Understanding fund accounting - Fiduciary funds
6 important questions on Understanding fund accounting - Fiduciary funds
What is the difference between fiduciary - and [governmental and proprietary funds]?
Fiduciary funds account for other people's money. Proprietary funds are not included in the government-wide financial statements. Describe the 4 types of fiduciary funds.
- Pension (and other employee benefit) trust funds.
- Investment trust funds.
- Private-purpose trust funds.
- Agency funds.
Governments almost always offer pension benefits to their employees. Pension plans are as a trust fund. Pension trust funds use the accrual basis of accounting and the economic resources measurement focus. What criteria must the fund meet to be a pension fund?
- The pension plan qualifies as a component unit of the government.
- The pension plan does not qualify as a component unit of the government, but the plan's assets are administered by the government.
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A government invests funds on behalf of others. The state government pools the investment assets of local governments and invest those funds on behalf of the local governments (economies of scale). What type of fund are we describing?
What is a private-purpose trust fund? Similar together fiduciary funds, private-purpose trust funds cannot be used to support a government's own programs.
What is a agency fund? The assets in this fund are always equal to liabilities to the owners of the assets.
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