Agency Fund

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An Agency Fund is a Fiduciary Fund used to used to report resources held by the agency in a purely custodial capacity.



References

2016a

  • (Wikipedia, 2016) ⇒ http://en.wikipedia.org/wiki/fund_accounting#State_and_local_government_funds Retrieved:2016-1-7.
    • Fiduciary funds are used to account for assets held in trust by the government for the benefit of individuals or other entities. The employee pension fund, created by the State of Maryland to provide retirement benefits for its employees, is an example of a fiduciary fund. Financial statements may further distinguish fiduciary funds as either trust or agency funds; a trust fund generally exists for a longer period of time than an agency fund.

2016b

2014

(...) Agency funds are used to report resources held by the agency in a purely custodial capacity (assets held for others that cannot be used to support the agency’s own programs). Agency funds typically involve only the receipt, temporary investment and remittance of fiduciary resources to individuals, private organizations or other governments. GAAP requires the use of an agency fund to account for debt service transactions involving special assessment debt for which the state is not obligated in any manner.

Assets must equal liabilities on the statement of fiduciary net position. Agency funds are required to use the statement of changes in assets and liabilities rather than the statement of changes in fiduciary net position (as agency funds do not recognize revenues, expenditures or expenses) (...)

2008


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