Identification of Fiduciary Funds. Following is a list of fund names and descriptions of funds from comprehensive annual financial reports (CAFRs).
Required
For each fund, indicate which type of fund should be used to account for the activities and explain why that fund is most appropriate.
a. Tri-Centennial Fund. Accounts for money raised or contributed by several local area governments and other organizations. The purpose is to ensure availability of resources to celebrate the United States Tri-Centennial in 2076.
b. Perpetual Care Fund. Accounts for endowed gifts and investment earnings dedicated to perpetual care of the city’s cemeteries.
c. Debt Service Trust Fund. The city collects special assessments from citizens in designated special benefit districts that are intended for debt service on bonds issued for projects within the district. The city bears no responsibility for this debt.
d. School Impact Fee Fund. The city collects school impact fees as part of the cost of building permits issued. Money must be remitted periodically to the local school district, a legally separate government that is not a component unit of the city.
e. Housing Rehabilitation Fund, Accounts for several revolving funds that provide low interest loans for housing. The collection of the loans is used to run the program and make new loans to qualified citizens. Several government sources provided the start-up funds.
f. Pay roll Fund. The city has established a fund in which all payroll deductions are reported.
g. Telephone Commissions Fund. The city collects commissions on pay telephones used by jail inmates. The funds are used to provide inmates such benefits as library resources and fitness equipment.
h. Block Grant Fund. The state receives federal funds for the homeless which it passes through to local not-for-profit organizations. The only responsibility the state has is to contribute an additional amount of funds (match) to the federal grant.
i. Health Benefits Fund. The county has agreed to pay a portion of the health insurance premiums for employees when they retire. Contributions for the benefit are paid into this fund.
j. Unclaimed Property Fund. The state has established a fund to account for abandoned and unclaimed property. The property is held in the fund for 10 years. If a legal claimant to the property is not found within the 10-year time period, the property reverts to the state.