TYPES OF FUND

REPORTING UNIT

Each Governmental organization is described , ; as Reporting Unit and

prepares financial statements used by, , citizens creditors and others to evaluate the financial position and operating results for the purposes of making public policy and .financing decisions

FUND

 In governmental accounting the resources of the government are accounted for in "funds“.

A fund is a self-balancing set of accounts, segregated for specific purposes in accordance with laws and regulations or special restrictions and limitations

TYPES OF FUNDS Governmental Funds

General Fund Special Revenue Funds Capital Projects Funds Debt Service Funds

Proprietary Funds Enterprise Funds Internal Service Funds

Fiduciary Funds Trust and Agency Funds

TYPES OF FUNDS – General Fund To account for all current

financial resources except those to be .accounted for in another fund

– Special Revenue Fund To account for the ( proceeds of specific revenue sources other

than fiduciary sources or major capital) projects that are legally restricted to

.expenditure for specified purposes – Capital Projects Funds To account for current

financial resources to be used for the acquisition or construction of major capital

( facilities other than those financed by .)propietary funds and trust funds

TYPES OF FUNDS – Debt Service Funds To account for the

, accumulation of resources for and the , - payment of general long term debt principle

.and interest – Enterprise Funds To account for operations

T hat are financed and operated in a manner ; similar to private business enterprises or

W here the governing body has decided that , periodic determination of revenues earned

, / expenses incurred and or net income is , appropriate for capital maintainance public

, , , policy management control accountability or .other purposes

TYPES OF FUNDS – Internal Service Funds To account for the

financing of goods or services provided by one department or agency to other departments

.or agencies of the governmental unit – Trust and Agency Funds To account for

assets held by a governmental unit in a , trustee capacity or as an agent for individuals , private organizations other governmental

.unit E xpendable trust funds N onexpendable trust funds P ension trust funds A gency funds

MEASUREMENT FOCUS OF THEFUNDS

?What is being measured Financial Re : sources Focus is on inflows and

outflows and balances of financial assets and .liabilities at year end

: Capital Maintenance Focus is on how well the .governmental unit maintained its assets

ACCOUNT GROUPS

The accounting and reporting entities for fixed - assets and long term liabilities are reffered to

.as account groups - :General Fixed Asset Account Group To

account for all general fixed assets of a .governmental unit

- : General Long Term Debt Account Group To - account for all unmatured general long term .liabilities of the governmental unit

S - ingle entries forced into self balancing set of, accounts and therefore have no

.measurement focus

ACCOUNTING CHARACTERISTICS OF FUND TYPES

ACCOUNTING CHARACTERISTICS COMMON TO GOVERNMENTAL

FUNDS

C .reated in accord with legal requirements L egal constraints on the raising of revenue

, and the expenditure of revenue are in most, jurisdictions set forth in a legally adopted

.budget A .ccount for only financial resources A ccount for only those liabilities to be paid

.from fund assets D ifference between fund assets and fund

.liabilities is called the fund equity

ACCOUNTING CHARACTERISTICS COMMON TO PROPRIETARY FUNDS

E stablished in accord with enabling, legislation and their operations and policies

.are subject to legislative oversight S hould prepare budgets as an essential

element in the management planning and .control processes

A ccount for all assets used in the fund.operations

A - ccount for current and long term liabilities to / be serviced from fund operations and or to .be repaid from fund assets

ACCOUNTING CHARACTERISTICS COMMON TO FIDUCIARY FUNDS

A ll funds are used to account for assets held .by a governmental unit as a trustee or agent

A gency and Expendable Trust funds are created and operated in the same manner as

.the four types of governmental funds Nonexpendable and Pension Trust funds are

created and operated in the same manner as ..the two types of proprietary funds