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Chp 1 - 11 Fund Types

Terms in this set (14)

Fiduciary (4 types)
Private-Purpose Trust Funds
Investment Trust Funds
Pension Trust Funds
Agency Funds
Private-Purpose Trust
(fiduciary)
Report all other trust arrangement under which principal & income benefit people, private organizations, or other govt's
Investment Trust Funds
(fiduciary)
Account for external portion of investment pools reported by the sponsoring govt
Pension (& other employee benefit) Trust Funds
(fiduciary)
Pension of benefit for which the govt is the trustee
Agency Funds
(fiduciary)
Used when govt is acting as a collecting/disbursing agent

(Example: collecting taxes to be given to schools)
Proprietary Funds (2 types)
Internal Service Funds
Enterprise Funds
Internal Service Funds
(proprietary)
Services provided by one dept of a govt to another, typically on cost-reimbursement basis
(like a print shop)
Enterprise Funds
(proprietary)
Used when resources are provided primarily through the use of sales or services charges to parties, external of govt.
(like water/utilities, MTA)
Governmental Funds (5 types)
Permanent Funds
Debt Service Funds
Capital Project Funds
Special Revenue Funds
General Fund
Permanent Funds
(governmental)
Resources that are restricted to the extent that only earnings--and not principal---may be used for purposes that support the reporting govt's program
Debt Service Funds
(governmental)
Report financial resources that are restricted, committed, or assigned to expenditures for principal & interest other than interest of principal on proprietary or fiduciary activities
Capital Project Funds
(governmental)
Report financial resources that are restricted (etc) for capital outlays. Accounts for the purchase or construction of major capital improvements, except those purchased or constructed by a proprietary (sometimes fiduciary) fund
Special Revenue Funds
(governmental)
Report proceeds of specific revenue sources that are restricted or committed to expenditures for a specified purpose other than debt service or capital projects. (Included activities funded by federal or state grants or taxes specifically restricted to certain activites
General Fund
(governmental)
Accounts for most of the basic services provided by the Govt. It reports all financial resources not accounted for & reported in another fund
THIS SET IS OFTEN IN FOLDERS WITH...