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What are the different types of government funding?
According to the GAAFR (the Blue Book), governmental funds are “used to account for activities primarily supported by taxes, grants, and similar revenue sources.” Within the category of Governmental Funds, there are five types: General Fund, special revenue funds, debt service funds, capital projects funds, and …
What are the three fund types categories used by state and local governments?
The GAAP identifies eight fund types that are categorized under the three fund classes:
- Governmental funds. General fund. Special revenue funds. Capital project funds. Debt service funds.
- Proprietary, or business-type, funds. Enterprise funds. Internal service funds.
- Fiduciary funds. Trust funds. Agency funds.
What are fiduciary funds?
Fiduciary Funds are used in governmental accounting in order to account for assets that are held in trust for others. In other words, these are the funds that are held by the government as a trustee. They are held on behalf of others, and therefore, they cannot be used to fund the government’s own expenses.
What are the four types of federal grants available?
Four Types of Federal Grant Funding to Achieve Your Mission and Reach Your Goals
- Competitive Grant – Based on the Merits.
- Formula Grant – Based on Predetermined Award.
- Continuation – Renewal Grants.
- Pass-Through Grants – Issued by a Federal Agency.
What is government funding?
Government funding generally refers to any arrangement whereby a project or enterprise receives part or all of its financial support from a government. Another form of government funding is the loan: governments lend money directly and also subsidize loans from other sources.
What are procurement funds?
Procurement appropriations are used to finance non-construction-related investment items. This includes: – Equipment items not subject to centralized item management and asset control whose system unit cost meets or exceeds the Expense/Investment Threshold (currently $250,000).
What are the 3 categories of funds prescribed by GASB standards and which fund types are included in each which basis of accounting is used by each category?
What are the three categories of funds prescribed by GASB standards and which fund types are included in each? Which basis of accounting is used by each category? The three categories of funds are governmental, proprietary, and fiduciary.