Fund Accounting

Apples, Oranges and Bananas

February 25, 2010Shonda Shipman and Diana Cline 1

GAAP Principles of Fund AccountingGAAP Principles of Fund Accounting

• The State of Washington has adopted GenerallyThe State of Washington has adopted Generally Accepted Accounting Principles (GAAP)

• Uniform standards and guidelines to financial gaccounting and reporting

• Measurement and classification criteria for financial reporting

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GAAP Principles of Fund AccountingGAAP Principles of Fund Accounting

• Diverse nature of governmental operations dictates fund accounting

• Restricted from recording governmental financial transactions and balances in a single accounting entityA t l it i t d f th h• A governmental unit is accounted for through separate funds

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Categorized by TypeCategorized by Type

• Financial Resources (sources)• Financial Resources (sources)• Nature of Activities (uses)

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Three Broad CategoriesThree Broad Categories

Proprietary

Governmental

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Governmental Funds• Governmental funds are used to

account for most governmentalaccount for most governmental functions• General Fund• General Fund• Special Revenue• Debt Service Funds• Debt Service Funds• Capital Projects Funds

Capital Projects

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Governmental Funds• General Fund

• Banner Fund10200Banner Fund10200 • Special Revenue

• Banner Funds 20001 - 25308S• Debt Service Funds

• Banner Funds 78010 - 78061• Capital Projects FundsCapital Projects Funds

• Banner Funds 73xxx, 74xxx, 90000 - 97202

Capital Projects

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Proprietary Funds• Proprietary funds are used to account for a

government’s ongoing organizations and activities.

p y

g g g gThese funds are considered self-supporting in that the services rendered by them are generally financed through user charges or on a costfinanced through user charges or on a cost reimbursement basis.• Enterprise Funds• Internal Service Funds Enterprise

Internal Service

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Proprietary Funds• Enterprise Funds

F d 41000 4 01

p y

• Funds 41000 - 45501• Internal Service Funds

• Funds 30050 - 33002

Enterprise

Internal Service

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Fiduciary Funds• Fiduciary funds are used to account for assets

held by a governmental unit in a trustee capacity

y

held by a governmental unit in a trustee capacity. Western has three types of fiduciary funds.• Loan Funds• Endowment/Quasi Endowment Funds• Agency Funds

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Fiduciary Funds• Loan Funds

F d 60100 60511

y

• Funds 60100 - 60511• Endowment/Quasi Endowment Funds

• Funds 65001 - 66101• Agency Funds

• Funds 80004 - 81000

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Self Balancing Set of AccountsSelf-Balancing Set of Accounts

Enterprise

Capital Projects

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For Questions ContactFor Questions Contact

Diana Cline Shonda ShipmanAssociate Budget Director Accounting Services DirectorUniversity Planning and Budgeting Business ServicesUniversity Planning and Budgeting Business Services650-4762 650-3564Diana.cline@wwu.edu Shonda.Shipman@wwu.edu

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