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Fiduciary funds are reported in the fund-basis and government-wide financial statements. 13.Donated resources that benefit individuals or private organizations are reported in a private-purpose trust

Fiduciary funds are reported in the fund-basis and government-wide financial statements.

13.Donated resources that benefit individuals or private organizations are reported in a private-purpose trust fund.

14.Unless use of an agency fund is mandated by law, by GASB standards, or by decision of the governing board of a government, an agency relationship may be accounted for within governmental and/or proprietary funds.

15.If a government is liable for payment of special assessment debt in the event of default by the property owners, then an agency fund must be used to account for the proceeds of the special assessment.

16.Agency funds report no revenues, expenses, or fund equity accounts.

17.GASB Standards require that IRS 457 Deferred Compensation Plans, if administered by the governmental unit, be reported as pension trust funds.

18.The required financial statements for agency funds includes only a Statement of Fiduciary Net Assets.

19.If a government has a locally administered pension plan for which it is trustee, the government would report the locally administered plan as a pension trust fund in the basic financial statements.

20.If a city government contributes to a statewide pension plan, both the city and state governments would report the state administered plan as a pension trust fund in their basic financial statements.

Jan 25 2020 View more View Less

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