Fiduciary Funds Flashcards
What funds make up the fiduciary funds?
"PAPI" pension agency private purpose investment
What is the purpose of pension trust fund?
Examples?
pension plans
Employee benefit plan
deferred compensation plan
JE in the pension trust fund to record contribution?
JE in the GRaSPP funds to record pension contribution?
JE in the SE PAPI funds to record pension contribution?
DB: Cash
CR: additions - employer contribution
DB: Expenditures
CR: Cash
DB: Expenses
CR: Cash
What are expenses in the pension trust funds?
benefits paid
refunds
admin
What is the purpose of the agency fund?
Examples?
not in custody of government
special assessments
tax collection funds
clearance funds
What are the revenues in the agency fund?
NO REVENUES
What are the expenses in the agency fund?
NO EXPENSES
What are tax collection funds?
What are clearance funds?
What are special assessments?
collects taxes on behalf of other government fund
collects revenues and apportions them to respective funds
government not obligated to pay debt
What is the purpose of the private purpose trust fund?
Examples?
principal and income benefit individuals, private organizations, other governments
escheat property
other trusts
What are the revenues of the private purpose trust?
What unique situation occurs with income?
income from principal
sent to general fund
How do you treat capital gains/losses under the private purpose trust?
adjustment to fund principal NOT income
What is the purpose of the investment trust fund?
external investment pools
What are the revenues of the investment trust fund?
contributions
FV plan assets adjustment
What are the expenses of the investment trust fund?
admin
payments to beneficiaries
What is the JE to record ax collection by the agency fund?
DB: Cash
CR: Due to other governments
CR: Due to other funds
