10:1 and tuition is close to $24K per year. Student composition includes 33% male and 67% females (US News and World Report, 2016). It has more African American doctorate recipients than any other university. Popular majors include: Communication, Journalism, and Related Programs; Social Sciences; Business, Management, Marketing, and Related Support Services; Health Professions and Related Programs; and Biological and Biomedical Sciences (US News and World Report, 2016).

On August 17, 2006 the Pension Protection Act of 2006 (the Act) was signed into law. The Pension Protection Act ("PPA") [P.L. 109-280] originated as a single-employer defined benefit pension funding reform bill to strengthen the DB pension system. However, it is best known for the number of provisions to enhance 401(k) and 403(k) plans, especially the auto enrollment feature. Among other noteworthy provisions are those intended to remove legal obstacles to, and create new incentives for, automatic enrollment 401(k) and 403(b) plans. It represents one of the most comprehensive pension reform legislation since ERISA was enacted in 1974. The Act has lead to many companies changing the way their plans are designed and administered, amend plan documents, increase plan funding, and make additional plan disclosures in regulatory filings and to plan participants. The Act made many sweeping changes but for the sake of brevity, only the automatic enrollment plan made by employers on the behalf of its employees is addressed in this report as to the rationale behind the passage of the PPA. Even though the provisions generally apply both to 401(k) and 403(b) plans, for explanatory purposes all references will refer only to 401(k) plans.

As an international student, I came to America last summer. It was my first time in the United States, and Virginia was my first stop. After studying and living in this beautiful state for nearly half a year, I find that the longer I live here, the more I want to know about it. Hence, I choose Virginia as the topic of my Comprehensive Annual Financial Report (CAFR) analysis paper to take a deep look at the state. The main purpose of my paper is to give an analysis of the overall financial health of Virginia. To access to the goal, I will first examine the quality of CAFR, go through the economic condition, break out the budget, take a brief look at the fund types and finally analysis the financial health of Virginia. The CAFR is for the fiscal year ended June

The financial statements of the State of California convey valuable information to outside users about the State’s fiscal position and how it utilizes financial resources. The objective of this essay is to identify five things that I can ascertain about the State of California from these financial statements.

Since I started working in 1976, the Virginia Retirement System has always communicated that members could purchase prior refunded service at a rate of five percent. However, when I was in the final stages of preparing for retirement, the VRS sent me a cost letter stating that I would have to purchase seventeen months of educational leave at an actuarial cost of $34,989.94 before I could purchase my twenty-nine months of prior refunded service at a five percent rate.

The effect of the changes in the investment return assumption rates for all U.S. plans, together with the 1984 restructuring of the U.S. Salaried Employees' Plan, was to reduce pension expense by approximately $4.0 million in 1984 and $2.0 million in 1983, and the actuarial present value of accumulated plan benefits by approximately $60.0 million in 1984. This may have an effect on future profits.

The Mississippi Public Employees’ Retirement System Comprehensive Annual Financial Report is the local government that conspicuous for this particular paper. “Despite the uncertain and fragile economy, the board members of the Public Employees Retirement System have continued to provide secure retirement benefits to tens of thousands of retired Mississippi public employees, while expanding our technological efficiencies and directing ourselves to maintain financial sustainability well into the future. Reporting that we remain well prepared to provide secure benefits while carefully safeguarding the retirement future of our members and retirees is my privilege,” (The Office of Administrative Services, 2012, pg. 7). The public employee retirement systems are created to provide pension security for plan participants (Chaney, 2002, pg. 2002, pg. 278). In Mississippi, the system was established to provide benefits for all state and public education employees, officers of the Mississippi Highway Patrol, elected members of the State Legislature, the President of the Senate, and other public employees of participating employers, (The Office of Administrative Services, 2012, pg. 7). However, because governments have discretionary funding authority, critics argue that pension systems also are used to lessen the fiscal stress of government sponsors (Chaney, 2002, pg. 2002, pg. 278-288).

Accordingly, the $39.3 million actuarial gain which resulted from the restructuring is included in Accrued Pension Costs in the accompanying Balance Sheet and is being amortized to income over a ten-year period commencing in 1984. The effect of the changes in the investment return assumption rates for all U.S. plans, together with the 1984 restructuring of the U.S. Salaried Employees' Plan, was to reduce pension expense by approximately $4.0 million in 1984 and $2.0 million in 1983, and the actuarial present value of accumulated plan benefits by approximately $60.0 million in 1984. Pension expense in 1983 was also reduced $2.1 million from the lower level of active employees. Other actuarial gains, including higher than anticipated investment results, more than offset the additional pension costs resulting from plan changes and interest charges on balance sheet accruals in 1984 and 1983.