Fiduciary Funds Flashcards
Agency funds
A fund that collects cash to be held temporarily for an authorized recipient to whom it be later disbursed. (mailman)
- Tax collection funds (Sales tax agency fund, payroll withholding agency fund, real estate taxes agency fund).
- Clearance funds (pass-through grants, food stamps, traffic citations, alimony, child supports)
- Special assessments- government is obligated for the debt
Pension trust fund
Pension trust funds accounts for government sponsored defined benefit and defined contribution plans and other employee benefits such as post retirement health care benefits.
Employee retirement plan, Deferred compensation plan
Which fund is responsible for funding the Pension trust fund?
The general fund.
Routine employer contributions form the general fund to the pension trust fund is an expenditure.
When taxes are collected and held by a town for a separate function, what fund is that in?
The agency fund
Private purpose Trust Fund
The private purpose trust fund is the designated fund for reporting all other trust arrangements under which principal and income are for the benefit of one of the following:
- Specific individuals
- Private organizations
- Other goverments
Can come from escheat property or other trusts
Statement of net position and statement of changes in net position are required.
Investment trust funds
A fund for a Governmental entity that sponsors one or more external investment pools.
Statement of changes in fiduciary net position and Statement of fiducary net position are required.
Interfund transfers affect which funds?
All three: governmental, proprietary, and fiduciary
J/E for agency fund transaction
Cash xxx
Due to other governments (taxes) xxx
Due to other funds (fee) xxx
For both GRaSPP funds and SE-PAPI funds in regards to pension trusts, what is the expenditure/expense?
Contribution to the plan
