Sample Notes to Financial Statements
This page offers sample language for use in the Notes to Financial Statements section required in each employer's financial statement for the employer’s fiscal year ending June 30 of the current year. These notes are based on ORS data for the MPSERS plan fiscal year ending Sept. 30 of the previous year.
Information that is specific to the employer is shown in bold, italics and brackets. This may be the name of the employer (for example [the employer]), information from a prior year, or data from the data tables. For example, where the sample note says [Table 6, Column C], use the number in Table 6, Column C on your reporting unit’s row.
Summary of Significant Accounting Policies
Include the following paragraph in your note disclosure under the Summary of Significant Accounting Policies heading.
Postemployment Benefits Other Than Pensions (OPEB)
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Michigan Public School Employees Retirement System (MPSERS) and additions to/deductions from MPSERS fiduciary net position have been determined on the same basis as they are reported by MPSERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.