ACIS+4124_5124+Chapter+8+PowerPoints+Part+2+Student

ACIS+4124_5124+Chapter+8+PowerPoints+Part+2+Student - ACIS...

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1 ACIS 4124/5124 Chapter 8 – Part 2 Accounting for the Fiduciary Activities—Agency and Trust Funds
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2 Investment Trust Fund - Example BURG COUNTY Investment Pool Statement of Changes in Net Assets For the Year Ended December 31, 2012 Additions Deposits of participants 4,050,000 $ Investment earnings 86,850 Increase in fair value of investments 31,500 Total Additions 4,168,350 Deductions Total Deductions - Change in net assets 4,168,350 Net assets, January 1, 2012 - Net assets, December 31, 2012 4,168,350 $ The financial statements for the investment trust fund only report net assets and changes in net assets related to the external participants.
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3 BURG COUNTY Investment Pool Statement of Net Assets As of December 31, 2012 Assets Cash 30,000 $ Investments 4,565,000 Accrued Interest Receivable 36,500 Total assets 4,631,500 Liabilities Due to internal participants 463,150 Total liabilities 463,150 Net Assets Held in trust for participants- Burg ISD 2,176,805 $ Town of Burg 1,991,545 Total net assets 4,168,350 $ Investment Trust Fund - Example
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4 The gift (principal) is maintained (endowment), or spent (expended) for the “private-purposes” specified by the donor Accounting for expendable private-purpose trusts is similar to the accounting for investment trusts Accounting for endowment funds is similar to accounting for permanent funds Except that Additions and Deductions are recorded instead of Revenues and Expenditures Private-purpose Trust Funds
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