Transcript Other Governmental Funds - University of Tennessee at Martin

Other Governmental Funds
 Capital

Accounts for flow of funds for general
government capital asset acquisition
 Debt

Projects
Service
Accounts for flow of funds used to pay longterm debt (principal) and interest
 Permanent

Used to account for funds donated to the
government by individuals and organizations
to be used for the benefit of the government
and/or individuals (Principal cannot be spent)
Capital Projects Fund
 Exists
for duration of the project
 Modified Accrual basis of accounting
 Flow of current financial resources
 Revenues (Few, maybe grants, miscellaneous)
 Bond and note proceeds are Other Financing
Sources
 Also, transfers-in (i.e., general fund) are OFS
 Expenditures are for the capital project
 Budget not used but encumbrances are
*Acquisition of general fixed assets by lease agreements
is treated similar to businesses. Expenditures are
debited for the present value of future lease payments
and other financing sources credited.
*Subsequent rental payments are recorded as
expenditures for principal and interest
*Special Assessments accounting depends on whether
or not the government is primarily or secondarily liable
for repayment of the debt. If so, reported on G-W
financial statements; If not, reported as an Agency
(Fiduciary) Fund event.
Debt Service Fund
 Used
to accumulate funds for repayment
of general long-term debt and interest
 Adjusted modified accrual basis of
accounting (Interest expenditures as
interest comes due, unless within 30 days
and balance in DS Fund to pay)
 Budgets are used but not encumbrances
 Premiums or discounts on issuance of
bonds are entered as OFS or OFU in debt
service fund
Debt Service, Continued
 Revenues


Taxes imposed for repayment of debt
Grants and restricted donations
 Other

Financing Sources
Transfers-in from other funds
 Expenditures


Bond Interest in period due (except, 30 day
rule)
Bond Principal in period due
Permanent Funds
 Accounts
for funds that are legally restricted
(principal cannot be expended)
 Earnings are to be used for benefit of
government and citizens at-large
 Modified Accrual basis of accounting and
current flow of financial resources
measurement focus
 Revenues are contributions, investment
income, and grants
 Expenditures are disbursements on basis of
restriction
Financial Statements
 Balance



Sheet
Disaggregated (Column for each major fund
and summary of all non-major funds)
Current Financial Resources and Liabilities
Fund Balances (Reserved and Unreserved)
 Statement
of Revenues, Expenditures, and
Changes in Fund Balances




Disaggregated
Modified Accrual Basis of Accounting
Expenditures are current, debt service and
capital outlay
Bottom line is Ending Fund Balances