Major Funds, Fund-Level Reporting & Governmental Funds

Question 1

What is the criteria to be classified as a Major Fund

Answer 1

total assets & deferred outflows of resources
liabilities & deferred inflows of resources
revenues,
expenditures/expenses
of any Governmental or Enterprise fund
1) are AT LEAST 10% of of the total corresponding amount for all Funds (either govt. or enterprise) in that Category
&
2) ARE ALSO 5% of the total corresponding amount for all Governmental AND Enterprise funds Combined

Question 2

Which Fund is always considered a Major Fund?

Answer 2

The general fund

Question 3

How are major funds reported on the balance sheet?

Answer 3

Separately

Non-major funds are reported in the aggregate on the balance sheet

Question 4

How are major funds reported on the Operating Statement?

Answer 4

Major funds are shown in separate columns

Non major funds are reported in aggregate in separate column

Question 5

Which funds are required to provide a Budget to Actual comparison?

Answer 5

The General Fund
&
For each annually budgeted major special revenue fund
either presented as part of the basic financial statements or as supplemental information

Question 6

What are the required financial statements for Proprietary Funds?

Answer 6

Statement of Net Position
Statement of Revenues, Expenses, & Changes in Net Position
Statement of Cash Flows (4 categories)

Question 7

What are the required financial statements for Fiduciary Funds? Are they part of the government-wide financial statements?

Answer 7

Statement of Fiduciary Net Position (with a column for each type of fiduciary fund PIPPA)
Statement of Changes in Fiduciary Net Position
NOT a part of Governmental Wide Financial Statements
ARE NEVER A MAJOR FUND

Question 8

What method of accounting is used for Governmental fund types?

Answer 8

Modified accrual basis of accounting