2001 Comprehensive Annual Financial Report

Home Browse Search

within the South Bend area have a total enrollment of approximately 26,959. Over the years, the University of Notre Dame has provided a stabilizing influence on the economy with a very significant economic impact upon the community. South Bend has continued to progress in its growth since 1842, when Father Edward Sorin named his rustic log chapel "Notre Dame du Lac" and began to teach the local Indians. Today, the chapel has grown into the University of Notre Dame. In 1852, H.C. Studebaker started the industry of making wagons and horse drawn buggies that evolved into the manufacturing of the Studebaker automobile. It made the name Studebaker synonymous with the area of South Bend. Another industrial firm that would later become the area's largest began in 1923 when Vincent Bendix began manufacturing automotive brakes. In 1929, the company became the Bendix Aviation Corporation, and now, as Honeywell formerly AlliedSignal Inc.}, is a leading manufacturer of automotive and aerospace products. Other special attractions within the South Bend area include the Olympic-class East Race waterway and the East Bank area; the newly renovated Morris Performing Arts Center, which provides for the Broadway Theater League, the South Bend Symphony Orchestra with the Chamber and Pops Orchestras and the Southold Dance Theater and Patchwork Dance Company; the South Bend Civic Theater; the Studebaker National Museum; the South Bend Regional Museum of Art; the Spite Museum of Art at Notre Dame; the Northern Indiana Center for History; Copshaholnal~The Oliver Mansion; the College Football Hall of Fame; Century Center; Potawatomi Zoo; the Morris ConservatorylMuessel-Ellison Tropical Gardens; Healthworks! Kids Museum; the Farmers' Market; the Belleville Softball Complex; the Firefly Performing Arts Festival; and the annual City of South Bend Ethnic Festival. The Coveleski Regional Baseball Stadium, a 5,000-seat facility which opened in 19$7, is rated among the best in minor league baseball. It had record crowds during its seasons of play with the South Bend Silver Hawks, a minor league team of the Chicago white Sox up to the 1997 season. During 1997, the City signed on with the Arizona Diamondbacks and looks forward to continued success with its program. Additional miscellaneous information about the City of South Bend can be found in the statistical section of this document. Financial Bud eta and Pro a Tax Controls The Ci 's Mana ement Team is responsible for establishing and maintaining an internal control tY g structure desi ed to ensure that the assets of the government are protected from loss, theft ar misuse and to ensure that ode uate accounting data is compiled to allow for the preparation of q ~ 1 financial statements inconformity with generally accepted accounting pnnciples. The ~nterna control structure is desi ed to provide reasonable, but not absolute, assurance that these 'ectives are met. The cons t of reasonable assurance recognizes that: ~1}the cost of a control obi ~ should not exceed the benefits likely to be derived; and ~2}the valuation of costs and benefits requires estimates and judgments by management. __ i . As a reci Tent of federal and state financial assistance, the City also is responsible Single Aud, t p 'n that anode uate internal control structure is in place to ensure compliance with for ensun g q x