Chapter 2: Fund Accounting Nature of Funds & Account Groups Comprehensive Annual Financial Report Exposure Draft Changes Not-for-Profit Funds and Financial.

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Chapter 2: Fund Accounting Nature of Funds & Account Groups Comprehensive Annual Financial Report Exposure Draft Changes Not-for-Profit Funds and Financial Reports

What is a Fund? Fiscal and accounting entity with its own self-balancing set of accounts from which separate financial statements can be generated –governments use to separate resources that have restrictions –many funds in each government –assets - liabilities = fund balance

Governmental Funds Use modified accrual basis of accounting measurement focus is flow of financial resources therefore, in the fund just record inflows and outflows of financial resources use account groups to keep track of the long-term debt and fixed assets

Governmental Funds General Fund Special Revenue Fund Capital Projects Fund Debt Service Fund

Proprietary Funds Use full accrual basis of accounting measurement focus is flow of economic resources therefore, in the fund record all transactions all assets = all liabilities + fund equity used for all business-type activities

Proprietary Funds Enterprise Funds Internal Service Funds

Fiduciary Funds Expendable - use modified accrual Nonexpendable - use full accrual

Fiduciary Funds Trust Funds –Expendable Trust Funds –Nonexpendable Trust Funds - Endowment –Pension Trust Funds Agency Funds

Comprehensive Annual Financial Report (CAFR) Introductory Section General Purpose Financial Statements –Combined Statements and Notes Combining Statements and Individual Fund Statements

Exposure Draft Proposed Changes Fund Perspective - pg. 57 Entity-Wide Perspective - pg

Not-for-Profits (University Ex.) Funds: –current funds –loan funds –endowment funds –plant funds unexpended renewals and replacements retirement of indebtedness investment in plant –agency funds

University Financial Statements Penn State - governmental university - GASB requires fund-based statements Case Western Reserve - private university - FASB requires reporting on “net assets” for entire entity –Statement of Financial Position, Statement of Activities, Statement of Cash Flows

Nashville (CD-ROM) write on your CD - Name, telephone # will also put in labs so that it is available all the time can print out selected pages keep an ongoing log of each weeks answers (short paragraphs for each main question) groups will do ratio analysis and summary report

Post Class Assignments Review and Self-Study Exercises –2-2 –2-3 –2-4 –2-5 City of Nashville - Continuing Problem