What Is Included In Governmental Funds? The governmental fund category includes the general fund, special revenue funds, capital projects funds, debt service funds and permanent funds. Which financial statement must be presented for governmental funds? Required governmental fund statements are a balance sheet and a statement of revenues, expenditures, and changes in fund balances. Required
What Is An Unrestricted Fund Balance? Unrestricted fund balance is the portion of that total fund balance that is not restricted in these ways. These designations are governed by rules adopted by the Governmental Accounting Standards Board (GASB). What is unrestricted fund? Unrestricted funds are grants or donations nonprofits get to spend any way they
Is Net Position The Same As Fund Balance? Fund balance and net position are the difference between fund assets plus deferred outflows of resources and liabilities plus deferred inflows of resources reflected on the balance sheet or statement of net position. Is Net Position same as net assets? The nonprofit’s statement of financial position refers
Is The Basis Of Accounting For Preparing Governmental Fund Financial Statements? a. Financial statements for governmental funds should be presented using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues should be recognized in the accounting period in which they become available and measurable. What financial statements are required for