General Fund
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A General Fund is an unrestricted fund that used to account financial resources governed by a organization.
References
2016
- (Wikipedia, 2016) ⇒ http://en.wikipedia.org/wiki/Fund_accounting#Nonprofit_organizations
- QUOTE: (...) Unrestricted funds are as they name provides unrestricted and therefore organisations don't necessary need more than a single General Fund, however many larger organisations use several to help them account for the unrestricted resources. Unrestricted funds may included:
- General fund - this is the minimum fund needed for unrestricted resources and relates to current as well as non-current assets and related liabilities which can be used at the discretion of the organisation's governing board.
2008
- (MA DoR, 2008) ⇒ Massachussets DoR. (2008). “Municipal Finance Glossary.” Massachussets Department of Revenue - Division of Local Services
- QUOTE: General Fund – The fund used to account for most financial resources and activities governed by the normal town meeting / city council appropriation process.
- General Fund Subsidy – Most often used in the context of enterprise funds. When the revenue generated by rates, or user fees, is insufficient to cover the cost to provide the particular service, general fund money is used to close the gap in the form of a subsidy. The subsidy may or may not be recovered by the general fund in subsequent years.