City of Rocky Basin

Private$-$Purpose Trust Fund

College Scholarship Fund

Statement of Changes

in Fiduciary Net Position

For the Year Ended December $31,2022$

Additions: $1.$ A prominent citizen funds the trust for the College Scholarship Fund with $$4,500,000$ from her estate

based on the provisions of her will. The City of Rocky Basin controls the trust assets. The terms of the will

require the trust to maintain the principal intact; investment income is to be used to provide college scholarships

for deserving graduates of Rocky Basin High School, which is independent from the City of Rocky Basin.

$2.$ The entire gift is invested in certificates of deposit $($CDs$).$

$3.$ Interest income of $$225,000$ was received in cash.

$4.$ That $$225,000$ was reinvested in short$-$term CDs$.$

$5.$ The short$-$term CDs matured, yielding interest income of $$2,250.$

$6.$ Interest income of $$252,000$ was received in cash.

$7.$ Scholarships totaling $$146,250$ were paid to eligible students based on the provisions of the will that

established the trust.

$8.$ Interest income of $$5,175$ was accrued at the end of $2022.$

$9.$ The General Fund charged the Scholarship Fund $$6,750$ : $$4,500$ for investment costs and

$$2,250$ in accounting costs for the fund. The amounts were unpaid at fiscal year$-$end.

PLEASE COMPLETE THE STATEMENT OF NET CHANGES BASED ON THE ATTACHED PHOTO. NO JOURNAL ENTRIES NECESSARY.