IS IT PART OF THE COUNTY?
Harland County is in a financially distressed area in Missouri. In hopes of enticing business to this area, the state legislature appropriated $3 million to start an industrial development commission. The federal government provided an additional $1 million. The state appointed 15 individuals to a board to oversee the operations of this commission, and county officials named 5 members. The commission began operations by raising funds from local citizens and businesses. It received $700,000 in donations and pledges. The county provided clerical assistance and allowed the commission to use one floor of the county office building for its headquarters. The county government must approve the commission’s annual operating budget.
During the current period, the commission spent $2.4 million. It achieved notable success. Several large manufacturing companies have recently begun to explore the possibility of opening plants in the county.
Harland County is presently preparing its comprehensive annual financial report. Should it include the revenues, expenditures, assets, expenses, and liabilities of the industrial development commission? Is it a fund within the county’s primary government, a component unit, or a related organization? Is the industrial development commission a component unit of the State of Missouri? How should its activities be presented in the state’s comprehensive annual financial report?
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