ACT516.1—Intro to General and Special Revenue Funds.pdf -...

Introduction to General and Special
Revenue Funds
ACT_516 Accounting for Government and Nonprofit
Organizations
Dr. Tonya Smalls, MBA, CPA
Fall 2021

The Plan -
Course
Schedule
COURSE SCHEDULE AND ASSIGNMENTS
Date(s) Day Topics Required Textbook
Reading/e-Lectures
Weekly Homewor
MBC
8/25 W
Overview and Introduction Gov’t and
NFP Accounting
NO HW
8/30, 9/1 MW
Gov’t and NFP Acctg Environ ment and
Characteristics
The Use of Funds in Governmental
Acctg
Chapters 1 and 2 HW #1 Due 11:59p
9/8 W
Budgetary Considerations in
Governmental Acctg
Chapter 3 HW #2 Due 11:59p
9/13,
9/15
MW
An Introduction to General and Special
Revenue Funds
Chapter 4 HW #3 Due 11:59p
9/20,
9/22
MW General and Special Revenue Funds Chapter 5 HW #4 Due 11:59p
9/27,
9/29
MW
Capital Project Funds, Debt Service
Funds, and Permanent Funds
Chapter 6
NO HW (practice
questions available)
10/4 In-Class Mid-term Exam 1 (content: all above)
10/6,
10/13
WW
Proprietary Type Funds and Fiduciary
Funds
Chapters 7 and 8 HW #5 Due 11:59p
10/18,
10/20
MW
Reporting Principles and Preparation of
Fund Statements
Chapter 9 HW #6 Due 11:59p
10/25,
10/27
MW Government-Wide Financial Statements Chapter 10 HW #7 Due 11:59p
11/1,
11/3
MW Accounting for Nonprofit Organizations Chapter 13
NO HW (practice q
available)
11/8 In-Class Mid-term Exam 2 (content: post-midterm 1)
11/10,
11/15
WM Accounting for Nonprofit Organizations Chapter 13 HW #8 Due 11:59p
11/17,
11/22
WM
Accounting for Healthcare
Organizations
Chapter 14 HW #9 Due 11:59p
11/29,
12/1
MW
Accounting for Colleges and
Universities
Chapter 15 HW #10 Due 11:59
12/6 M Auditing Governmental and Nonprofits Chapter 16 NO HW
Date TBA Cumulative Final Exam

Fund Financial Statement Focus
• Fiscal accountability
• Flow of current financial resources
• Modified accrual basis
Governmental
Funds
• Operational accountability
• Flow of economic resources
• Accrual basis
Proprietary
Funds
• Operational accountability
• Flow of economic resources
• Accrual basis
Fiduciary
Funds

Fund Financial Statements
• Balance Sheet
• Statement of Revenues, Expenditures, and Changes in
Fund Balance
Governmental
Funds
• Statement of Net Position
• Statement of Revenues, Expenses and Changes in
Fund Net Position
• Statement of Cash Flows
Proprietary
Funds
• Statement of Fiduciary Net Position
• Statement of Changes in Fiduciary Net Position
Fiduciary
Funds

Fund Categories
Governmental Funds
General
Fund
Special
revenue
funds
Debt
service
funds
Special
projects
funds
Permanent
funds

General Fund
6 © Cambridge Business Publishers
• Only one General Fund for a government
• Most significant fund for most state and local governments
• Used to account for financial resources not accounted for in
another fund
• Accounts for basic day-to-day activities of governments
◦ General government
◦ Public safety (for example, police and fire)
◦ Public works
◦ Culture and recreation
◦ Transportation services

General Fund
7 © Cambridge Business Publishers
• Three types of revenues
◦ Taxes
• Local governments — real property tax predominant
• State governments — general sales tax, income tax, sales tax on items like cigarette