Term
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Definition
| accrual basis except for certain liab. of defined benefit pension plans and certain postunemployment healthcare plans |
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Term
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Definition
1.Stmt of fiduciary net assets-fiduciary funds (assts; liab.; net assets held in trust)
2. stmt changes in fiduciary net assets-fiduciary funds (additions; deductions; change in net assets; net assets: beginning; net assets: ending) |
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Term
| Fiduciary funds are to account |
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Definition
| for assets held for others (private-purpose fiduciary activities) |
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Term
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Definition
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Term
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Definition
| govn't-wide f/s; only reported on fund financial stmt |
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Term
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Definition
1.Agency funds(refunds held in a temp. custodial capacity)
2. investment trust funds
3.private-purpose trust funds
4. pension trust funds(and other employee benefit trust funds) |
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Term
| Public-purpose trusts (for gov't own programs or its citizens) should be recorded |
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Definition
as govn't funds: 1. special rev fund
2. permanent fund |
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Term
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Definition
| to account for assets held for others |
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Term
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Definition
| liab. (no fund balance or equity exists) |
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Term
| Agency funds can be accounted for within |
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Definition
| govn't or enterprise funds (unless specifically required by law, gasb, governing board) |
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Term
| Agency fund for special assessment of debt srvc: Govn't has no legal obligation to |
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Definition
| assume special assessment debt in the case of default by the affected property owners |
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Term
| Agency fund for special assessment debt service: Govn't does: |
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Definition
1. bill and collect from the specific property owners and
2. uses collections to pay the int. and principal due on the debt |
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Term
| To record issuance of special assessment debt and first bill to affected property owners |
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Definition
| (DB)Assessments receivable-current (DB)Assessments receivable-deferred (CR) Due to special assessment bondholders-principal |
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Term
| To record collections for principal and int on the debt |
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Definition
| (DB)cash (CR) assessments receivable-current (CR) Due to special assessment bondholders-int |
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Term
| To record payment of principal and int on the debt |
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Definition
(DB)Due to special assessment bondholders-principal (DB) Due to special assessment bondholders-int
(CR) Cash |
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Term
| To rcls current portion of assessment receivables |
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Definition
| (DB) Assessments receivable-current (CR) Assessments receivable-deferred |
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Term
| Use when one govn't unit will collect the taxes for several govn't unils |
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Definition
| Tax agency funds (i.e. composition tax rates for r.e. taxes, sales taxes, property taxes) |
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Term
| The collecting city will allocate the collections (less a collection fee) btwn the taxing authorities based on the relevant factor: |
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Definition
| 1. Location of the property (if collecting for several units) 2. On the same proportion as the original bill (if different authorities in the same geographic area) |
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Term
| To record issuance of property tax bills based on a composite tax rate |
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Definition
| (DB) Taxes receivable for other funds and units-current (CR) Due to other funds and units |
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Term
| To record collections of tax bills |
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Definition
| (DB) cash (CR)Taxes receivable for other funds and units-current |
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Term
| To record specific liab. based on the collection |
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Definition
| (DB)Due to other funds and units (CR) Due to (specific fund or unit) |
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Term
| To record payment of taxes collected |
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Definition
(DB)Due to (specific fund or unit)
(CR)CASH |
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Term
| Tax Agency Funds: Other funds and units will record collection fee |
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Definition
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Term
| Grants, entitlements, shared rev received and then redistributed to other funds, govn't units, subgrantees |
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Definition
| Pass-through agency funds |
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Term
| Accting treatment by the pass-through agency depends on |
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Definition
| whether admin or direct financial involvement exists |
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Term
| Admin involvement in the grants if for example: |
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Definition
| a. monitors secondary recipients for compliance with program-specific requirements. b. determines eligibility of secondary recipients9 (even if using grantor-est. criteria c. has ability to exercise discretion when allocating the funds |
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Term
| Direct financial involvment in the grants if |
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Definition
| finances a portion of the grant (ex.through matching requirement) or is liab. for disallowed costs |
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Term
| If either admin or direct financial involvment: |
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Definition
| 1.Do not use an agency fund instead record rev for funds received, and record expenditure, exp, transfer for funds disbursed(i.e.grants, subgrants) |
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Term
| If no admin or direct financial involvement, record |
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Definition
| no rev or exp for funds received and redisbursed.; use an agency fund to record money in and out |
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Term
| To record receipt of pass-through funds |
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Definition
| (DB) cash (CR) Due to others |
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Term
| To record disbursement of pass-through funds |
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Definition
| (DB)Due to others (CR)CASH |
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Term
| Subgrantee reporting: govn't fund types |
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Definition
| records grants as rev or deferred rev |
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Term
| Subgrantee reporting; proprietory funds: |
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Definition
| nonoperating rev or contributed equity (if restricted capital grant) |
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Term
| Fund places its investments, cash in a managed investment pool along with other participating funds |
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Definition
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Term
| Investment pools, each participant receives a |
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Definition
| proportionate share of the pool's investment income, g/l, unrealized g/l |
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Term
| Types of investment pools: |
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Definition
| 1.internal investment pool, 2. external investment pool |
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Term
| Internal investment pool participarting funds are all |
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Definition
| in the same govn't unit; use special rev fund, permanent fund |
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Term
| External investment pool, participating funds, parties are not |
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Definition
| all in the same govn't unit; set up an investment trust fund: 1. economic resources measurement focus 2. Accrual basis |
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Term
| Whenever investments enter or leave the pool, revalue all investments at |
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Definition
| FMV Includes both: 1.the investments in the pool, 2. investments entering, leaving the pool |
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Term
| To record transfer of cash and investments(at fmv)into a cash and investments pool |
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Definition
| (DB)Equity in pooled investments (CR) cash (CR)Investments (CR)Rev-change in fair value of investments DB if unrealized loss or CR if unrealize gain to balance afe |
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Term
| To record the fund's proportionate share of the investment income and unrealized gain |
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Definition
| (DB)Equity in pooled investments (CR) revenues-change in fair value of investments (CR) revenues-investment earnings |
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Term
| Investment pool side: to record assets received from (name) fund at FMV |
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Definition
| (DB) Cash (DB) Acc'd int receivable (DB)Investments (CR)Due to (fund name) (i.e. the internal participant) (CR) Additions-deposits in pooled funds (external participant) |
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Term
| Investment pool side: To record collection of acc'd int and investment income |
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Definition
| (DB)Cash (CR)Acc'd int receivable (CR) undistributed earnings on pooled investments |
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Term
| Investment pool side: to record the increase in fmv of assets (if FMV decreased, then reverse the DR and CR above) |
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Definition
| (DB) Investments (CR) Undistributed change in fair value of pooled investments |
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Term
| GASB requires realized and unrealized g/l to be reported as |
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Definition
| a single amount (changes in fv of investments) |
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Term
| GASB: Changes in fv or investments: |
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Definition
| 1.reported as a component of investment income(not as a separate amt on the f/s) 2. Optional: can be disclosed in the notes |
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Term
| To record each funds proportionate share of the investment income |
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Definition
| (DB)undistributed earnings on pooled investments (CR) Due to (fund name) (CR) Additions-investment earnings: (external participant) |
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Term
| To record each fund's proportionate share of the realized/unrealized gain (if a loss, then DB and CR reversed) |
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Definition
| (DB)undistributed change in fv of pooled investments (CR) Due to(fund name) (CR)Additions-change in fv of investments: (external participant) |
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Term
| To record withdrawal of fund's and external participant's share of pooled cash and investments (revalue all investments before making distribution) |
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Definition
| (DB)Due to (fund name) (DB)Deductions-withdrawals from pooled funds(external participant (CR)cash |
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Term
| Public purpose trust funds (governmental) |
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Definition
| 1.nonexpendable: permanent funds 2.expendable: special revenue funds |
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Term
| Private purpose trust funds: Expendable: Can spend |
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Definition
| both corpus(principal) and income from trust assets |
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Term
| Expendable private purpose trust funds accounting is similar to that of |
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Definition
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Term
| Expendable private purpose trust funds may or may not require a |
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Definition
| legal budget: 1.est.revenues; appropriations; fund balance(old) 2. encumbrances; reserve for encumbrances |
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Term
| Nonexpendable(endowment) can spend income from |
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Definition
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Term
| Nonexpendable(endowment) The corpus can not |
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Definition
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Term
| Nonexpendable (endowment) read the trust instrument to determine |
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Definition
| what is allowed, unallowed. |
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Term
| Nonexpendable private purpose trust funds |
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Definition
| accrual base, accounting is similar to that of proprietary funs (internal service, enterprise) no legal budget requirement(no budgetary accounts) |
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Term
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Definition
| nonexpendable trust funds |
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Term
| Key issues with private purpose trust funds |
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Definition
| which transactions affect trust income, which tx affect trust corpus, measurement of income, realized, unrealized g/l on trust assets: include or exclude from computation of distributable income, depreciation (asset replacement issues) |
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Term
| Private purpose trust funds: record assets received |
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Definition
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Term
| Bonds maturing more than one year from receipt |
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Definition
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Term
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Definition
| of discount premium allowed |
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Term
| Private purpose trust funds: operating transfers; |
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Definition
| make as provided in the trust instrument |
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Term
| Adjust investments to fmv at the end of each period |
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Definition
| either directly adjust the investment account or use an investments: allowance for changes in fair value account |
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Term
| Private purpose trust funds: closing entries |
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Definition
| close out income type items, transfers out: to net assets |
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Term
| Pension accounting: types of plans(discuss, describe) |
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Definition
| 1.Defined contribution plan-put x%, can draw out what you put in + int. 2. Defined benefit plans-i.e.5000/month til death |
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Term
| Pension accounting: know which side of the tx you are trying to record |
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Definition
| 1.employer books 2.pension plan's books |
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Term
| Pension accounting: understand whether: |
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Definition
| 1. a single employer plan 2. a group of plans such as a public employee retirement systems (PERS) |
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Term
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Definition
| Defined benefit pension plans |
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Term
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Definition
| Postemployment healthcare plans administered by defined benefit pension plans |
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Term
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Definition
| Postemployment healthcare plans administered by the sponsor/employer |
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Term
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Definition
| Pension plans required to be reported in the fiduciary fund stmt of the sponsoring govnt |
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Term
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Definition
| ASsets and income from the assets of new and existing plans must be held in trust for employees |
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Term
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Definition
| plans must be reported as an expendable trust fund (not as an agency fund) |
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Term
| Most plan assets are reported at |
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Definition
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Term
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Definition
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Term
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Definition
| FMV based on independent appraisal |
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Term
| Depreciable assets held fro use by the PERS: |
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Definition
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Term
| Defined benefit plan reporting requirements: |
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Definition
| 1.Stmt of plan net assets 2.Stmt of changes in plan net assets 3. Schedule of funding progress 4. Schedule of employer contributions 5. disclosures |
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Term
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Definition
| not classified re current, long term (assets; liab.; net assets held in trust) |
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Term
| Stmt of changes in plan net assets |
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Definition
| additions; deductions; net incr (decr); net assets:B; Net assets:E |
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Term
| Schedule of funding progress: infomration provided for each plan(current year plus last year) |
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Definition
| 1. Actuarial value of assets 2. Actuarial acc'd liab. (AAL) 3. unfunded actuarial accr'd liab (UAAL) 4. funded ratio 5. covered payroll 6.UAAL as a % of covered payroll |
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Term
| Schedule of employer contributions (currenty yr plus last yr) |
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Definition
| 1.Annual required contribution 2.Percentage contributed 3. Separate columns for each plan |
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Term
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Definition
| 1.plan description 2.summary of significant policies 3. description of contributions and reserves 4.description of long-term contracts 5. balances of legally required reserves 6. actuarial methods, assumptions, 7. changes in benefit provisions |
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Term
| Annual required contribution |
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Definition
| Actuarial pv of total projected benefits (allowing for changes in pay rates, colas, etc.) |
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Term
| Six different actuarial methods allowed |
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Definition
| annual required contributions |
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