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Basic Accounting Theory at the Fund Level

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Basic Accounting Theory at the Fund Level FGFOA 2017 School of Governmental Finance Introduction to Governmental Accounting 1 Learning Objectives At the end of the session, the participant should be able to: Recall concepts of fund accounting Recall the basis of accounting and measurement focus Define the governmental chart of accounts Discuss double entry accounting Recall basic transactions involving assets, liabilities, revenues and expenditures Overview 2 Fund Accounting 3 Fund Defined A fund is an accounting entity with a separate set of accounting records for resources, in which related liabilities and equities are segregated for conducting a specific activity. Separate set of financial statements Three categories of funds Fund Accounting4 Minimum Number of Funds Concept Generally Accepted Accounting Principles (GAAP) require governments to maintain as few funds as possible to meet legal requirements and for sound financial administration. This is known as the “Minimum Number of Funds Concept.” Fund Accounting5 Fund Categories Reporting Entity Governmental Proprietary Fiduciary Funds Funds Funds Fund Accounting6 Fund Categories • •Most government Business Type functions financed Activities • •Report current assets and Reports total assets current liabilities and total liabilities • •Report deferred inflows Report deferred and outflows or resources inflows and outflows or •Equity known as Fund resources • Balance-measure of Reporting Equity known as Net spendable financial Entity Position resources Governmental Proprietary Fiduciary Funds Funds Funds Fund Accounting7 Governmental Funds Governmental Funds Special Capital Project Debt Service Permanent General Fund Revenue Fund Fund Fund Fund Fund Accounting8 Proprietary Funds Proprietary Funds Enterprise Internal Fund Service Fund Fund Accounting9 Fiduciary Funds Fiduciary Funds Private Agency Investment Pension Purpose Fund Trust Fund Trust Fund Trust Fund Fund Accounting10 Reporting Entity Governmental Proprietary Category Fiduciary Category Category General Fund Private Purpose Trust Fund Special Investment Trust Revenue Fund Enterprise Fund Fund Internal Capital Projects Service Fund Fund Pension Trust Fund Debt Service Fund Agency Fund Permanent Fund Fund Accounting11 Measurement Focus 12 What are we measuring? Financial Position Economic Condition • Can we pay our bills • How much are we as they become worth? due? • Big picture • Short term, narrow • Focus is on overall focus entity • Little picture Measurement Focus13 Financial Statements Balance Sheet A fund’s financial position on a certain date Statement of Net Position A fund’s economic condition on a certain date Measurement Focus14 Financial Statements Statement of revenues, expenditures and changes in fund balance The results of operations for a period of time ending on a certain date Statement of revenues, expenses and changes in net position The results of operations for a period of time ending on a certain date Measurement Focus15 Balance Sheet/Statement of Net Position A financial statement which includes what is owned, what is owed and net worth. It is similar to a snapshot. It demonstrates where a government stands financially at a single point in time. It is dated on a single day, such as September 30, 2016. Measurement Focus16 As of September 30, 2016 – Polk County, Florida reported total Cash and Investments - $90,540,045 Measurement Focus17 Basic Accounting Equation Summarizes elements of balance sheet Assets = Items a government Owns Liabilities = Amounts a government Owes Impact of deferred inflows and outflows – related to future periods Basic Accounting Equation = Assets + Deferred Outflows = Liabilities + Deferred Inflows + Fund Balance / Net Positon Measurement Focus18 Polk County, Florida General Fund – FY2016 Assets Liabilities Deferred Fund Balance Inflows = $118,314,311 - $26,794,406 - $17,281,033 $74,238,872 Measurement Focus19 Polk County, Florida General Fund – FY2016 Assets Liabilities Deferred Fund Balance = + Inflows + $118,314,311 $26,794,406 $17,281,033 $74,238,872 Measurement Focus20 Measurement Focus21 CURRENT ASSETS CAPITAL ASSETS • Things you own • Things you own • Cash/Converted to cash • Longer life than one within one year year • • Used within one year (inv.) Examples: • Land • Examples: • Buildings • Cash • Equipment • Investments • Receivables • Inventory • Pre-paids Measurement Focus22 CURRENT NONCURRENT LIABILITIES LIABILITIES • Things you owe for • Things you owe • Paid within one year for • Examples: • Paid over longer than one year • Accounts Payable • Examples: • Contracts Payable • Bonds Payable • Accrued Salaries Payable • Capital Leases • Payroll Deductions Payable Payable Measurement Focus23 Statement of Revenues, Expenditures, and Changes in Fund Balance Governmental Funds • Shows net change in fund balance • Dated for a period of time (for the year ended) Measurement Focus24 Statement of Revenues, Expenditures, and Changes in Fund Balance Revenues (Increase Fund Balance) Expenditures (Decrease Fund Balance) Other Financing Sources (Uses) (Increase or (Decrease) Fund Balance) Measurement Focus25 Governmental Fund Type Relationship between the financial statements Fund Balance Fund Balance Measurement Focus26 Statement of Revenues, Expenses, and Changes in Net Position Proprietary Funds • Shows change in net position • Dated for a period of time (for the year ended) Measurement Focus27 Statement of Revenues, Expenses, and Changes in Net Position Operating and Non- Operating Revenues (Increase Net Position) Operating and Non- Operating Expenses (Decrease Net Position) Capital Contributions and Transfers (Increase or Decrease Net Position) Measurement Focus28 Proprietary Fund Type Relationship between the financial statements Net Position Net Positon Measurement Focus29 Basis of Accounting 30 Basis of Accounting Refers to the point in time WHEN a government recognizes revenues, expenditures or expenses (as appropriate), and the related assets and liabilities in the accounts and reports them in the financial statements Basis of Accounting31 Bases of Accounting Basis of Accounting32 Cash Basis of Accounting Recognizes transactions only when cash changes hands Basis of Accounting33 Accrual Basis of Accounting Recognizes transactions when they occur... regardless of the timing of the related cash flows Basis of Accounting34 Accrual Basis of Accounting Revenues are recognized when they are: EARNED and MEASURABLE Basis of Accounting35 Accrual Basis of Accounting Expense recognition Measurable – know what the amount is Incurred – goods received and used or services performed Basis of Accounting36 Revenue Modified Accrual Basis Recognition of Accounting Recognize REVENUES in the accounting period in which they are: Earned Measurable Available Basis of Accounting37 Modified Accrual Basis of Accounting Expenditure recognition: • Measurable – know what the amount is • Incurred – goods received or services performed • Paid with current resources Basis of Accounting38 Summary of Accrual and Modified Accrual Basis of Accounting Accrual Modified Accrual Revenues are recorded when Measurable (the amount can be When earned, if determined) and Measurable (the amount can Earned (the service has been be determined) and provided) Available (the revenue was collected in the current fiscal year or will be collected soon enough after the close of the fiscal year to pay liabilities of the current year) Expenses/expenditures are (Expenses) (Expenditures) recorded when Measurable (the amount can be Measurable (the amount can determined) and be determined) and Incurred and consumed (goods Incurred (the liability has received and used or services been created and will performed) normally be paid from current resources) Basis of Accounting39 Fund Schedule Basis of Accounting40 Basis of Accounting FUND CATEGORY BASIS OF ACCOUNTING Governmental Modified Accrual Funds Proprietary Accrual Funds Fiduciary Accrual Funds Basis of Accounting41 Summary Governmental Proprietary fund Fiduciary fund fund types types include: types include: include: • Enterprise • Pension Trust • General • Internal • Private Purpose • Special Service Trust Revenue • Investment • Capital Trust Projects • Agency • Debt service • Permanent Basis of Accounting42 Governmental chart of accounts 43 What is a “chart of accounts”? A chart of accounts is a listing of all accounts available for use in an individual accounting system. Governmental Chart of Accounts44 What is an Account? • A record of all transactions that affect an item, such as cash • Each account has unique identification number—an account number • Purpose of accounts . Classify financial information . Identify location in accounting system Governmental Chart of Accounts45 What’s included in a chart of accounts? Revenue Accounts Balance Expenditure/ Sheet Expense Accounts Accounts Chart of Accounts Governmental Chart of Accounts46 Why do we use a chart of accounts? • To facilitate financial reporting • To evaluate government service delivery and operations • To account for project costs • To facilitate fiscal year comparisons Governmental Chart of Accounts47 What makes up an individual account? • Accounts are assigned a unique number—have same number of digits. • Each account contains a single kind of transaction (cash, accounts payable). • Accounts are arranged with similar accounts (all cash accounts together). • Account numbers are made up of dimensions. • Balance sheet accounts normally have fewer dimensions Governmental Chart of Accounts48 What a chart of accounts looks like: Account Number
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