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Normally much smaller than the general fund, a special revenue fund might contain money set aside for a road project, library, or parks. Spending Focus! Q18-2 Operating budgets are prepared for the general fund, special revenue funds, and debt service fund. specific fund. Example: Code 211 applies to a special revenue fund. 1 Although this report discusses only two types of fund balances, Minnesota cities and counties reporting financial information according to the modified accrual basis of accounting actually report three different classifications of fund balances in the General and Special Revenue Funds. Course Hero is not sponsored or endorsed by any college or university. endobj General Fund Expenses: PRIFAS 1. endobj Fiduciary fund information is presented by type of fund rather than by major funds. What is a Special Assessment Fund? Both types of funds exist on the three main levels of governments --federal, state local--and all would be empty if it weren't for taxes. ���[e�-+���]�-� U]֎L3��� �U:ƹ(��^�5���Ir��������'E�R���56�!�EUV�����P�[����ԩ>w�&�*� ���.��y���qD�'�i��(�f��^�b�F����048-]��R�>��iTg��*�i[�(͚Ί��H3��.��vI ó�����. When grants require a separate fund, a special revenue fund should be established for each grant. endobj UNIFORM CHART OF ACCOUNTS 5100 Overview (Continued) Page 2 1In this example, fund numbers 03 and 05 are used for the Road and Bridge and Human Services Special Revenue Funds; however, the use of these specific numbers is not required. Instruction Instr. Q18-3 Interest on long-term debt is accounted for in the debt service fund for only the interest that is … Internal service funds are excluded from the major fund reporting requirements. FUND ACCOUNTING •Governmental accounting systems should be organized and operated on a fund basis. 1 0 obj 9 0 obj Unless specifically required by Generally Accepted Accounting Principles (GAAP) or other requirements, restricted revenues may also be accounted for in the general fund. endobj governmental and nonprofit accounting Dec 08, 2020 Posted By Danielle Steel Media Publishing TEXT ID b372f8fd Online PDF Ebook Epub Library organization accounting financial reporting and auditing and prepares students well for real world practice the 6 governmental funds account for assets but not the CONTINGENCY FUND: The Contingency Fund is funded at the level of $10,000,000 with $42,000,000 from property tax, stream Current Financial Resources! 5 0 obj endobj The general fund and special revenue funds are distinct. <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 17 0 R/Group<>/Tabs/S/StructParents 2>> 2 General Provisions, ... 4 Responsibility Accounting 30 5 Revenue and Other Receipts 33 6 Disbursements 61 7 Financial Instruments 114 8 Inventories 130 9 Investment Property 145 10 Property, Plant and Equipment 164 ... J Special Account-Locally Funded/Domestic Grants Fund 443 K Special Account-Foreign Assisted/Foreign Grants Fund 447 endstream endobj 2 Cash Receipts Journal 3 Legal Compliance! 2 0 obj [ 13 0 R] Instructional Leadership School Leadership Soc. Instructional Leadership School Leadership Soc. Special Revenue Fund (SRF) "Revenue used for Specified Purpose "Authorized. A special revenue fund is a fund used within a government entity to record the proceeds from certain revenue sources for which fund usage is restricted. Budgetary accounting Governmental Funds General, special revenue, debt service, capital projects, permanent Fiscal accountability Current financial resources Modified accrual Balance sheet; statement of revenues, expenditures, and changes in fund balances Current assets, current liabilities, fund balances (equity) Revenues, expenditures, other Work Svrs. ��l)@�C������y,+pdW����K��)V���䐏���a���Ʒ��@�����%��!�R"�D ���څ������a�0���I| ���8( 7|�L1lj��t��y���` �~ UmP��R�`%B�Dr��Ć�=�$����� Special revenue funds may be used to report a government’s restricted own-source revenues, such a hotel room tax, or other restricted revenues, such as grants. Statement No. •General fund –Main operating fund –Unit has only one general fund •Special revenue fund –Specific revenue sources –General fund of blended component units Governmental Funds (cont.) <> Only transactions not recorded in the Special Journals shall be recorded in this journal. Instruction Instr. 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