ACCY161_Fa10_Notes14_Chpt08 - ACCY 161 Fall 2010 Chapter 8...

ACCY 161 – Fall 2010 Chapter 8 Accounting for Fiduciary Funds
ACCY161_Fa10_Notes14_Chpt08 Page 1 of 2
Fiduciary Funds
I. A Few Comments
1. Agency relationship
2. Trustee relationship
3. No assets or liabilities of the reporting unit so not included in the government-wide statements.
Why?
4. But operated by the primary government so included in the fund statements. Why?:
5. Revenue and expenses not used – additions and deductions shown below. Why?
6. Seen pages 49 – 50 and 75 in course pack
II. Agency Funds
A. Organization and purpose and example: - see pages 78 – 79 in the course pack
1. Used to hold funds on behalf of others (governmental units, other organizations,
and individuals) on a custodial basis such as the County of Sacramento
collecting property taxes for the Los Rios Community College District or the
City of San Francisco collecting and fees and fines for the State of California.
2. Funds are usually disbursed on a regular basis and shortly after collection.