2001 Comprehensive Annual Financial Report

Home Browse Search

CITY OF SOUTH BEND, INDIANA NOTaS TOGENERAL-PURPOSE FINANCIAL STATEMENTS Note 1, Summary of Significant Accounting Policies A. Introduction The City of South Bend was established under the laws of the State of Indiana. The City oper- ates under aCouncil-Mayor form of government and provides the following services: public safety police and fire}, highways and streets, health, welfare and social services, culture and recreation, public improvements, planning and zoning, general administrative services, water, wastewater, solid waste services, and urban redevelopment and housing. B. Reporting Entity Generally accepted accounting principles require that these f nancial statements present the City of South Bend primary government} and its component units, The component units discussed below are included in the City's reporting entity because of the significance of their operational or financial relationships with the City. Blended component units, although legally separate entities, are in substance part of the government's operations and exist solely to provide services for the government; data from these units is combined with data of the primary government. The South Bend Redevelopment Authority, a legally separate entity, is reported as if it were a part of the primary government because its sole purpose is to finance and construct buildings for use by the primary government. Financial statements for the Redevelopment Authority are available at the City Controller's Offce, City of South Bend, 1400 County-City Building, South Bend, Indiana, 46601, The Friends of the College Football Hall of Fame, Inc,, Friends} is a legally separate nonproft corporation. This corporation is reported as if it were a part of the City because its sale purpose is to solicit donations for the benefit of the City's College Football Hall of Fame. Financial state- ments ofthe Friends are available at: 111 South St. Joseph Street, South Bend, Indiana, 46601. The Morris Entertainment, Inc., is also a legally separate nonprofit corporation. This organiza- tion is reported as if it were a part of the City because its main purpose is to solicit donations for the restoration and renovation of the City's Morris Civic Auditorium and the City's Palais Royale Ballroom. Financial statements for the Morris Entertainment, Inc., are available at: 101 West Colfax Street, South Bend, Indiana, 4fifi01. The South Bend Building Corporation, Inc., is~also a legally separate nonprofit corporation, This organization is reported as if it were a part of the City because its main purpose is to finance construction and remodeling of city buildings for the City of South Bend. Debt of the Building Corporation is repaid through lease payments from the City. Financial statements forthe Build- ing Corporation are available at the City Controller's Office. C ~ Related Organizations The City's officials are also responsible for appointing the members of the boards of other organizations, but the City's accountability for these organizations does not ex#end beyond mak- ingthe appointments. The Mayor and the Common Council appoint the board members of the South Bend Housing Authority, South Bend Public Transportation Corporation ~TRANSPO}, Urban Enterprise Association, and Special Funds Board of Managers. 14