JobsOhio holds itself to the highest level of accountability for its financial reporting by undergoing an annual audit and three quarterly reviews of its financial statements, all of which are performed by a “Big 4” accounting firm.
JobsOhio’s activities are accounted for on a fiscal year basis, ending June 30th of each year. These activities all fall under 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.
JobsOhio Beverage System (JOBS) is a nonprofit corporation under Chapter 1702 of the Ohio Revised Code 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.
The accompanying financial statements for JobsOhio include the accounts of JOBS, its sole component unit. In accordance with Governmental Accounting Standards Board, JobsOhio’s financial statements now include JOBS as a blended component unit. This change has been applied retrospectively to reporting for the fiscal years which concluded June 30 of 2017 and 2016.
The accounting policies and financial reporting practices of JobsOhio and JOBS conform to U.S. generally accepted accounting principles (GAAP).