Session 3-Other Funds & Financial Statements

1. Session 3-Other Funds & Financial Statements • Other Governmental Funds • Proprietary Funds • Fiduciary Funds Governmental & NPO Accounting-2008

2. Other Governmental Funds • Expanded General Fund Statement of Revenues, Expenditures & Change in Fund Balance • Special Revenue Fund • Capital Projects Fund • Debt Service Fund • GCA-GLTL general ledger • Permanent Fund Governmental & NPO Accounting-2008

3. Expanded General Fund SREC (or Operating Statement) • See page 843 • After Other Financing • Contributions • Special items • Unusual or infrequent • Extraordinary items • Unusual and infrequent Governmental & NPO Accounting-2008

4. Special Revenue Fund • Revenue not related to services • Restricted funds • Highway improvement funds Governmental & NPO Accounting-2008

5. Capital Projects Fund • Specific capital improvements etc. • Typical transactions • Establishment • Sales of bonds • Actual construction • Closing entries • Link with GCA-GLTL g/l Governmental & NPO Accounting-2008

6. Debt Service Fund • Activities associated with servicing debt • Types of borrowing • Revenue bonds • Special activities • Debt paid from activity related revenue • Debt appears in Enterprise Fund • General obligation bonds • General borrowing activity • Debt paid from related activity • Debt appears in Enterprise Fund • Other borrowing • Servicing in Debt Service Fund • Debt appears in GCA-GLTL general ledger • Types of bonds: term and serial; interest not reflected until due Governmental & NPO Accounting-2008

7. GCA-GLTL General Ledger • Long-term assets • Long-term debt • Depreciation expense and accumulated depreciation Governmental & NPO Accounting-2008

8. Permanent Fund • Endowment type activities • Restrictions on principal and earnings Governmental & NPO Accounting-2008

9. Proprietary Funds • Proprietary Fund financial statements • Internal Service Funds • Enterprise Funds Governmental & NPO Accounting-2008

10. Proprietary Fund Financial Statements • Balance Sheet • Operating Statement • Statement of Revenue, Expenditures and Changes in Net Assets • Statement of Cash Flows Governmental & NPO Accounting-2008

11. Internal Service Funds • Activity for common services • Typical transactions • Establishment of the fund • Capital equipment acquisition • Inventory purchases • Operations • Collection and reimbursement • Closing entries Governmental & NPO Accounting-2008

12. Enterprise Funds • Quasi for profit activities • Vasona Park operations • Same entries as ISF • Revenue and general obligation bond debt appears in these funds Governmental & NPO Accounting-2008

13. Fiduciary Funds • Fiduciary Fund financial statements • Agency Funds • Trust Funds • Pension • Private purpose • Investment Governmental & NPO Accounting-2008

14. Fiduciary Fund Financial Statements • Statement of Fiduciary Net Assets • Agency funds • Trust funds • Statement of Changes in Fiduciary Net Assets • Trust funds only Governmental & NPO Accounting-2008

15. Agency Funds • Conduit for financial transfers • No operating statement • Statement of changes in fiduciary net assets Governmental & NPO Accounting-2008

16. Trust Funds • Pension funds • Susceptible to under-funding • Private purpose funds • ABSENCE of public purpose • Investment funds • Generally at the state level • External investments Governmental & NPO Accounting-2008

17. Key Take-aways • Know the uses of the funds • Know the fund financial statements • Know the relationship of the GCA-GLTL general ledger to these funds Governmental & NPO Accounting-2008