PRIVATE-PURPOSE TRUST FUNDS
7-4.IN DETERMINING THE APPROPRIATE FUND TO RECORD THE TRUST, IT IS IMPORTANT TO DETERMINE: (1) WHETHER THE TRUST BENEFITS THE GOVERNMENT OR ITS CITIZENRY OR (2) ALTERNATIVELY WHETHER THE TRUST BENEFITS INDIVIDUALS, PRIVATE ORGANIZATIONS OR OTHER GOVERNEMNTS
(1) IF THE TRUST BENEFITS INDIVIDUALS, PRIVATE ORGANIZATIONS OR OTHER GOVERNMENTS, IT SHOULD BE REPORTED IN THE PRIVATE-PURPOSE TRUST FUND, A FIDUCIARY TYPE FUND.
(2) IF THE TRUST BENEFITS THE GOVERNMENT OR ITS CITIZENRY, IT IS IMPORTANT TO DETERMINE WHETHER THE TRUST PRINCIPAL (A)MUST BE MAINTAINED OR (B) IF IT CAN BE EXPENDED FOR PURPOSES SUPPORTED BY THE TRUST.
a. IF THE TRUST PRINCIPAL MUST BE MAINTAINED, THE TRUST SHOULD BE REPORTED IN A PERMANENT FUND.
b. IF THERE IS NO REQUIREMENT TO MAINTAIN THE PRINCIPAL, IT SHOULD BE REPORTED IN A SPECIAL REVENUE FUND.
Chapter 07 – Fiduciary (Trust) Funds 7-4
A
D
ALGONQUIN SCHOOL DISTRICT
SCHOLARSHIPTRUST
D
Chapter 07 – Fiduciary (Trust) Funds 7-5
7-5
FUND
JOURNAL
YEAR2014
GENERAL
FISCAL
EBITS CREDITS
DDITIONS-INVESTMENT EARNINGS-INTEREST
EDUCTIONS-INVESTMENT
ARNINGS
NCREASE IN
ALUE OF
NVESTMENTS
ET ASSETS HELD IN TRUST FOR SCHOLARSHIPS DEDUCTIONS-ADMINISTRATIVE EXPENSES DEDUCTIONS-DISTRIBUTIONS OF SCHOLARSHIPS 73,400 3,000 1,600 6,000 72,000
FUND
YEARENDED JUNE 30, 2014 ADDITIONS: INVESTMENT EARNINGS: INTEREST INCOME NET INCREASE IN FAIR VALUE OF INVESTMENTS TOTAL ADDITIONS $73,400 3,000 76,400 DEDUCTIONS: ADMINISTRATIVE EXPENSES DISTRIBUTION OF SCHOLARSHIPSNPROFIT ORGANIZATIONS TOTAL DEDUCTIONS 6,000 72,000 78,000 CHANGE IN NET ASSETS (1,600) NET ASSETS-BEGINNING 1,253,600 NET ASSETS-ENDING $1,252,000
E
-NET I
FAIR V
I
N
ALGONQUIN SCHOOL DISTRICT SCHOLARSHIPTRUST
FORTHE
Chapter 07 – Fiduciary (Trust) Funds 7-6 7-6(A). CITY OFBELVEDERE COMMUNITYTRUST FUND GENERAL JOURNAL JULY1,2013-JUNE 30,2014 DEBITS CREDITS 1. CASH ADDITIONS-CONTRIBUTIONS 3,000,000 3,000,000 2. INVESTMENT IN XYZCOMPANY BONDS ACCRUED INTEREST RECEIVABLE CASH 2,000,000 25,000 2,025,000 3. INVESTMENT IN ABC COMPANY STOCK CASH 950,000 950,000 4. CASH ACCRUED INTEREST RECEIVABLE ADDITIONS-INVESTMENT EARNINGS-INTEREST 50,000 25,000 25,000 5. CASH ADDITIONS-INVESTMENT EARNINGS-DIVIDENDS 30,000 30,000 6. CASH INVESTMENT IN ABC COMPANY STOCK ADDITIONS-INVESTMENT EARNINGS-NET INCREASE IN FAIR VALUE OF INVESTMENTS 960,000 950,000 10,000 INVESTMENT IN DEFCOMPANY STOCK CASH 965,000 965,000 7. CASH ADDITIONS-INVESTMENT EARNINGS-INTEREST 50,000 50,000 8. DEDUCTIONS-DISTRIBUTION TO COMMUNITY NONPROFIT ORGANIZATIONS CASH 121,500 121,500 9. DEDUCTIONS-ADMINISTRATIVE EXPENSES CASH 5,000 5,000 10. ACCRUED INTEREST RECEIVABLE ADDITIONS-INVESTMENT EARNINGS-INTEREST 25,000 25,000 11. INVESTMENT IN XYZCOMPANY BONDS ADDITIONS-INVESTMENT EARNINGS-NET DECREASE IN FAIR VALUE OF INVESTMENTS INVESTMENT IN DEF COMPANY STOCK 2,000 3,000 5,000
7-6
(A)(C
ONTINUED
).
12. ADDITIONS-CONTRIBUTIONS
ADDITIONS-INVESTMENT EARNINGS-INTEREST
ADDITIONS-INVESTMENT EARNINGS-DIVIDENDS
ADDITIONS-INVESTMENT EARNINGS-NET
INCREASE IN FAIR VALUE OF INVESTMENTS
DEDUCTIONS-ADMINISTRATIVE EXPENSES
DEDUCTIONS-DISTRIBUTIONS TO NONPROFIT
ORGANIZATIONS
NET ASSETS HELD IN TRUST FOR COMMUNITY NONPROFIT ORGANIZATIONS
7-6(B)(1).
CITYOFBELVEDERE
DEBITS CREDITS
STATEMENT OFCHANGES INFIDUCIARYNET ASSETS
COMMUNITY TRUST FUND
FORTHE
DIVIDEND INCOME
Chapter 07 – Fiduciary (Trust) Funds 7-7
3,000,000 100,000 30,000 7,000 5,000 121,500 3,010,500
YEARENDED JUNE 30, 2014 ADDITIONS: CONTRIBUTIONS INVESTMENT EARNINGS: INTEREST INCOME
TOTAL INVESTMENT EARNINGS TOTAL ADDITIONS $100,000 30,000 7,000 $3,000,000 137,000 3,137,000
EDUCTIONS
ISTRIBUTION
COMMUNITY NONPROFIT
RGANIZATIONS TOTAL DEDUCTIONS 5,000 121,500 126,500 CHANGE IN NET ASSETS 3,010,500 NET ASSETS-BEGINNING 0 NET ASSETS-ENDING $3,010,500
NET INCREASE IN FAIR VALUE OF INVESTMENTS
D
: ADMINISTRATIVE EXPENSES D
TO
O
Chapter 07 – Fiduciary (Trust) Funds 7-8 7-6(B)(2). CITY OFBELVEDERE STATEMENT OFFIDUCIARYNET ASSETS COMMUNITYTRUST FUND AS OFJUNE 30,2014 ASSETS: CASH ACCRUED INTEREST RECEIVABLE $23,500 25,000 INVESTMENTS, AT FAIR VALUE: XYZCOMPANY BONDS DEFCOMPANY STOCK TOTAL INVESTMENTS TOTAL ASSETS $2,002,000 960,000 2,962,000 $3,010,500 LIABILITIES: NET ASSETS: HELD IN TRUST FOR DISTRIBUTION TO COMMUNITY NONPROFIT ORGANIZATIONS 0 $3,010,500
7-7(A).
Chapter 07 – Fiduciary (Trust) Funds 7-9
MORGANCOUNTY SCHOOL DISTRICT CIVICSCHOLARSHIP FUND GENERAL JOURNAL JULY1, 2013-JUNE 30,2014 DEBITS CREDITS 1. CASH ADDITIONS-CONTRIBUTIONS 30,000 30,000 INVESTMENTS CASH 30,000 30,000 2. CASH ADDITIONS-INVESTMENT EARNINGS-INTEREST INVESTMENTS 4,250 1,250 3,000 3. DEDUCTIONS-SCHOLARSHIP AWARDS CASH 4,250 4,250 4. ADDITIONS-CONTRIBUTIONS ADDITIONS-INVESTMENT EARNINGS-INTEREST DEDUCTIONS-SCHOLARSHIP AWARDS NET ASSETS HELD IN TRUST FOR SCHOLARSHIP AWARDS 30,000 1,250 4,250 27,000
MORGANCOUNTY SCHOOL DISTRICT STATEMENT OFCHANGES INFIDUCIARYNET ASSETS CIVICSCHOLARSHIP FUND FORTHE YEARENDED JUNE 30, 2014 ADDITIONS: CONTRIBUTIONS INVESTMENT INCOME: INTEREST TOTAL ADDITIONS $30,000 1,250 31,250 DEDUCTIONS: SCHOLARSHIP AWARDS 4,250 CHANGE IN NET ASSETS 27,000 NET ASSETS-BEGINNING 0 NET ASSETS-ENDING $27,000
(B).
INVESTMENT TRUST FUNDS
7-8.
(A). INVESTMENT TRUST FUNDS ARE AN APPROPRIATE CLASSIFICATION FOR GOVERNMENTS THAT ADMINISTER MULTIGOVERNMENT EXTERNAL INVESTMENT POOLS
(B). THE PORTION THAT SHOULD BE INCLUDED IS THE EXTERNAL PORTION; THE FUNDS THAT BELONG TO THE SPONSORING GOVERNMENT SHOULD NOT BE REPORTED IN THE INVESTMENT TRUST FUNDS BUT IN THE FUNDS THAT PROVIDE THE INVESTMENTS.
FOR EXAMPLE, ASSUME A COUNTY MAINTAINS AN INVESTMENT POOL FOR ITSELF (THE COUNTY GENERAL FUND), A CITY, AND A SCHOOL DISTRICT ONLY THE PORTION OF THE INVESTMENT POOL PROVIDED BY THE CITY AND SCHOOL DISTRICT WOULD BE REPORTED IN THE FIDUCIARY FUND, INVESTMENT TRUST FUND THE PORTION PROVIDED BY THE GENERAL FUND WOULD BE REPORTED AS INVESTMENTS IN THE GENERAL FUND.
(C). INVESTMENTS ARE TO BE REPORTED AT FAIR VALUE, WHEN DETERMINABLE.
(D). BOTH REALIZED AND UNREALIZED GAINS AND LOSSES ARE TO BE REPORTED IN ONE LINE ITEM IN THE STATEMENTS; IT IS NOT PERMISSABLE TO REPORT REALIZED AND UNREALIZED GAINS AND LOSSES SEPARATELY.A GOVERNMENT MAY CHOOSE TO DISCLOSE THE REALIZED GAINS OR LOSSES IN THE NOTES.
(E). INVESTMENT TRUST FUNDS ARE CONSIDERED FIDUCIARY FUNDS AND ARE REPORTED IN THE STATEMENT OF FIDUCIARY NET ASSETS AND THE STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS. AS IS THE CASE WITH OTHER FIDUCIARY FUNDS, INVESTMENT TRUST FUNDS ARE NOT INCLUDED IN THE GOVERNMENT-WIDE STATEMENTS
7-9
BAIRDCOUNTY INVESTMENT TRUST FUND GENERAL JOURNAL FISCAL YEAR2014
ADDITIONS-DEPOSITS FROM SCHOOL BOARD
ADDITIONS –DEPOSITS FROM TOWN OF BAIRDVILLE
ADDITIONS-INVESTMENT EARNINGS-INTEREST
ADDITIONS -INVESTMENT EARNINGS-NET DECREASE IN FAIR VALUE OF INVESTMENTS
NET ASSETS HELD IN TRUST FOR SCHOOL DISTRICT
DEBITS CREDITS
Chapter 07 – Fiduciary (Trust) Funds 7-10
SSETS
ELD
220,000 110,000 66,000 14,000 254,667 127,333
NET A
H
IN TRUST FOR TOWN OF BAIRDSVILLE
ADDITIONS: INVESTMENT EARNINGS: INTEREST INCOME
FORTHE YEARENDED JUNE 30, 2014
INVESTMENTS
DEPOSITS FROM OTHER GOVERNMENTS:
EPOSITS FROM SCHOOL DISTRICT
FROM TOWN OF BAIRDSVILLE
PENSION TRUST FUNDS
7-10. THE REQUIRED STATEMENTS FOR A PENSION TRUST FUND ARE (A)STATEMENT OF PLAN NET ASSETS AND (B)STATEMENT OF CHANGES IN PLAN NET ASSETS.
THE REQUIRED SCHEDULES ARE (A)SCHEDULE OF FUNDING PROGRESS AND (B) SCHEDULE OF EMPLOYER CONTRIBUTIONS.
Chapter 07 – Fiduciary (Trust) Funds 7-11
7-9CONTINUED
BAIRDCOUNTY INVESTMENT TRUST FUND
NET DECREASE IN FAIR VALUE OF
TOTAL EARNINGS
D
T
TOTAL ADDITIONS $66,000 (14,000) 220,000 110,000 52,000 330,000 382,000 DEDUCTIONS: TOTAL DEDUCTIONS 0 CHANGE IN NET ASSETS 382,000 NET ASSETS-BEGINNING 1,500,000 NET ASSETS-ENDING $1,882,000
DEPOSITS
OTAL DEPOSITS
7-11.
A.1. ADEFINED CONTRIBUTION PLAN IS A PENSION PLAN IN WHICH THE BENEFITS ARE LIMITED TO THE CONTRIBUTIONS MADE BY EMPLOYERS AND EMPLOYEES PLUS INVESTMENT INCOME NO CERTAIN AMOUNT OF BENEFITS ARE GUARANTEED; THE AMOUNT OF PAYMENTS IS DETERMINED BY CONTRIBUTIONS AND THE INVESTMENT PERFORMANCE OF ACCUMULATED FUNDS AS A RESULT, DEFINED CONTRIBUTION PLANS DO NOT HAVE UNFUNDED LIABILITIES.EMPLOYER REPORTING IS MUCH SIMPLER, AS THERE IS NO NEED FOR ACTUARIAL CALCULATIONS.
A.2. ADEFINED BENEFIT PLAN, ON THE OTHER HAND, IS A PLAN THAT IS REQUIRED TO PAY A CERTAIN SUM, NORMALLY BASED ON AVERAGE EARNINGS AND LENGTH OF SERVICE FOR EXAMPLE, A PLAN MAY PAY TWO PER CENT OF EARNINGS TIMES THE AVERAGE OF THE HIGHEST FOUR CONSECUTIVE YEARS, TIMES THE NUMBER OF YEARS' SERVICE THIS PAYMENT IS DUE, REGARDLESS OF THE AMOUNT AVAILABLE IN THE PENSION PLAN. AS A RESULT, IT IS NECESSARY TO USE ACTUARIAL METHODS TO DETERMINE IF A DEFINED BENEFIT PLAN HAS AN UNFUNDED ACTUARIAL LIABILITY.DEFINED BENEFIT PLANS REQUIRE MORE DISCLOSURE IN FINANCIAL REPORTS THAN DO DEFINED CONTRIBUTION PLANS
B.1. AN AGENT MULTIEMPLOYER RETIREMENT PLAN IS A PLAN IN WHICH SEPARATE ACCOUNTS ARE KEPT FOR EACH EMPLOYER. REQUIRED AND ACTUAL CONTRIBUTIONS BY EMPLOYERS WOULD BE RECORDED OVER THE YEARS.AS A RESULT, IT IS POSSIBLE TO COMPUTE THE ACTUARIAL STATUS OF EACH INDIVIDUAL EMPLOYER.
B.2. ACOST-SHARING MULTIEMPLOYER RETIREMENT PLAN IS A PLAN IN WHICH SEPARATE ACCOUNTS ARE NOT KEPT FOR EACH EMPLOYER.AS A RESULT, IT IS NOT POSSIBLE TO COMPUTE A SEPARATE BALANCE FOR EACH EMPLOYER, DEPENDING UPON THE AMOUNTS CONTRIBUTED. ACCORDINGLY, THE PLAN IS TREATED AS STATE-WIDE, WITH EACH EMPLOYER REQUIRED TO CONTRIBUTE AT A CERTAIN RATE IN ORDER TO MAINTAIN SUFFICIENT FUNDS TO PAY BENEFITS WHEN DUE.
C.1. THE ANNUAL REQUIRED CONTRIBUTION (ARC) IS COMPUTED FOR DEFINED BENEFIT PENSION PLANS.THIS IS THE ACTUARIALLY DETERMINED FIGURE THAT INCLUDES THE NORMAL COST (THE PRESENT VALUE OF FUTURE PAYMENTS BASED ON SALARIES EARNED THIS YEAR) PLUS AN AMOUNT TO AMORTIZE THE UNFUNDED ACTUARIAL LIABILITY.
C.2. THE NET PENSION OBLIGATION (NPO) IS THE CUMULATIVE DIFFERENCE BETWEEN THE EMPLOYERS ACTUARIALLY REQUIRED CONTRIBUTIONS AND THE CONTRIBUTIONS ACTUALLY MADE.THE NPO WILL BE RECORDED AS A LIABILITY IN THE GOVERNMENTWIDE STATEMENTS
Chapter 07 – Fiduciary (Trust) Funds 7-12
7-11CONTINUED
D.1. AGENT MULTIEMPLOYER PLANS WOULD REPORT EXPENDITURES OR EXPENSES (DEPENDING ON THE BASIS OF ACCOUNTING) BASED ON AN ACTUARIAL CALCULATION PREPARED SOLELY FOR THAT EMPLOYER
D.2. COST SHARING MULTI-EMPLOYER PLANS WOULD REPORT EXPENDITURES OR EXPENSES BASED ON ACTUARIAL CALCULATIONS PREPARED ON A STATE-WIDE BASIS, RATHER THAN FOR INDIVIDUAL EMPLOYERS.
E.1. PENSION EXPENDITURES FOR GENERAL GOVERNMENT EMPLOYEES WOULD BE REPORTED FOR THE YEAR IN THE GENERAL OR ANOTHER GOVERNMENTAL FUND THE AMOUNT WOULD BE LIMITED TO THE AMOUNT THAT WILL BE PAID WITH AVAILABLE FINANCIAL RESOURCES THE DIFFERENCE BETWEEN THE ANNUAL PENSION COST AND THE AMOUNT RECOGNIZED AS EXPENDITURE WOULD BE ADDED TO THE NPO.
E.2. PENSION EXPENSES FOR PROPRIETARY FUNDS WOULD BE REPORTED AS FUND EXPENSES.
THE NPO IS RECORDED AS A FUND LIABILITY.
7-12.
A. IF THE GOVERNMENT IS TRUSTEE OF THE PENSION PLAN, IT IS REQUIRED TO REPORT THE PLAN AS A FIDUCIARY FUND IN ITS FUND FINANCIAL STATEMENTS.AS A RESULT, IT S INCLUDED IN THE STATEMENT OF FIDUCIARY NET ASSETS AND THE STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS. PENSION TRUST AND OTHER FIDUCIARY FUNDS ARE NOT INCLUDED IN THE GOVERNMENT-WIDE FINANCIAL STATEMENTS
IN ADDITION TO THE TWO STATEMENTS, TWO REQUIRED SUPPLEMENTARY INFORMATION (RSI) SCHEDULES ARE REQUIRED: A SCHEDULE OF FUNDING PROGRESS AND A SCHEDULE OF EMPLOYER CONTRIBUTIONS
B. THE STATEWIDE PLAN IS NOT INCLUDED IN THE STATEMENTS OF THE LOCAL GOVERNMENT SINCE THE LOCAL GOVERNMENTAL UNIT IS NOT TRUSTEE FOR THE PLAN
IT IS NECESSARY FOR THE LOCAL GOVERNMENT TO MEET THE EMPLOYER REPORTING STANDARDS OF GASB, HOWEVER AS A RESULT, EXPENDITURES AND EXPENSES WILL BE REPORTED BY THE GOVERNMENTAL AND PROPRIETARY FUNDS CONTRIBUTING TO THE PLAN. IF A GOVERNMENT HAS A NET PENSION OBLIGATION (NPO), THAT AMOUNT WOULD BE REPORTED AS A LIABILITY IN THE GOVERNMENT-WIDE STATEMENTS.THE GOVERNMENT-WIDE STATEMENTS WILL INCLUDE EXPENSES UNDER THE GOVERNMENTAL AND BUSINESS-TYPE ACTIVITIES, AS APPROPRIATE NOTE DISCLOSURES ARE REQUIRED, AS OUTLINED IN THIS CHAPTER AND ARE MORE EXTENSIVE FOR AGENT MULTIEMPLOYER PLANS THAN FOR COST-SHARING MULTIEMPLOYER PLANS
Chapter 07 – Fiduciary (Trust) Funds 7-13
7-13(A). CITY OFSWEETWATER
RETIREMENT FUND
Chapter 07 – Fiduciary (Trust) Funds 7-14
EMPLOYEES'
GENERAL JOURNAL FYENDED 6/30/2014 DEBITS CREDITS 1. CASH ACCRUED INTEREST RECEIVABLE 60,000 60,000 2. CASH ADDITIONS-CONTRIBUTIONS-PLAN MEMBERS ADDITIONS-CONTRIBUTIONS-EMPLOYER 1,000,000 250,000 750,000 3. DEDUCTIONS-ANNUITY BENEFITS DEDUCTIONS-DISABILITY BENEFITS ACCOUNTS PAYABLE AND ACCRUED EXPENSES 700,000 150,000 850,000 4. ACCOUNTS PAYABLE AND ACCRUED EXPENSES CASH 900,000 900,000 5. CASH ACCRUED INTEREST RECEIVABLE ADDITIONS-INVESTMENT EARNINGS-INTEREST ADDITIONS-INVESTMENT EARNINGS-DIVIDENDS 280,000 50,000 290,000 40,000 6. DEDUCTIONS-REFUNDS TO TERMINATED EMPLOYEES CASH 130,000 130,000 7. CASH ADDITIONS-INVESTMENT EARNINGS-NET DECREASE IN FAIR VALUE OF INVESTMENTS INVESTMENTS IN COMMON STOCKS 480,000 20,000 500,000 INVESTMENTS IN COMMON STOCKS CASH 780,000 780,000 8. INVESTMENTS IN BONDS ADDITIONS-INVESTMENT EARNINGS-NET DECREASE IN FAIR VALUE OF INVESTMENTS INVESTMENTS IN COMMON STOCK 35,000 15,000 50,000
7-13(A) CONTINUED
9. ADDITIONS-CONTRIBUTIONS-PLAN MEMBERS
ADDITIONS-CONTRIBUTIONS-EMPLOYER
ADDITIONS-INVESTMENT EARNINGS-INTEREST
ADDITIONS-INVESTMENT EARNINGS-DIVIDENDS
ADDITIONS-INVESTMENT EARNINGS-NET DECREASE
FAIR VALUE OF INVESTMENTS
DEDUCTIONS-ANNUITY BENEFITS
DEDUCTIONS-DISABILITY BENEFITS
DEDUCTIONS-REFUNDS TO TERMINATED EMPLOYEES
CITY OFSWEETWATER EMPLOYEES' RETIREMENT FUND STATEMENT OFCHANGES INPLANNETASSETS FORTHE YEARENDED JUNE 30, 2014
Chapter 07 – Fiduciary (Trust) Funds 7-15
IN
NET ASSETS HELD IN T
BENEFITS 250,000 750,000 290,000 40,000 35,000 700,000 150,000 130,000 315,000 7-13(B).
ADDITIONS
C
: EMPLOYER MEMBER TOTAL CONTRIBUTIONS $750,000 250,000 1,000,000 INVESTMENT INCOME: INTEREST DIVIDENDS NET DECREASE IN FAIR V
OF
TOTAL INVESTMENT INCOME TOTAL ADDITIONS $290,000 40,000 (35,000) 295,000 1,295,000 DEDUCTIONS: ANNUITY BENEFITS DISABILITY BENEFITS REFUNDS TO TERMINATED
MPLOYEES TOTAL DEDUCTIONS 700,000 150,000 130,000 980,000 NET INCREASE 315,000 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS: BEGINNING OF YEAR END OF YEAR 5,635,000 $5,950,000
RUST FOR PENSION
:
ONTRIBUTIONS
ALUE
INVESTMENTS
E
Chapter 07 – Fiduciary (Trust) Funds 7-16
OFJUNE 30,2014 ASSETS: CASH ACCRUED INTEREST RECEIVABLE INVESTMENTS, AT FAIR VALUE: BONDS STOCKS TOTAL ASSETS $ 135,000 50,000 4,535,000 1,530,000 6,250,000 LIABILITIES: ACCOUNTS PAYABLE AND ACCRUED EXPENSES 300,000 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS $5,950,000
7-13(C). CITY OFSWEETWATER EMPLOYEES' RETIREMENT FUND STATEMENT OFNETASSETS AS
7-14(1).
ALGER COUNTYSCHOOL DISTRICT EMPLOYEE HEALTHBENEFIT PLAN GENERAL LEDGER
D
ADDITIONS-CONTRIBUTIONS – EMPLOYER
ADDITIONS-CONTRIBUTIONS – EMPLOYEE
ADDITIONS-INVESTMENT EARNINGS-INTEREST
ADDITIONS-INVESTMENT EARNINGS-DIVIDENDS
ADDITIONS-INVESTMENT EARNINGS-NET
INCREASE IN FAIR VALUE OF INVESTMENTS
DEDUCTIONS-ADMINISTRATIVE EXPENSES
DEDUCTIONS-BENEFITS PAID TO RETIREES
NET ASSETS HELD IN TRUST FOR EMPLOYEE
ALGERCOUNTYSCHOOL DISTRICT EMPLOYEE HEALTHBENEFIT PLAN STATEMENT OFCHANGES INPLANNETASSETS FORTHE YEARENDED JUNE 30, 2014
Chapter 07 – Fiduciary (Trust) Funds 7-17
EBITS CREDITS
POSTEMPLOYMENT HEALTHCARE 659,000 355,000 127,300 75,000 328,000 22,300 523,000 999,000 7-14
(2).
ADDITIONS
CONTRIBUTIONS
EMPLOYEE EMPLOYEE TOTAL CONTRIBUTIONS $659,000 355,000 1,014,000 INVESTMENT INCOME: INTEREST DIVIDENDS NET INCREASE IN FAIR VALUE OF INVESTMENTS TOTAL INVESTMENT INCOME TOTAL ADDITIONS $127,300 75,000 328,000 530,300 1,544,300 DEDUCTIONS: HEALTHCARE BENEFITS ADMINISTRATIVE EXPENSE TOTAL DEDUCTIONS 523,000 22,300 545,300 NET INCREASE 999,000 NET ASSETS HELD IN TRUST FOR
MPLOYEE POSTEMPLOYMENT HEALTHCARE: BEGINNING OF YEAR END OF YEAR 3,454,200 $4,453,200
:
:
E
Chapter 07 – Fiduciary (Trust) Funds 7-18
(3).
7-14
HEALTHBENEFIT
OFNETASSETS
OFJUNE 30,2014 ASSETS: CASH RECEIVABLES: EMPLOYER EMPLOYEES ACCRUED INTEREST TOTAL RECEIVABLES INVESTMENTS, AT FAIR VALUE: US SECURITIES BONDS STOCKS TOTAL INVESTMENTS TOTAL ASSETS 190,000 90,000 10,200 650,000 1,227,000 2,272,000 $15,500 290,200 4,149000 $4,454,700 LIABILITIES: ACCOUNTS PAYABLE AND ACCRUED EXPENSES 1,500 NET ASSETS HELD IN TRUST FOR EMPLOYEE POSTEMPLOYMENT HEALTHCARE $4,453,200
ALGER COUNTYSCHOOL DISTRICT EMPLOYEE
PLAN STATEMENT
AS
7-15(A) SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON THE INSTRUCTOR’S WEBSITE
Chapter 07 – Fiduciary (Trust) Funds 7-19
HAMILTON COUNTY OPEB TRUST FUND 31-DEC-2014 ACCOUNT TITLE DEBITS CREDITS 1 CASH 18,000,000 ADDITIONS - EMPLOYER CONTRIBUTIONS 18,000,000 2 CASH 4,020,000 CONTRIBUTIONS RECEIVABLE 180,000 ADDITIONS - MEMBER CONTRIBUTIONS 4,200,000 3 INVESTMENTS IN US GOV'T SECURITIES 31,000,000 CASH 31,000,000 4 INTEREST RECEIVABLE 7,000 CASH 1,431,000 ADDITIONS - INTEREST INCOME 1,438,000 5 CASH 388,000 ADDITIONS - MEDICARE DRUG SUBSIDY 388,000 6 DEDUCTIONS - EMPLOYEE BENEFITS 10,903,000 CASH 9,575,000 ACCOUNTS PAYABLE 1,328,000 7 DEDUCTIONS - ADMINISTRATIVE EXPENSES 132,000 CASH 132,000 HAMILTON COUNTY DOMESTIC RELATIONS AGENCY FUND 31-DEC-2014 ACCOUNT TITLE DEBITS CREDITS 8 CASH 390,000 DUE TO STATE GOVERNMENT 390,000 9 DUE TO STATE GOVERNMENT 407,800 CASH 407,800
Chapter 07 – Fiduciary (Trust) Funds 7-20 7-15 (C) HAMILTON COUNTY OPEB TRUST FUND CLOSING ENTRIES DECEMBER 31,2014 ACCOUNT TITLE DEBITS CREDITS ADDITIONS: EMPLOYER CONTRIBUTIONS 18,000,000 MEMBER CONTRIBUTIONS 4,200,000 INTEREST INCOME 1,438,000 MEDICARE SUBSIDY 388,000 DEDUCTIONS: EMPLOYEE BENEFITS 10,903,000 ADMIN EXPENSES 132,000 NET ASSETS HELD IN TRUST FOR OPEB BENEFITS 12,991,000 HAMILTON COUNTY AGENCY FUND CLOSING ENTRIES DECEMBER 310,2014 ACCOUNT TITLE DEBITS CREDITS NONE - AGENCY FUNDS DO NOT HAVE CLOSING ENTRIES
Chapter 07 – Fiduciary (Trust) Funds 7-21 7-15 (D) HAMILTON COUNTY STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS FOR THE YEAR ENDED DECEMBER 31,2014 OPEB TRUST FUND ADDITIONS CONTRIBUTIONS: EMPLOYER CONTRIBUTIONS $ 18,000,000 MEMBER CONTRIBUTIONS 4,200,000 TOTAL CONTRIBUTIONS 22,200,000 OTHER ADDITIONS: MEDICARE SUBSIDY 388,000 INTEREST INCOME 1,438,000 TOTAL ADDITIONS 24,026,000 DEDUCTIONS EMPLOYEE BENEFITS 10,903,000 ADMINISTRATIVE EXPENSES 132,000 TOTAL DEDUCTIONS 11,035,000 NET CHANGE IN NET ASSETS 12,991,000 NET ASSETS BEGINNING OF YEAR 21,000,000 NET ASSETS END OF YEAR $ 33,991,000
Chapter 07 – Fiduciary (Trust) Funds 7-22
HAMILTON COUNTY STATEMENT OF FIDUCIARY NET ASSETS DECEMBER 31, 2014 OPEB TRUST FUND DOMESTIC RELATIONS AGENCY FUND TOTAL FIDUCIARY FUNDS ASSETS CASH $ 4,132,000 $ 35,700 $ 4,167,700 INVESTMENT IN US SECURITIES 31,000,000 31,000,000 MEMBER CONTRIBUTIONS RECEIVABLE 180,000 180,000 ACCRUED INTEREST RECEIVABLE 7,000 7,000 TOTAL ASSETS $ 35,319,000 $ 35,700 $ 35,354,700 LIABILITIES AND FUND EQUITY LIABILITIES ACCOUNTS PAYABLE 1,328,000 1,328,000 DUE TO STATE GOVERNMENT 35,700 35,700 TOTAL LIABILITIES 1,328,000 35,700 1,363,700 NET ASSETS HELD IN TRUST FOR EMPLOYEE POST EMPLOYMENT BENEFITS 33,991,000 33,991,000 TOTAL NET ASSETS $ 33,991,000 $ - $ 33,991,000
7-15 (E)
7-16PART 1 (A) SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON THE
Chapter 07 – Fiduciary (Trust) Funds 7-23
WEBSITE MOOSE COUNTY PERMANENT FUND JOURNAL ENTRIES DECEMBER 31, 2014 ACCOUNT TITLE DEBITS CREDITS 1 INVESTMENTS - CORPORATE EQUITIES 2,700,000 INVESTMENTS - CORPORATE BONDS 3,000,000 ACCRUED INTEREST RECEIVABLE 60,000 REVENUES - ADDITIONS TO PERMANENT ENDOWMENTS 5,760,000 2 CASH 180,000 ACCRUED INTEREST RECEIVABLE 60,000 REVENUES - INVESTMENT INCOME - INTEREST 120,000 ACCRUED INTEREST RECEIVABLE 45,000 REVENUES - INVESTMENT INCOME - INTEREST 45,000 3 CASH 216,000 REVENUES - INVESTMENT INCOME -DIVIDENDS 216,000 4 EXPENDITURES - TRUST ACTIVITIES 378,700 CASH 365,000 ACCOUNTS PAYABLE 13,700 5 INVESTMENTS - CORPORATE BONDS 190,000 INVESTMENTS - CORPORATE EQUITIES 150,000 REVENUES - NET INCREASE IN FAIR VALUE OF INVESTMENTS 40,000 7-16PART 1 (C) MOOSE COUNTY PERMANENT FUND CLOSING ENTRIES DECEMBER 31,2014 ACCOUNT TITLE DEBITS CREDITS REVENUES - ADDITIONS TO PERMANENT ENDOWMENTS 5,760,000 REVENUES -INVESTMENT INCOME - INTEREST 165,000 REVENUES -INVESTMENT INCOME - DIVIDENDS 216,000 REVENUES -NET INCREASE IN FAIR VALUE OF INVESTMENTS 40,000 EXPENDITURES - TRUST ACTIVITIES 378,700 FUND BALANCE 5,802,300
INSTRUCTOR’S
7-16PART 1 (D) M
Chapter 07 – Fiduciary (Trust) Funds 7-24
OOSE COUNTY
TATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED 12-31-2014 PERMANENT FUND REVENUES ADDITIONS TO PERMANENT ENDOWMENT $ 5,760,000 INVESTMENT INCOME: INTEREST 165,000 DIVIDENDS 216,000 INCREASE IN FAIR VALUE OF INVESTMENTS 40,000 TOTAL REVENUES 6,181,000 EXPENDITURES CURRENT: TRUST ACTIVITIES 378,700 TOTAL EXPENDITURES 378,700 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 5,802,300 OTHER FINANCING SOURCES (USES) TRANSFERS OUT TOTAL OTHER FINANCING SOURCES (USES)NET CHANGE IN FUND BALANCE 5,802,300 FUND BALANCE, JANUARY 1FUND BALANCE, DECEMBER 31 $ 5,802,300
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Chapter 07 – Fiduciary (Trust) Funds 7-25 7-16PART 1 (E) MOOSE COUNTY BALANCE SHEET AS OF 12-31-2014 PERMANENT FUND ASSETS CASH $ 31,000 INVESTMENTS IN CORPORATE EQUITIES 2,550,000 INVESTMENTS IN CORPORATE BONDS 3,190,000 ACCRUED INTEREST RECEIVABLE 45,000 TOTAL ASSETS $ 5,816,000 LIABILITIES AND FUND BALANCES LIABILITIES ACCOUNTS PAYABLE 13,700 TOTAL LIABILITIES 13,700 FUND BALANCES NONSPENDABLE PERMANENT FUND PRINCIPAL 5,760,000 RESTRICTED FOR OTHER PURPOSES 42,300 TOTAL FUND BALANCE 5,802,300 TOTAL LIABILITIES AND FUND BALANCE $ 5,816,000
Chapter 07 – Fiduciary (Trust) Funds 7-26 7-16PART 2 (A) MOOSE COUNTY PRIVATE PURPOSE TRUST FUND ENTRIES DECEMBER 31, 2014 ACCOUNT TITLE DEBITS CREDITS 1 INVESTMENTS - CORPORATE EQUITIES 2,700,000 INVESTMENTS - CORPORATE BONDS 3,000,000 ACCRUED INTEREST RECEIVABLE 60,000 ADDITIONS - CONTRIBUTIONS FROM CITIZENS 5,760,000 2 CASH 180,000 ACCRUED INTEREST RECEIVABLE 60,000 ADDITIONS - INVESTMENT INCOMEINTEREST 120,000 ACCRUED INTEREST RECEIVABLE 45,000 ADDITIONS - INVESTMENT INCOMEINTEREST 45,000 3 CASH 216,000 ADDITIONS - INVESTMENT INCOME -DIVIDENDS 216,000 4 DEDUCTIONS - EXPENSES FOR TRUST ACTIVITIES 378,700 CASH 365,000 ACCOUNTS PAYABLE 13,700 5 INVESTMENTS - CORPORATE BONDS 190,000 INVESTMENTS - CORPORATE EQUITIES 150,000 ADDITIONS - NET INCREASE IN FAIR VALUE OF INVESTMENTS 40,000 7-16PART 2 (C) MOOSE COUNTY PRIVATE PURPOSE TRUST FUND CLOSING ENTRIES DECEMBER 31,2014 ACCOUNT TITLE DEBITS CREDITS ADDITIONS - CONTRIBUTIONS FROM CITIZENS 5,760,000 ADDITIONS - INVESTMENT INCOME - INTEREST 165,000 ADDITIONS - INVESTMENT INCOME -DIVIDENDS 216,000 ADDITIONS - NET INCREASE IN FAIR VALUE OF INVESTMENTS 40,000 DEDUCTIONS - EXPENSES FOR TRUST ACTIVITIES 378,700 NET ASSETS HELD IN TRUST 5,802,300
7-16
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Chapter 07 – Fiduciary (Trust) Funds 7-27
PART 2(D)
MOOSE COUNTY
TATEMENT
OR THE YEAR ENDED
PRIVATE PURPOSE TRUST FUND ADDITIONS CONTRIBUTIONS: $ 5,760,000 INVESTMENT INCOME: INTEREST 165,000 DIVIDENDS 216,000 INCREASE IN FAIR VALUE OF INVESTMENTS 40,000 TOTAL ADDITIONS 6,181,000 DEDUCTIONS TRUST ACTIVITIES 378,700 TOTAL DEDUCTIONS 378,700 NET CHANGE IN NET ASSETS 5,802,300 NET ASSETS BEGINNING OF YEARNET ASSETS END OF YEAR $ 5,802,300
PART 2(E)
S OF 12-31-2014 PRIVATE PURPOSE TRUST FUND ASSETS CASH $ 31,000 INVESTMENTS IN CORPORATE EQUITIES 2,550,000 INVESTMENTS IN CORPORATE BONDS 3,190,000 ACCRUED INTEREST RECEIVABLE 45,000 TOTAL ASSETS $ 5,816,000 LIABILITIES AND FUND EQUITY LIABILITIES ACCOUNTS PAYABLE 13,700 TOTAL LIABILITIES 13,700 NET ASSETS HELD IN TRUST FOR PRIVATE PURPOSE TRUST FUND ACTIVITIES 5,802,300 TOTAL NET ASSETS $ 5,802,300
OF REVENUES EXPENSES AND CHANGES IN NET ASSETS F
12-31-2014
7-16
MOOSE COUNTY STATEMENT OF NET ASSETS A
