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4 <br /> Certificate of Achievement For Excellence in Financial Reporting <br /> Summary of Grading <br /> Name of Unit: Orange County <br /> Fiscal Year of Report FY2014 Report# 1,549.00 <br /> The Certificate of Achievement Program Special Review Committee (SRC) has completed its review of your comprehensive <br /> annual financial report(CAFR). Listed below are the grading categories used and a summary of the SRC's evaluation of your <br /> CAFR. The detailed-comments and suggestions for reporting improvements on the attached listing are grouped under similar <br /> grading categories. Any category which received a grade of"Needs Significant Improvement" indicates an area of particular <br /> concern to the SRC and the related comments and suggestions for improvement in this category should be given special <br /> attention. An indication is provided on the list by the specific comments(s) or category(ies) that were the cause of receiving <br /> this grade. For each item, the notation also states whether it is 1)the basis or part of the basis for the CAFR not receiving the <br /> Certificate of Achievement, 2) a serious deficiency which will almost certainly preclude the awarding of the Certificate of <br /> Achievement if it is not corrected in your next CAFR, or 3) a deficiency,that if not corrected in future CAFRs, could result in <br /> the Certificate of Achievement not being awarded. <br /> Grading Category Grade <br /> Cover,table of contents, and formatting Proficient <br /> Introductory section Proficient <br /> Report of the independent auditor Proficient <br /> Management's discussion and analysis (MD&A) Proficient <br /> Basic financial statements(preliminary considerations) Proficient <br /> Government-wide financial statements Proficient <br /> Fund financial statements(general considerations) Proficient <br /> Governmental fund financial statements Proficient <br /> Proprietary fund financial statements Proficient <br /> Fiduciary fund financial statements Proficient <br /> Summary of significant accounting policies(SSAP) Proficient <br /> Note disclosure (other than the SSAP and pension-related disclosures) Proficient <br /> Pension-related note disclosures Proficient <br /> Required supplementary information(RSI) Proficient <br /> Combining and individual fund information and other supplementary information Proficient <br /> Statistical section Proficient <br /> Other considerations Proficient <br />