What types of categories can be included as agency funds?
State and local governments use three broad categories of funds: governmental funds, proprietary funds and fiduciary funds. Governmental funds include the following. General fund. This fund is used to account for general operations and activities not requiring the use of other funds.
What is an example of an agency fund?
Other common examples of Agency funds are faculty professional organizations, fraternities & sororities, campus newspapers and other independent organizations that are closely connected to the University.
What are the three categories of funds?
There are three major types of funds. These types are governmental, proprietary, and fiduciary.
What are the classification of funds?
FIDUCIARY FUND TYPES
The fiduciary fund category is split into four classifications: pension trusts funds, investment trust funds, private-purpose trust funds and agency funds.
What are the 5 types of government funds?
Governmental funds are classified into five fund types: general, special revenue, capital projects, debt service, and permanent funds.
What are agency funds?
An agency fund is an assemblage of funds that one government agency holds on behalf of another government agency. For example, if the State of Colorado collects sales tax funds on behalf of the City of Aurora, these funds are considered to be agency funds.
Is an agency fund a custodial fund?
Most agency funds will have to be reported as custodial funds—as noted above for certain pension and OPEB arrangements—and additions and deductions of custodial funds will have to be reported in the statement of changes in fiduciary net position, which was not required for agency funds.
What are the types of funds in governmental accounting?
Governmental Reporting Overview Fund Type Structure
| Governmental Funds | Proprietary Funds | Fiduciary Funds |
|---|---|---|
| General (FT01) | Enterprise (FT05) | Pension (FT10) |
| Special Revenue (FT02) | Internal Service (FT06) | External Investment Trust (FT18) |
| Debt Service (FT03) | Private-Purpose Trust (FT20) | |
| Capital Projects (FT04) | Custodial (FT22) |
What are the types of fund accounting?
There can be two types of fund one is restricted, and the other is unrestricted. The restricted fund is used for a particular purpose, but unrestricted funds can be used for any purpose or general-purpose. The non-profit organization uses the same standard as profit organization uses.
What are the three major types of funds found in most local government accounting information systems?
The focus of governmental and proprietary fund financial statements is on major funds. In fund financial statements, governments should report governmental, proprietary, and fiduciary funds to the extent that they have activities that meet the criteria for using these funds.
What are the primary sources of government funds?
The major classes of tax revenue are: a) taxes on income and profits; b) taxes on property; c) taxes on domestic goods and services; d) taxes on international trade and transactions; and e) other sources.