Category - Merritt Data

Prior to the amendments made in the Financial Accounting Standards Board (FASB) Accounting Standards Update No. 2010-23, Measuring Charity Care for Disclosure in August 2010, existing guidance did not prescribe a specific measurement basis for a health care entity to disclose charity care. Health care entities were required to disclose amounts related to their charity care policy, but the methodology for doing so was left up to each entity. Most often, this was a 'charges foregone for services and supplies' furnished under the entities' charity care policy. The charges foregone amounts...

Category: Accounting, Merritt Data

Merritt Research Services has been working diligently to increase the breadth of our credit coverage in key tax-backed sectors. We are pleased to announce an expanded version of our database - including information for over 1,500 additional standard tax-backed credits. Please look for this expanded dataset in your data update from the week of August 27, 2012. To verify that your system has been appropriately updated, you may check under the [Help] button on the main menu and select [About CreditScope]. Look for a "Credit data date" of 08/24/2012 or later.

Category: CreditScope, Merritt Data

Fund balance refers to the difference between assets and liabilities in the governmental funds balance sheet. This information is one of the most widely used elements of state and local government financial statements. Users of financial statements examine fund balance information for a variety of reasons such as identifying the available resources that can be used to repay long-term debt, or determining whether a government has the necessary resources to pay for new programs, or the continuance or expansion of existing programs. Fund balance carries the potential to be misunderstood, even...

Category: Accounting, Merritt Data

In July 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2011-07, Health Care Entities (Topic 954), Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debt, and the Allowance for Doubtful Accounts for Certain Health Care Entities. The amendments in the Update change the presentation of the statement of operations. The provision for bad debts for patient service revenue is required to be presented on a separate line as a deduction from patient service revenue. The new presentation will show net patient service revenue that is...

Category: Accounting, Merritt Data

A Primer on Merritt's Approach to Tax-Backed Debt Statements Generating consistent, accurate, and comparable financial information is of the utmost importance to Merritt Research Services. In order to achieve this goal, it is paramount that we clearly define each of our fields. Nowhere is this more important than the debt analysis section of the tax-backed sectors. These fields are often difficult to standardize due to the variations of presentation and the abundance of long term debt vehicles available to municipal issuers. Regardless of the presentation, the guidelines below should help...

Category: CreditScope, Merritt Data

The Current Portion of Long-Term Debt [CurPorLTD] field is populated with the scheduled principal payments for debt that is issued on a long-term basis - i.e., debt which is not due in its entirety within the next fiscal year. This field would also include any accelerated payments due to default or noncompliance. The Short-Term Debt field can be found in the database as [STD] for most revenue-backed sectors or [STDGov] for most tax-backed sectors. It is populated with short-term debt that is outstanding at fiscal year end. The field does not account for any short-term borrowings that were...

Category: CreditScope, Merritt Data

Demographic trends can paint a vivid picture of a state or local economy, often contributing to changes in a Credit's finances. The CreditScope database includes demographic data compiled from three sources: the U.S. Bureau of Labor Statistics (BLS), the U.S. Bureau of Economic Analysis (BEA), and the U.S. Census Bureau. Census Bureau information is comprised of the Decennial Census of Population and the American Community Survey (ACS), which "surveys a small percentage of the United States to produce yearly estimates on the nation's social, economic, and housing characteristics." Merritt is...

Category: CreditScope, Demographics, Merritt Data

Merritt Research Services strives to paint the most accurate picture of a Credit's financial condition based on information provided in audited financial statements and notes contained therein. Because the dollar amount of Cash & Short Term Investments is used to calculate several salient liquidity ratios in the CreditScope database, it is particularly important to note that only unrestricted and highly liquid cash and short-term investments are included in this field. Merritt typically does not include any cash reserved for collateral, held by fiscal agents, or trustee-held restricted...

Category: CreditScope, Merritt Data

Merritt Research Services provides tax base data for credits within the City, County, and School District sectors. Tax base data is found in the Comprehensive Annual Financial Report (CAFR) in the Statistical Section, which typically provides an abundance of information relating to economics and demographics. When entities do not provide tax base data in their CAFR, Merritt will utilize public documents from other sources, including Official Statements and Continuing Disclosure Documents which may be obtained through Electronic Municipal Market Access (EMMA). Tax base data provides an...

Category: CreditScope, Merritt Data

The Merritt dataset for the School District sector includes two similar, yet distinctive statistics: Total Public School Enrollment and Average Daily Attendance. Their respective values are often close in proximity but their meanings are quite different. Total Public School Enrollment is a literal headcount determined by counting the number of students enrolled in a given school year. Typically, this statistic is gathered in October of each year. Average Daily Attendance is calculated by summing the attendance count for each day of the school year and dividing it by the total number of...

Category: CreditScope, Merritt Data