Which of the Following Statements Regarding Management's Discussion and Analysis

Which of the following statements regarding Management's Discussion and Analysis is true?

A) MD&A is required only for Proprietary Fund Financial Statements.
B) MD&A is reported in the statistical section of the annual report.
C) MD&A is required for comprehensive annual financial reports.
D) MD&A for state and local government financial statements must include an analysis of potential, untapped revenue sources.
E) MD&A is an optional inclusion for state and local government financial statements.