Government and Non-Profit Accounting

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Presentation transcript:

Government and Non-Profit Accounting

WEEK TWO Fund Accounting

Learning Objectives After Week 2, you should be able to: Distinguish between the various types of funds used by governments. Examine the accounting process used for governmental funds, proprietary funds, and fiduciary funds. Analyze typical operating transactions for governmental, proprietary, and fiduciary activities and prepare appropriate journal entries at both the government-wide and fund levels.

Definition of Fund Types Governmental Funds GASB refers to these as all funds other than proprietary or fiduciary. Proprietary Funds A business-like or commercial-type fund. Government generally makes initial contribution but thereafter the fund pays its own way through fees for services provide. Fiduciary Funds Any fund held in a fiduciary capacity.

Governmental Funds General Fund. This fund is used to account for general operations and activities. Special Revenue Fund. Required to account for the use of revenue earmarked for a particular purpose. Capital Projects Fund. Used to account for the construction or acquisition of fixed assets. Debt Service Fund. Used to account for the interest and principal of long-term debts. Permanent Fund. Account for public infrastructure improvements.

Governmental Funds (Cont.) Accounts for core governmental services like police and fire protection, and streets, highways. Measurement Focus: flow of current financial resources Revenues must be available to pay liabilities of current period before they can be recognized Current financial resources include cash, receivables, marketable securities, prepaid items, and supplies inventories Capital assets such as land, buildings, and equipment Basis: modified accrual accounting

Proprietary Funds Internal Service Fund. Used for operations serving other funds or departments within a government on a cost-reimbursement basis. Enterprise Fund. Used for services provided to the public on a user charge basis, similar to the operation of a commercial enterprise.

Proprietary Funds (Cont.) Accounts for public utilities, toll roads and toll bridges, and airports. Basis of Accounting: Full Accrual Operated like a “normal for-profit” business Measurement Focus: Economic Resources All assets and liabilities are included in the balance sheet Accounts for expenses (not expenditures) Fund Equity (Net Position) Net Position = Assets – Liabilities

Fiduciary Funds Trust Funds and Agency Funds. Accounts for assets held in a trustee capacity or as an agent for individuals, private organizations, other governments, and/or other funds. Accounting is simple: assets = liabilities. No revenue and expense to accrue No fund equity account Basis of Accounting: Full Accrual Measurement Focus: Economic Resources

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