RD42 - Virginia Commercial Space Flight Authority Financial Report for the Year Ended June 30, 2012


Executive Summary:
The management of the Virginia Commercial Space Flight Authority (Authority), offers readers of the Authority’s financial statements this narrative overview and analysis of the financial activities of the Virginia Commercial Space Flight Authority for the fiscal year ended June 30, 2012. We encourage readers to consider the information presented here in conjunction with the financial statements and accompanying notes.

In June 1999, the Governmental Accounting Standards Board (GASB) issued Statement 34, Basic Financial Statements and Management’s Discussion and Analysis – for State and Local Governments, which established new financial reporting requirements. As a related organization of the Commonwealth of Virginia, the Authority implemented these reporting requirements for its fiscal year ended June 30, 2003.