The activities of JobsOhio are accounted for on a fiscal year basis, comprising 12 calendar months ending June 30 of each year. These activities are accounted for as an enterprise fund, reporting all financial activity, assets, and liabilities using the accrual basis of accounting in the same manner as with private sector businesses.
Financial statements prepared by JobsOhio include the statements of net position; statements of revenues, expenses, and changes in net position; and the statements of cash flows. The financial statements also include notes that provide additional information essential to a full understanding of the information provided in the statements.
JobsOhio Beverage System (JOBS), a nonprofit corporation under Chapter 1702, Ohio Revised Code, was acquired by JobsOhio on July 6, 2011. As the sole member of JOBS, JobsOhio appoints all members of the JOBS’ Board of Directors, its governing body. New regulatory criterion requires blending of a component unit incorporated as a not-for-profit corporation in which the primary not-for-profit is the sole corporate member. Accordingly, financial statements for JobsOhio and JOBS are blended.
The accounting policies and financial reporting practices of JobsOhio and JOBS conform to U.S. generally accepted accounting principles (GAAP).