Gravity - Steps to Complete the Fund Level Statements

The cubes for Fund Level Statements are organized based on GASB fund categories:

1. Governmental Funds
2. Proprietary Funds
3. Fiduciary Funds

Each cube encompasses all statements related to its respective fund group. This includes individual fund-level statements and their combined statements, ensuring consistency in both line item presentation and numerical accuracy across all statements within the group.

Map Rows to Statement Line Items

• Establish local rules to map dataset rows to the appropriate line items in the statement.
• Use the fiscal period in each rule.
• Create rules for intersecting Statement structure and Period.

Run Rules

• Run global rules. Click on the burger menu in the top toolbar, then select Refresh ALL.

• Execute local rules. Click on the burger menu in the top toolbar, then select Refresh ALL.
  
   

  

  
   

Resolve Conflicts

• If the process reports conflicts, review the conflict details to identify and correct overlapping rules. This step ensures no account is included in multiple sections of the statement.

Handle Unmapped Accounts

• Check the Unmapped Box for any remaining unmapped accounts.
  
   

   

• Return to the mapping step to ensure all rows in the dataset are mapped appropriately, preventing any accounts from being overlooked.

• For accounts not relevant to the statement, use the Unrecorded items node to exclude them. This can be customized based on your requirements.
  
   

  

Make Adjustments

• Use Adjustments type "adjustments" to correct any amounts that cannot be addressed through local rules change or one time reclass.
   

   

  
  
   

The structure of fund balances or net position calculation

The unassigned fund balance is  comprised of several components (children), which appear collapsed in the final statement but can be expanded for detailed review.

1. Steps in the calculation:
   • Beginning Fund Balance:
     • Pulled from the data set and operates based on local rules set up for this line.
   • Rounding to Fund Balances:
     • An automatically generated line that aligns the beginning fund balance from the data set with the fund balance beginning from the Statement of Revenue and Expenditures.
   • Reclass/Adjustments:
     • A manual adjustment line for transferring amounts to other fund balance types as needed.
   • Change in Fund Balance:
     • Derived from the Statement of Revenue and Expenditures, ensuring no discrepancies or rounding errors.
2. Customization:
   • These formulas can be customized to align with client-specific needs and requirements. Note that setup may vary depending on your preferences and reporting requirements.

This process ensures accuracy and consistency in reporting fund balances or net positions. 

Verify Balances

• Open the Pivot View and search for “Cross-check ending balance” which checks against the fund balance in the Balance Sheet and fund balance ending in Statement of Revenue and Expenditures. 
• Open the Pivot View search for “Cross-check balance sheet/ net position” which checks if the Balance sheet/ St-t of Net position is balanced to zero.

Tip: If “Cross-check balance sheet/ net position” displays a difference more than rounding:

• Check for any rows with values presented in the unmapped box

• Verify that the Trial Balance for this fund has a zero balance, especially for open periods.
  
   

  

Make Rounding Adjustments to balance Balance Sheet/ St-t of Net position

• Use Adjustments type “rounding” to ensure the statement balances to zero.

Final Validation

• Ensure all balances and adjustments are accurate.
• Confirm that all cross checks reconcile to zero.
• Once all checks are complete, the Statement is ready for final review.