Such assignments cannot exceed the available (spendable, unrestricted, uncommitted) fund balance in any particular fund.ĭefinition: Includes the residual classification for the Library’s general fund and includes all spendable amounts not contained in the other classifications. In governmental funds other than the general fund, assigned fund balance represents the remaining amount that is not restricted or committed.Īuthority to Assign: The YDL Board of Trustees delegates to the Library Director or his/her/their designee the authority to assign amounts to be used for specific purposes. A majority vote is required to approve a commitment and a two-thirds majority vote is required to remove a commitment.ĭefinition: Includes amounts intended to be used by the Library for specific purposes but do not meet the criteria to be classified as restricted or committed. YDL will maintain a fund balance equal to the balance of any land or other nonfinancial assets held for sale.ĭefinition: Includes amounts that can be spent only for the specific purposes stipulated by the constitution, external resource providers, or through enabling legislation.ĭefinition: Includes amount that can be used only for the specific purposes determined by a formal action of YDL Board of Trustees.Īuthority to Commit: Commitments will only be used for specific purposes pursuant to a formal action of YDL Board of Trustees.YDL will maintain a fund balance equal to the corpus (principal) of any permanent funds that are legally or contractually required to be maintained intact.YDL will maintain a fund balance equal to the value of inventory balances and prepaid items.YDL will maintain a fund balance equal to the balance of any long-term outstanding balances due from others (including other funds of the government (YDL).54:ĭefinition: includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact.Ĭlassification: Nonspendable amounts will be determined before all other classifications and consist of the following items (as applicable in any given fiscal year): Permanent Funds are used to account for resources restricted to the extent that only earnings, and not principal, may be used for purposes that support YDL purposes.įund Balance Reporting in Governmental Fundsįund balance will be reporting in governmental funds under the following categories using the definitions provided by GASB Statement No. Special Revenue Funds are used to account and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specific purposes other than debt service or capital projects.ĭebt Service Funds are used to account for all financial resources restricted, committed or assigned to expenditure for principal and interest.Ĭapital Projects Funds are used to account for all financial resources restricted, committed or assigned to expenditure for the acquisition or construction of capital assets. General Fund is used to account for all financial resources not accounted for and reported in another fund. YDL may or may not report all funds types in any given reporting period, based on actual circumstances and activity. The following definitions will be used in reporting activity in governmental funds across YDL. This policy and the procedures promulgated under it supersede all previous regulations regarding YDL’s fund balance and reserve policies. Provide funds for unforeseen expenditures related to emergencies. Offset significant economic downturns or revenue shortfalls.ĭ. Secure and maintain investment grade bond ratings.Ĭ. Provide sufficient cash flow for daily financial needs.ī. This policy will ensure that YDL maintains adequate fund balances and reserves in order to:Ī. The policy is created in consideration of unanticipated events that could adversely affect the financial condition of the Ypsilanti District Library (YDL) and jeopardize the continuation of necessary public services. 54, Fund Balance Reporting and Governmental Fund Definitions. The following policy has been adopted by the Ypsilanti District Library Board of Trustees in order to address the implications of Governmental Accounting Standards Board ( GASB) Statement No. Fund Balance Policy in Accordance with GASB Statement #54
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |