Mantee County administers a pension fund and a post retirement benefits fund for some of its workers, an investment trust fund for itself and three other governments, a private-purpose trust fund to award low-income scholarships for students in the tri-county area (the fund has an endowment of $2 million), and a tax custodial fund for itself and four other governments.

Required
This is the first time Mantee County has prepared its operating statement for the fiduciary funds under the GASBS 84 requirements. However, it does not appear to be in conformance with the new standard. Identify the errors in the statement and explain how the errors can be corrected.

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MANTEE COUNTY Statement of Revenues, Expenses, and Changes in Fiduciary Net Position For the Year Ended Custodial Funds and County Total Pension Other Share of Trust Trust Trust Funds Investment Funds Funds Pool Additlons Contributions: $ 235,254 $ 235,254 Employer 41,303 Members 41,303 Participants 4,920 4,920 $2,227,842 Tax collections Investment Earnings: 153,305 Interest & dividends 34,920 118,385 1,874 Unrealized gains 2,027 2,027 Total additions 313,504 123,305 436,809 2,229,716 Deductions Benefits paid to individuals 206,716 206,716 Distributions to shareholders 36,806 Payments to beneficiaries 80,000 80,000 Payments of taxes to participants 2,167,003 1,961 Administrative expenses 3,473 210,189 5,434 2,900 292,150 Total deductions 81,961 2,206,709 Net increase (decrease) in fiduciary 103,315 41,344 144,659 23,007 net position Net position beginning Net position ending 3,595,824 876,928 $ 899,935 2,172,036 $2,275,351 5,767,860 $5,912,519 $3,637,168