Annual Financial Reports
With a net operating budget of $16,443,782 in Fiscal Year 2018, the Chicago Teachers’ Pension Fund (CTPF) publishes a variety of financial reports annually to provide further insight and clarity into how this budget is delegated.
Each year, the Actuary for CTPF prepares Funding and GASB 67/68 Actuarial Reports as part of the annual close of the fiscal year. The Funding report is presented to the Board of Trustees for review and approval. This report includes funding status and other related matters to meet the various regulatory requirements. The GASB 67/68 report assists CTPF and its primary employer to comply with financial reporting requirements, and is also utilized in the preparation of the Comprehensive Annual Financial Report (CAFR) that is audited by the Fund’s external auditors.
Comprehensive Annual Financial Report (CAFR)
Each year, CTPF prepares a Comprehensive Annual Financial Report (CAFR). The report contains financial results of the Fund’s operation in a fiscal year. The CAFR is audited by an Independent Auditor who expresses an opinion as to whether the financial reports fairly present the Fund’s financial condition for the fiscal year. The CAFR also includes investment, actuarial, and statistical information about the Fund for the fiscal year. Each section of the CAFR includes:
- Introductory Section: Includes a listing of the Board of Trustees, Certificate of Achievement for Excellence in Financial Reporting, Consultants, Organizational Chart, and the Letter of Transmittal
- Financial Section: Includes the Independent Auditor’s Report and Management’s Discussion and Analysis (Unaudited) along with the Basic Financial Statements, Required Supplementary Information, and Other Supplementary Information
- Investment Section: Includes reports from the Master Custodian, Investment Consultant, Real Estate Consultant, and information about the Fund’s investment performance and expenses
- Actuarial Section: Includes the Actuarial certification for the pension and health insurance funds
- Statistical Section: Includes a summary of statistical information about the Fund and its members
Popular Annual Financial Report (PAFR)
The Popular Annual Financial Report (PAFR) summarizes the CAFR and offers our members a consolidated view of CTPF’s financial position at the end of each fiscal year.