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Report of the Comptroller, 1997-98
Volume 197, Page 43   View pdf image (33K)
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STATE OF MARYLAND
Notes to General Purpose Financial Statements
for the year ended June 30, 1998
1. Financial Reporting Entity and Description of Funds and Account Groups:
A. Reporting Entity:
The accompanying financial statements include the various departments, agencies, and other organizational
units governed by the General Assembly and/or Constitutional Officers of the State of Maryland (State).
As required by generally accepted accounting principles, these financial statements present the state
government (primary government) and its component units (entities for which the State is considered to be
financially accountable). The Governmental Accounting Standards Board (GASB) has set forth criteria to be
considered in determining financial accountability. These criteria include the State appointing a voting majority of
an organization's governing body and (1) the ability of the governing body to impose its will on that organization,
or (2) the potential for the organization to provide specific financial benefits to, or impose specific financial
burdens on the State.
DISCRETE COMPONENT UNITS
These component units are entities which are legally separate from the State, but are financially accountable to
the State, or whose relationships with the State are such that exclusion would cause the State's financial
statements to be misleading or incomplete. The two Component Units columns of the combined financial
statements include the financial data of these entities.
Colleges and Universities (Higher Education Fund) — Colleges and universities consist of the University
System of Maryland, Morgan State University, St. Mary's College of Maryland and Baltimore City Community
College. Each entity is governed by its own Board of Regents, or Board of Trustees, whose members are
appointed by the Governor. The colleges and universities are funded through State appropriations, tuition,
federal grants, and private donations and grants. Because the colleges and universities are similar in nature and
function, they have been combined and presented as a single discretely presented component unit. Amounts
for foundations affiliated with the universities and colleges which the College and Universities do not control
in accordance with AICPA Statement of Position 94-3, have not been included in these financial statements
because the colleges and universities do not control a majority of their Boards.
Maryland Stadium Authority (Proprietary Fund Type) — The Maryland Stadium Authority (Authority) was
created as a body corporate and politic and as an independent unit of the Executive Department of the State of
Maryland. The Authority's purpose is to acquire land and to construct, operate and/or manage various capital
facilities in the State. The Board consists of seven members, of which, six are appointed by the Governor, with
the advice and consent of the State Senate, and one whom is appointed by the Mayor of Baltimore City, with
the advice and consent of the State Senate. The Maryland State Legislature and the Board of Public Works
(consisting of the Governor, Comptroller and the Treasurer) have approved all of the projects and bond
issuances of the Authority.
Maryland Food Center Authority (Proprietary Fund Type) — The Maryland Food Center Authority
(Authority) is a body corporate and politic, the governing board of which is composed of twelve members.
Four members are State officials, and eight are appointed by the Governor. The Authority was created to
establish and operate a consolidated wholesale food center within the Greater Baltimore Region and is subject
to State regulations.
Maryland Environmental Service (Proprietary Fund Type) — The Maryland Environmental Service
(Service) was created as a body corporate and politic and is governed by a nine-member Board of Directors.
The Board of Directors and the officers of the Service are appointed and/or approved by the Governor. The
Service helps private industry and local governments manage liquid, solid and hazardous wastes. In
accordance with direction from the Governor, the Service plans and establishes major resource recovery
facilities, solid waste management plans and hazardous waste management programs.
Maryland Industrial Development Financing Authority (Proprietary Fund Type) — The Maryland
Industrial Development Financing Authority (Authority) was established as a body corporate and politic and a
public instrumentality of the State. The Authority consists of nine members, the Secretary of the Department of
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Report of the Comptroller, 1997-98
Volume 197, Page 43   View pdf image (33K)
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