Each year, JobsOhio undergoes an audit and three quarterly reviews of its financial statements performed by a “Big 4” accounting firm, or one of four of the biggest professional services networks in the country.
JobsOhio operates on a fiscal year basis, which concludes annually on June 30. Reporting of financial activity, assets and liabilities is completed using the accrual basis of accounting used by other private sector businesses.
On July 6, 2011, JobsOhio acquired JobsOhio Beverage System (JOBS), a nonprofit corporation under Chapter 1702 of the Ohio Revised Code. JOBS is responsible for reporting the financial activity of the Ohio liquor enterprise. As the sole member of JOBS, JobsOhio appoints all members of the JOBS’ board of directors, its governing body.
In accordance with Governmental Accounting Standards Board, JobsOhio’s financial statements now include JOBS as a blended component unit. The accounting and financial reporting practices of JobsOhio and JOBS conform to U.S. generally accepted accounting principles.