Funds in this broad group are classified into four fund types: These funds are used to account for assets held in a trustee capacity for others or as a custodian/agent for individuals, private organizations, and other governments, and cannot be used to support the government’s own programs. Internal Service Funds : Used to report any activity that provides goods or services to other funds, agencies/departments, or agencies of the primary government and its component units, or other governments, on a cost-reimbursement basis.There is a pricing policy that fees and charges be set to recover costs, including capital costs (depreciation or debt service).Laws and regulations require that fees and charges be set to recover costs, including capital costs (depreciation or debt service) or.The activity is financed with debt that is backed solely by fees and charges.Activities are required to be reported as enterprise funds if any one of the following criteria is met: Enterprise Funds: Used to report any activity for which a fee is charged to external users for goods or services.Funds in this group are classified into two fund types:
These funds are used to account for activities that receive significant support from fees and charges. Permanent Funds: Used to account for and report resources that are legally restricted to the extent that only earnings, and not principal, may be used to support the reporting government’s programs, that is, for the benefit of the government or its citizens.Debt service funds should also report financial resources being accumulated for principal and interest maturing in future years (other than those financed by proprietary and fiduciary funds). Debt Service Funds: Used to account for and report financial resources that are restricted, committed, or assigned to expenditures for principal and interest.Capital Project Funds: Used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets (other than those financed by proprietary and fiduciary funds).Special Revenue Funds: Used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects.It is used to account for all financial resources not accounted for and reported in another fund. General Fund: This is the main operating fund of the state.Funds in this group are classified into one of the following five fund types: The focus of governmental funds is current financial resources. These funds are used to record and report the normal resources and costs of day-to-day activities in providing governmental type services. The GAAP classification assigned to a fund impacts how the fund is displayed in the state comprehensive annual financial report. The generally accepted accounting principles (GAAP) basis classification divides funds into three broad fund categories: Governmental, Proprietary, and Fiduciary. Office of Business and Acquisition Services Site Search Search this site: Search Clear Search View All CloseĬalifornia Commission on Disability Access
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