Which types of CAFRs must include additional sections for eligibility in the Certificate Program?

To be eligible for the Certificate Program, the Comprehensive Annual Financial Reports (CAFRs) must adhere to specific guidelines that do not require additional sections for the types identified in the options provided. For governmental entities that undergo a Single Audit, while they must comply with their audit requirements, these entities are not mandated to include supplementary sections exclusive to their status within the CAFR. Similarly, colleges and universities, though they may follow different reporting standards under GASB or FASB depending on their funding sources and structure, are not required to present additional sections for the Certificate Program eligibility.

The focus of the Certificate Program is more on the overall presentation of the CAFR, including its adherence to recognized accounting principles, thoroughness, and clarity rather than on the specific types of entities or their audit structures. Thus, the assertion that neither type must include additional sections is accurate, reflecting the program’s criteria for certification based on the completeness and transparency of financial reporting rather than the organizational category alone.