Chapter 12 pp - Trust and Agency (Fiduciary) Funds Chapter...

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Trust and Agency (Fiduciary) Funds Chapter 12
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Fiduciary Funds used when . . . government holds resources in a trust or agency capacity for the benefit of others. Government or its programs – endowment to finance research program or maintain recreational area Others, including individuals, other governments, or private organizations
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Examples of external fiduciary relationships Pension plans External investment pools Endowments to finance scholarships for residents of government Taxes, insurance premiums, & dues withheld from employees pay to be transferred to others Taxes collected for other governments A-L =Net Assets Held in
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May use other funds to account for fiduciary relationships Special Revenue Fund – resources available for expenditures Permanent Fund – maintenance of principal required Enterprise Fund – special business-type activities
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Agency Funds Conduit or clearinghouse funds established to account for assets received for and paid to other funds, individuals, or organizations Only used for assets held for the benefit of others
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This note was uploaded on 10/17/2011 for the course ACCT 4325 taught by Professor Staff during the Spring '08 term at UT Arlington.

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Chapter 12 pp - Trust and Agency (Fiduciary) Funds Chapter...

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