Essentials of Accounting For Governmental and Not For Profit Organizations 13th Edition Copley Solutions Manual Full Download

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Chapter 07 - Fiduciary Funds
CHAPTER 7: Fiduciary Funds
7-1. THE ANSWERS TO THIS EXERCISE, AND TO THE FIRST EXERCISE OF CHAPTERS 1
THROUGH 9 WILL VARY FROM STUDENT TO STUDENT, ASSUMING EACH HAS A DIFFERENT
CAFR.
AGENCY FUNDS
7-2 . THE PROPOSAL RETAINS THE CATEGORIES OF PRIVATE PURPOSE TRUST FUNDS,
INVESTMENT TRUST FUNDS, AND PENSION (AND OTHER EMPLOYEE BENEFIT) TRUST FUNDS,
BUT NOT AGENCY FUNDS. ONE OF THE ISSUES THE PROPOSED STANDARD IS INTENDED
TO ADDRESS IS THE PRACTICE OF SOME GOVERNMENTS TO CLASSIFY ACTIVITIES AS
TRUSTS WHEN NO TRUST AGREEMENT EXISTS. ACTIVITIES MEETING THE DEFINITION OF
FIDUCIARY IN NATURE BUT WHICH LACK A FORMAL TRUST AGREEMENT WILL IN THE
FUTURE BE REPORTED IN A NEW CATEGORY, CUSTODIAL FUND. CUSTODIAL FUNDS
WOULD INCLUDE MANY ACTIVITIES CURRENTLY REPORTED IN AGENCY FUNDS AS WELL
AS PASS THROUGH GRANTS AND OTHER ACTIVITIES LACKING TRUST AGREEMENTS .
7-3 (A). BENTON COUNTY TAX AGENCY FUND

GENERAL JOURNAL
FY 2016/2017
DEBITS CREDITS
1. TAXES RECEIVABLE FOR OTHER GOVERNMENTS-CURRENT $33,050,000
DUE TO OTHER FUNDS AND UNITS $33,050,000
51,300,000 – 18,250,000
2. CASH 15,874,000
TAXES RECEIVABLE FOR OTHER GOVERNMENTS-CURRENT 15,874,000
DUE TO OTHER FUNDS AND UNITS 15,874,000

DUE TO BENTON COUNTY GENERAL FUND 238,110
DUE TO TOWN OF THOMAS 3,546,000
DUE TO TOWN OF HART 2,364,000
DUE TO BENTON COUNTY SCHOOL DISTRICT 8,618,750
DUE TO VARIOUS SPECIAL DISTRICTS 1,107,140
AMOUNT ADJUSTMENT NET

COMPUTATIONS: COLLECTED FOR FEE DUE
BENTON COUNTY GENERAL FUND 238,110 $ 238,110
TOWN OF THOMAS 3,600,000 (54,000) 3,546,000
TOWN OF HART 2,400,000 (36,000) 2,364,000
SCHOOL DISTRICT 8,750,000 (131,250) 8,618,750
VARIOUS SPECIAL DISTRICTS 1,124,000 (16,860) 1,107,140
TOTALS $15,874,000 -0- $15,874,000
7-1
3. DUE TO BENTON COUNTY GENERAL FUND 238,110

DUE TO TOWN OF THOMAS 3,546,000
DUE TO TOWN OF HART 2,364,000
DUE TO BENTON COUNTY SCHOOL DISTRICT 8,618,750
DUE TO VARIOUS SPECIAL DISTRICTS 1,107,140
CASH $ 15,874,000
7-3 (B). BENTON COUNTY GENERAL FUND

GENERAL JOURNAL
2016/2017
DEBITS CREDITS
1. TAXES RECEIVABLE-CURRENT 18,250,000
ESTIMATED UNCOLLECTIBLE CURRENT TAXES 365,000
REVENUES CONTROL 17,885,000
2. CASH 8,750,000
TAXES RECEIVABLE-CURRENT 8,750,000
3. DUE FROM TAX AGENCY FUND 238,110
REVENUES CONTROL 238,110
4. CASH 238,110
DUE FROM TAX AGENCY FUND 238,110
7-3 ( C).
TOWN OF THOMAS
GENERAL FUND
GENERAL JOURNAL
FY 2016/2017
DEBITS CREDITS
1. TAXES RECEIVABLE-CURRENT 6,000,000
ESTIMATED UNCOLLECTIBLE CURRENT TAXES 120,000
REVENUES CONTROL 5,880,000
3. DUE FROM TAX AGENCY FUND 3,546,000
EXPENDITURES CONTROL 54,000
TAXES RECEIVABLE-CURRENT 3,600,000
4. CASH 3,546,000
DUE FROM TAX AGENCY FUND 3,546,000
PRIVATE-PURPOSE TRUST FUNDS
7-2
7-4. IN DETERMINING THE APPROPRIATE FUND TO RECORD THE TRUST, IT IS IMPORTANT TO

DETERMINE: (1) WHETHER THE TRUST BENEFITS THE GOVERNMENT OR ITS CITIZENRY OR
(2) ALTERNATIVELY WHETHER THE TRUST BENEFITS INDIVIDUALS, PRIVATE
ORGANIZATIONS OR OTHER GOVERNEMNTS.
(1) IF THE TRUST BENEFITS INDIVIDUALS, PRIVATE ORGANIZATIONS OR OTHER

GOVERNMENTS, IT SHOULD BE REPORTED IN THE PRIVATE-PURPOSE TRUST FUND, A
FIDUCIARY TYPE FUND.
(2) IF THE TRUST BENEFITS THE GOVERNMENT OR ITS CITIZENRY, IT IS IMPORTANT TO

DETERMINE WHETHER THE TRUST PRINCIPAL (A)MUST BE MAINTAINED OR (B) IF IT CAN
BE EXPENDED FOR PURPOSES SUPPORTED BY THE TRUST.
a. IF THE TRUST PRINCIPAL MUST BE MAINTAINED, THE TRUST SHOULD BE REPORTED IN

A PERMANENT FUND.
b. IF THERE IS NO REQUIREMENT TO MAINTAIN THE PRINCIPAL, IT SHOULD BE REPORTED
IN A SPECIAL REVENUE FUND.
7-3
7-5
ALGONQUIN SCHOOL DISTRICT
SCHOLARSHIP TRUST FUND
GENERAL JOURNAL
FISCAL YEAR 2017
DEBITS CREDITS
ADDITIONS-INVESTMENT EARNINGS-INTEREST 71,900
DEDUCTIONS-INVESTMENT EARNINGS-NET
INCREASE IN FAIR VALUE OF INVESTMENTS 4,500
NET POSITION: RESTRICTED FOR SCHOLARSHIPS 8,410
DEDUCTIONS-ADMINISTRATIVE EXPENSES 5,990
DEDUCTIONS-DISTRIBUTIONS OF SCHOLARSHIPS 62,000
ALGONQUIN SCHOOL DISTRICT

SCHOLARSHIP TRUST FUND
FOR THE YEAR ENDED JUNE 30, 2017
ADDITIONS:
INVESTMENT EARNINGS:
INTEREST INCOME $ 71,900
NET INCREASE IN FAIR VALUE OF INVESTMENTS 4,500
TOTAL ADDITIONS 76,400
DEDUCTIONS:
ADMINISTRATIVE EXPENSES 5,990
DISTRIBUTION OF SCHOLARSHIPSNPROFIT ORGANIZATIONS 62,000
TOTAL DEDUCTIONS 67,990
CHANGE IN FIDUCIARY NET POSITION 8,410
FIDUCIARY NET POSITION-BEGINNING 1,256,100
FIDUCIARY NET POSITION-ENDING $1,264,510
7-4
7-6 (A).
CITY OF BELVEDERE
COMMUNITY TRUST FUND
GENERAL JOURNAL
JULY 1, 2016 - JUNE 30, 2017
DEBITS
CREDITS
1. CASH 3,200,000
ADDITIONS-CONTRIBUTIONS 3,200,000
2. INVESTMENT IN XYZ COMPANY BONDS 2,200,000
ACCRUED INTEREST RECEIVABLE 18,333
CASH 2,218,333
3. INVESTMENT IN ABC COMPANY STOCK 900,000
CASH 900,000
4. CASH 55,000
5. CASH 25,000
ADDITIONS-INVESTMENT EARNINGS-DIVIDENDS 25,000
6. CASH 921,000
INVESTMENT IN ABC COMPANY STOCK 900,000
ADDITIONS-INVESTMENT EARNINGS-NET
INCREASE(DECREASE) IN FAIR VALUE OF 21,000
INVESTMENTS
INVESTMENT IN DEF COMPANY STOCK 965,000
CASH 965,000
7. CASH 55,000
8. DEDUCTIONS-DISTRIBUTION TO COMMUNITY
NONPROFIT ORGANIZATIONS 82,500
CASH 82,500
9. DEDUCTIONS-ADMINISTRATIVE EXPENSES 5,500
CASH 5,500
10. ACCRUED INTEREST RECEIVABLE 27,500
11. INVESTMENT IN XYZ COMPANY BONDS 3,000
INCREASE(DECREASE) IN FAIR VALUE OF
INVESTMENTS 1,000
INVESTMENT IN DEF COMPANY STOCK 4,000
7-5
7-6 (A) (CONTINUED).
DEBITS CREDITS
12. ADDITIONS-CONTRIBUTIONS 3,200,000

INCREASE(DECREASE) IN FAIR VALUE OF
INVESTMENTS 20,000
DEDUCTIONS-DISTRIBUTIONS TO NONPROFIT
ORGANIZATIONS 82,500
FIDUCIARY NET POSITION: RESTRICTED FOR
COMMUNITY NONPROFIT ORGANIZATIONS 3,276,167
7-6 (B) (1).

CITY OF BELVEDERE
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
ADDITIONS:
CONTRIBUTIONS $3,200,000
INTEREST INCOME $119,167
DIVIDEND INCOME 25,000
TOTAL INVESTMENT EARNINGS 164,167
TOTAL ADDITIONS
3,364,167
DEDUCTIONS:
DISTRIBUTION TO COMMUNITY NONPROFIT ORGANIZATIONS 82,500

CHANGE IN FIDUCIARY NET POSITION 3,276,167
FIDUCIARY NET POSITION-BEGINNING 0

7-6
7-6 (B) (2).

CITY OF BELVEDERE
STATEMENT OF FIDUCIARY NET POSITION
AS OF JUNE 30, 2017
ASSETS:
CASH $ 84,667
INVESTMENTS, AT FAIR VALUE:
XYZ COMPANY BONDS $2,203,000
DEF COMPANY STOCK 961,000
TOTAL INVESTMENTS 3,164,000
TOTAL ASSETS $3,276,167
LIABILITIES: --0--
FIDUCIARY NET POSITION:

RESTRICTED FOR DISTRIBUTION TO COMMUNITY
NONPROFIT ORGANIZATIONS $$3,276,167
7-7
7-7 (A).
MORGAN COUNTY SCHOOL DISTRICT
CIVIC SCHOLARSHIP FUND
GENERAL JOURNAL
JULY 1, 2016 - JUNE 30, 2017
DEBITS CREDITS
1. CASH 50,000
ADDITIONS-CONTRIBUTIONS 50,000
INVESTMENTS 50,000
CASH 50,000
2. CASH 6,000
INVESTMENTS 3,500
3. DEDUCTIONS-SCHOLARSHIP AWARDS 6,000
CASH 6,000
4. ADDITIONS-CONTRIBUTIONS 50,000
DEDUCTIONS-SCHOLARSHIP AWARDS 6,000
FIDUCIARY NET POSITION: RESTRICTED FOR 46,500
SCHOLARSHIP AWARDS
(B).
MORGAN COUNTY SCHOOL DISTRICT
CIVIC SCHOLARSHIP FUND
ADDITIONS:
CONTRIBUTIONS $50,000
INVESTMENT INCOME: INTEREST 2,500

DEDUCTIONS:
SCHOLARSHIP AWARDS 6,000
FIDUCIARY NET POSITION-BEGINNING 0
FIDUCIARY NET POSITION-ENDING $ 46,500
7-8
INVESTMENT TRUST FUNDS
7-8.
(A). INVESTMENT TRUST FUNDS ARE AN APPROPRIATE CLASSIFICATION FOR GOVERNMENTS
THAT ADMINISTER MULTIGOVERNMENT EXTERNAL INVESTMENT POOLS.
(B). THE PORTION THAT SHOULD BE INCLUDED IS THE EXTERNAL PORTION; THE FUNDS THAT
BELONG TO THE SPONSORING GOVERNMENT SHOULD NOT BE REPORTED IN THE
INVESTMENT TRUST FUNDS BUT IN THE FUNDS THAT PROVIDE THE INVESTMENTS.
FOR EXAMPLE, ASSUME A COUNTY MAINTAINS AN INVESTMENT POOL FOR ITSELF (THE COUNTY
GENERAL FUND), A CITY, AND A SCHOOL DISTRICT. ONLY THE PORTION OF THE INVESTMENT POOL
PROVIDED BY THE CITY AND SCHOOL DISTRICT WOULD BE REPORTED IN THE FIDUCIARY FUND,
INVESTMENT TRUST FUND. THE PORTION PROVIDED BY THE GENERAL FUND WOULD BE REPORTED AS
INVESTMENTS IN THE GENERAL FUND.
(C). INVESTMENTS ARE TO BE REPORTED AT FAIR VALUE, WHEN DETERMINABLE.
(D). BOTH REALIZED AND UNREALIZED GAINS AND LOSSES ARE TO BE REPORTED IN ONE LINE
ITEM IN THE STATEMENTS; IT IS NOT PERMISSABLE TO REPORT REALIZED AND
UNREALIZED GAINS AND LOSSES SEPARATELY. A GOVERNMENT MAY CHOOSE TO
DISCLOSE THE REALIZED GAINS OR LOSSES IN THE NOTES.
(E). INVESTMENT TRUST FUNDS ARE CONSIDERED FIDUCIARY FUNDS AND ARE REPORTED IN
THE STATEMENT OF FIDUCIARY NET POSITION AND THE STATEMENT OF CHANGES IN
FIDUCIARY NET POSITION. AS IS THE CASE WITH OTHER FIDUCIARY FUNDS, INVESTMENT
TRUST FUNDS ARE NOT INCLUDED IN THE GOVERNMENT-WIDE STATEMENTS.
7-9
BAIRD COUNTY
INVESTMENT TRUST FUND
GENERAL JOURNAL
FISCAL YEAR 2017
DEBITS CREDITS
ADDITIONS- DEPOSITS FROM SCHOOL BOARD 300,000
ADDITIONS – DEPOSITS FROM TOWN OF BAIRDVILLE 220,000
ADDITIONS -INVESTMENT EARNINGS-NET
DECREASE IN FAIR VALUE OF INVESTMENTS 10,000
NET POSITION: HELD IN TRUST FOR SCHOOL DISTRICT 380,000
NET POSITION: HELD IN TRUST FOR TOWN OF BAIRDSVILLE 190,000
7-9
7-9 CONTINUED
BAIRD COUNTY
INVESTMENT TRUST FUND
ADDITIONS:
INTEREST INCOME $ 60,000
NET DECREASE IN FAIR VALUE OF INVESTMENTS (10,000)
TOTAL EARNINGS 50,000
DEPOSITS FROM OTHER GOVERNMENTS:
300,000
DEPOSITS FROM SCHOOL DISTRICT
220,000
DEPOSITS FROM TOWN OF BAIRDSVILLE
TOTAL DEPOSITS 520,000
DEDUCTIONS:
TOTAL DEDUCTIONS 0
FIDUCIARY NET POSITION-BEGINNING 1,500,000

PENSION TRUST FUNDS
7-10. THE REQUIRED STATEMENTS FOR A PENSION TRUST FUND ARE (A) STATEMENT OF
FIDUCIARY NET POSITION AND (B) STATEMENT OF CHANGES IN FIDUCIARY NET
POSITION.
THE REQUIRED SCHEDULES INCLUDE A TEN YEAR SCHEDULES OF CHANGES IN NET

PENSION LIABILITY AND RELATED RATIOS , SCHEDULE OF EMPLOYER CONTRIBUTIONS
AND SCHEDULE OF INVESTMENT RETURNS.
7-10
7-11.
A. 1. A DEFINED CONTRIBUTION PLAN IS A PENSION PLAN IN WHICH THE BENEFITS ARE

LIMITED TO THE CONTRIBUTIONS MADE BY EMPLOYERS AND EMPLOYEES PLUS
INVESTMENT INCOME. NO CERTAIN AMOUNT OF BENEFITS ARE GUARANTEED; THE
AMOUNT OF PAYMENTS IS DETERMINED BY CONTRIBUTIONS AND THE INVESTMENT
PERFORMANCE OF ACCUMULATED FUNDS. AS A RESULT, DEFINED CONTRIBUTION PLANS
DO NOT HAVE UNFUNDED LIABILITIES. EMPLOYER REPORTING IS MUCH SIMPLER, AS
THERE IS NO NEED FOR ACTUARIAL CALCULATIONS.
A.2. A DEFINED BENEFIT PLAN, ON THE OTHER HAND, IS A PLAN THAT IS REQUIRED TO PAY A
CERTAIN SUM, NORMALLY BASED ON AVERAGE EARNINGS AND LENGTH OF SERVICE.
FOR EXAMPLE, A PLAN MAY PAY TWO PER CENT OF EARNINGS TIMES THE AVERAGE OF
THE HIGHEST FOUR CONSECUTIVE YEARS, TIMES THE NUMBER OF YEARS' SERVICE. THIS
PAYMENT IS DUE, REGARDLESS OF THE AMOUNT AVAILABLE IN THE PENSION PLAN. AS A
RESULT, IT IS NECESSARY TO USE ACTUARIAL METHODS TO DETERMINE IF A DEFINED
BENEFIT PLAN HAS AN UNFUNDED ACTUARIAL LIABILITY. DEFINED BENEFIT PLANS
REQUIRE MORE DISCLOSURE IN FINANCIAL REPORTS THAN DO DEFINED CONTRIBUTION
PLANS.
B. 1. AN AGENT MULTIEMPLOYER RETIREMENT PLAN IS A PLAN IN WHICH SEPARATE

ACCOUNTS ARE KEPT FOR EACH EMPLOYER. REQUIRED AND ACTUAL CONTRIBUTIONS
BY EMPLOYERS WOULD BE RECORDED OVER THE YEARS. AS A RESULT, IT IS POSSIBLE
TO COMPUTE THE ACTUARIAL STATUS OF EACH INDIVIDUAL EMPLOYER.
B. 2. A COST-SHARING MULTIEMPLOYER RETIREMENT PLAN IS A PLAN IN WHICH SEPARATE

ACCOUNTS ARE NOT KEPT FOR EACH EMPLOYER. AS A RESULT, IT IS NOT POSSIBLE TO
COMPUTE A SEPARATE BALANCE FOR EACH EMPLOYER, DEPENDING UPON THE AMOUNTS
CONTRIBUTED. ACCORDINGLY, THE PLAN IS TREATED AS STATE-WIDE, WITH EACH
EMPLOYER REQUIRED TO CONTRIBUTE AT A CERTAIN RATE IN ORDER TO MAINTAIN
SUFFICIENT FUNDS TO PAY BENEFITS WHEN DUE.
C. 1. THE FIDUCIARY NET POSITION OF THE PENSION TRUST FUND IS THE EXCESS OF THESE
ACCUMULATED RESOURCES OVER BENEFITS CURRENTLY PAYABLE TO RETIRED
EMPLOYEES.
C. 2. THE NET PENSION LIABILITY IS THE AMOUNT THAT A GOVERNMENT ANTICIPATES

PAYING TO CURRENT EMPLOYEES IN THE FUTURE IN EXCESS OF THE RESOURCES
CURRENTLY ACCUMULATED FOR THAT PURPOSE. IT IS CALCULATED AS THE TOTAL
PENSION LIABILITY LESS THE FIDUCIARY NET POSITION.
7-11
7-12.
A. IF THE GOVERNMENT IS TRUSTEE OF THE PENSION PLAN, IT IS REQUIRED TO REPORT THE
PLAN AS A FIDUCIARY FUND IN ITS FUND FINANCIAL STATEMENTS. AS A RESULT, IT S
INCLUDED IN THE STATEMENT OF FIDUCIARY NET POSITION AND THE STATEMENT OF
CHANGES IN FIDUCIARY NET POSITION. PENSION TRUST AND OTHER FIDUCIARY FUNDS
ARE NOT INCLUDED IN THE GOVERNMENT-WIDE FINANCIAL STATEMENTS.
B. THE STATEWIDE PLAN IS NOT INCLUDED IN THE STATEMENTS OF THE LOCAL GOVERNMENT
SINCE THE LOCAL GOVERNMENTAL UNIT IS NOT TRUSTEE FOR THE PLAN.
HOWEVER, IT IS NECESSARY FOR THE LOCAL GOVERNMENT TO MEET THE EMPLOYER
REPORTING STANDARDS OF GASB. AS A RESULT, EXPENDITURES AND EXPENSES WILL BE
REPORTED BY THE GOVERNMENTAL AND PROPRIETARY FUNDS CONTRIBUTING TO THE
PLAN. IF A GOVERNMENT HAS A NET PENSION LIABILITY, THAT AMOUNT WOULD BE
REPORTED AS A LIABILITY IN THE PROPRIETARY FUND AND GOVERNMENT-WIDE
STATEMENTS OF NET POSITION. THE GOVERNMENT-WIDE STATEMENTS WILL INCLUDE
EXPENSES UNDER THE GOVERNMENTAL AND BUSINESS-TYPE ACTIVITIES, AS APPROPRIATE.
7-13 (A). CITY OF SWEETWATER EMPLOYEES' RETIREMENT FUND

GENERAL JOURNAL
FY ENDED 6/30/2017
DEBITS CREDITS
1. CASH 55,000
2. CASH 1,075,000
ADDITIONS-CONTRIBUTIONS-PLAN MEMBERS 275,000
ADDITIONS-CONTRIBUTIONS-EMPLOYER 800,000
3. DEDUCTIONS-ANNUITY BENEFITS 730,000
DEDUCTIONS-DISABILITY BENEFITS 160,000
ACCOUNTS PAYABLE AND ACCRUED EXPENSES 890,000
4. ACCOUNTS PAYABLE AND ACCRUED EXPENSES 950,000
CASH 950,000
5. CASH 275,000
6. DEDUCTIONS-REFUNDS TO TERMINATED EMPLOYEES 79,000
CASH 79,000
7-12
7-13 (A) Continued
7. CASH 475,000
INVESTMENTS IN COMMON STOCKS 500,000
INVESTMENTS IN COMMON STOCKS 780,000

CASH 780,000
8. INVESTMENTS IN BONDS 33,000
INVESTMENTS IN COMMON STOCK 42,000
9. ADDITIONS-CONTRIBUTIONS-PLAN MEMBERS 275,000

ADDITIONS-CONTRIBUTIONS-EMPLOYER 800,000
ADDITIONS-INVESTMENT EARNINGS-NET DECREASE
IN FAIR VALUE OF INVESTMENTS 34,000
DEDUCTIONS-ANNUITY BENEFITS 730,000
DEDUCTIONS-DISABILITY BENEFITS 160,000
DEDUCTIONS-REFUNDS TO TERMINATED EMPLOYEES 79,000
NET POSITION: RESTRICTED FOR PENSION BENEFITS 392,000
7-13
7-13 (B). CITY OF SWEETWATER

EMPLOYEES' RETIREMENT FUND
ADDITIONS:
CONTRIBUTIONS:
EMPLOYER $ 800,000
MEMBER 275,000
TOTAL CONTRIBUTIONS 1,075,000
INVESTMENT INCOME:
INTEREST $280,000
DIVIDENDS 40,000
NET DECREASE IN FAIR VALUE OF INVESTMENTS (34,000)
TOTAL INVESTMENT INCOME 286,000
TOTAL ADDITIONS 1,361,000
DEDUCTIONS:
ANNUITY BENEFITS 730,000
DISABILITY BENEFITS 160,000
REFUNDS TO TERMINATED EMPLOYEES 79,000
INCREASE IN FIDUCIARY NET POSITION 392,000
FIDUCIARY NET POSITION:
BEGINNING OF YEAR 5,635,000
END OF YEAR $6,027,000
7-13 (C). CITY OF SWEETWATER

EMPLOYEES' RETIREMENT FUND
AS OF JUNE 30, 2017
ASSETS:
CASH $ 201,000
BONDS 4,533,000
STOCKS 1,538,000
TOTAL ASSETS 6,317,000
LIABILITIES:
FIDUCIARY NET POSITION RESTRICTED FOR PENSION BENEFITS $6,027,000
7-14
7-14 (1).
ALGER COUNTY SCHOOL DISTRICT
EMPLOYEE HEALTH BENEFIT PLAN
GENERAL LEDGER
DEBITS CREDITS
ADDITIONS-CONTRIBUTIONS – EMPLOYER 628,000
ADDITIONS-CONTRIBUTIONS – EMPLOYEE 355,000
DEDUCTIONS-BENEFITS PAID TO RETIREES 588,000
FIDUCIARY NET POSITION: RESTRICTED FOR
EMPLOYEE POSTEMPLOYMENT 956,000
HEALTHCARE
7-14 (2). ALGER COUNTY SCHOOL DISTRICT

ADDITIONS:
CONTRIBUTIONS:
EMPLOYEE $ 628,000
EMPLOYEE 355,000
TOTAL CONTRIBUTIONS 983,000
INVESTMENT INCOME:
INTEREST $154,300
DIVIDENDS 75,000
TOTAL INVESTMENT INCOME 588,300
DEDUCTIONS:
HEALTHCARE BENEFITS 588,000
ADMINISTRATIVE EXPENSE 27,300
NET INCREASE 956,000
FIDUCIARY NET POSITION RESTRICTED FOR EMPLOYEE

POSTEMPLOYMENT HEALTHCARE:
BEGINNING OF YEAR 3,427,200
END OF YEAR $4,383,200
7-15
7-14 (3).
ALGER COUNTY SCHOOL DISTRICT
AS OF JUNE 30, 2017
ASSETS:
CASH $ 10,200
RECEIVABLES:
EMPLOYER 190,000
EMPLOYEES 25,000
ACCRUED INTEREST 15,500
TOTAL RECEIVABLES 230,500

US SECURITIES 650,000
BONDS 1,222,000
STOCKS 2,272,000 4,144,000
TOTAL INVESTMENTS $ 4,384,700
TOTAL ASSETS
LIABILITIES:
FIDUCIARY NET POSITION RESTRICTED FOR EMPLOYEE
POSTEMPLOYMENT HEALTHCARE: $4,383,200
7-16
7-15(A) SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON
THE INSTRUCTOR’S WEBSITE
HAMILTON COUNTY
OPEB TRUST FUND
31-DEC-2017
ACCOUNT TITLE DEBITS CREDITS
1 CASH 9,200,000
ADDITIONS - EMPLOYER CONTRIBUTIONS 9,200,000
2 CASH 4,280,000
CONTRIBUTIONS RECEIVABLE 220,000
ADDITIONS - MEMBER CONTRIBUTIONS 4,500,000
3 INVESTMENTS IN US GOV'T SECURITIES 20,000,000

CASH 20,000,000
4 INTEREST RECEIVABLE 22,000

CASH 1,385,000
ADDITIONS - INTEREST INCOME 1,407,000
5 CASH 502,000
ADDITIONS - MEDICARE DRUG SUBSIDY 502,000
6 DEDUCTIONS - EMPLOYEE BENEFITS 11,722,000

CASH 9,575,000
ACCOUNTS PAYABLE 2,147,000
7 DEDUCTIONS - ADMINISTRATIVE EXPENSES 147,000

CASH 147,000
HAMILTON COUNTY
DOMESTIC RELATIONS AGENCY FUND
31-DEC-2017
8 CASH 408,000
DUE TO STATE GOVERNMENT 408,000
9 DUE TO STATE GOVERNMENT 420,900

CASH 420,900
7-17
7-15 (C)
HAMILTON COUNTY
OPEB TRUST FUND CLOSING ENTRIES
DECEMBER 31,2017
ADDITIONS:
EMPLOYER CONTRIBUTIONS 9,200,000
MEMBER CONTRIBUTIONS 4,500,000
INTEREST INCOME 1,407,000
MEDICARE SUBSIDY 502,000
DEDUCTIONS:
EMPLOYEE BENEFITS 11,722,000
ADMIN EXPENSES 147,000
NET POSITION: RESTRICTED FOR OPEB BENEFITS 3,740,000
HAMILTON COUNTY
AGENCY FUND CLOSING ENTRIES
DECEMBER 31,2017
NONE - AGENCY FUNDS DO NOT HAVE

CLOSING ENTRIES
7-18
7-15 (D)
HAMILTON COUNTY
FOR THE YEAR ENDED DECEMBER 31, 2017
OPEB TRUST
FUND
ADDITIONS
CONTRIBUTIONS:
EMPLOYER CONTRIBUTIONS $ 9,200,000
MEMBER CONTRIBUTIONS 4,500,000
TOTAL CONTRIBUTIONS 13,700,000
OTHER ADDITIONS:
MEDICARE SUBSIDY 502,000
INTEREST INCOME 1,407,000
DEDUCTIONS
EMPLOYEE BENEFITS 11,722,000
TOTAL DEDUCTIONS 11,869,000

FIDUCIARY NET POSITION BEGINNING OF
YEAR 16,000,000
FIDUCIARY NET POSITION END OF YEAR $ 19,740,000
NOTE: AGENCY FUNDS HAVE ONLY A BALANCE SHEET, NO ACTIVITY STATEMENT
7-19
7-15 (E)
HAMILTON COUNTY
DECEMBER 31, 2017
DOMESTIC
RELATIONS TOTAL
OPEB TRUST AGENCY FIDUCIARY
FUND FUND FUNDS
ASSETS
CASH $ 1,645,000 $ 43,000 $ 1,688,000
INVESTMENT IN US SECURITIES 20,000,000 20,000,000
CONTRIBUTIONS RECEIVABLE 220,000 220,000
ACCRUED INTEREST
RECEIVABLE 22,000 22,000
TOTAL ASSETS $ 21,887,000 $ 43,000 $ 21,930,000
LIABILITIES
ACCOUNTS PAYABLE 2,147,000 2,147,000
DUE TO STATE GOVERNMENT 43,000 43,000
TOTAL LIABILITIES 2,147,000 43,000 2,190,000
FIDUCIARY NET POSITION

RESTRICTED FOR EMPLOYEE
POST-
EMPLOYMENT BENEFITS 19,740,000 19,740,000
TOTAL NET POSITION $ 19,740,000 $ - $ 19,740,000
7-20
7-16 PART 1 (A) SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON
THE INSTRUCTOR’S WEBSITE
MOOSE COUNTY
PERMANENT FUND JOURNAL ENTRIES
DECEMBER 31, 2017

1 INVESTMENTS - CORPORATE EQUITIES 2,820,000
INVESTMENTS - CORPORATE BONDS 3,000,000
REVENUES - ADDITIONS TO PERMANENT ENDOWMENTS 5,832,000
2 CASH 180,000
REVENUES - INVESTMENT INCOME - INTEREST 168,000

3 CASH 98,000
REVENUES - INVESTMENT INCOME -DIVIDENDS 98,000
4 EXPENDITURES - TRUST ACTIVITIES 236,000

CASH 230,000
ACCOUNTS PAYABLE 6,000
5 INVESTMENTS - CORPORATE BONDS 60,000

INVESTMENTS - CORPORATE EQUITIES 35,000
REVENUES - NET INCREASE IN FAIR VALUE OF
INVESTMENTS 25,000
7-16 PART 1 (C)
MOOSE COUNTY
PERMANENT FUND CLOSING ENTRIES
DECEMBER 31, 2017
REVENUES - ADDITIONS TO PERMANENT ENDOWMENTS 5,832,000

REVENUES - INVESTMENT INCOME - DIVIDENDS 98,000
REVENUES - NET INCREASE IN FAIR VALUE OF
INVESTMENTS 25,000
EXPENDITURES - TRUST ACTIVITIES 236,000
FUND BALANCE 5,902,000
7-21
7-16 PART 1 (D)

MOOSE COUNTY
STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED 12-31-2017
PERMANENT
FUND
REVENUES
ADDITIONS TO PERMANENT ENDOWMENT $ 5,832,000
INVESTMENT INCOME:
INTEREST 183,000
DIVIDENDS 98,000
INCREASE IN FAIR VALUE OF
INVESTMENTS 25,000
TOTAL REVENUES 6,138,000
EXPENDITURES
CURRENT:
TRUST ACTIVITIES 236,000
TOTAL EXPENDITURES 236,000
EXCESS (DEFICIENCY) OF REVENUES

OVER EXPENDITURES 5,902,000
OTHER FINANCING SOURCES (USES)

TRANSFERS OUT
TOTAL OTHER FINANCING SOURCES
(USES) -
NET CHANGE IN FUND BALANCE 5,902,000

FUND BALANCE, JANUARY 1 -
FUND BALANCE, DECEMBER 31 $ 5,902,000
7-22
7-16 PART 1 (E)

MOOSE COUNTY
BALANCE SHEET
AS OF 12-31-2017
PERMANENT FUND
ASSETS
CASH $ 48,000
INVESTMENTS IN CORPORATE EQUITIES 2,785,000
INVESTMENTS IN CORPORATE BONDS 3,060,000
TOTAL ASSETS $ 5,908,000
LIABILITIES AND FUND BALANCES

LIABILITIES
TOTAL LIABILITIES 6,000
FUND BALANCES
NONSPENDABLE:
PERMANENT FUND PRINCIPAL 5,832,000
RESTRICTED FOR OTHER PURPOSES 70,000
TOTAL FUND BALANCE 5,902,000
TOTAL LIABILITIES AND FUND BALANCE $ 5,908,000
7-23
7-16 PART 2 (A)
MOOSE COUNTY
PRIVATE PURPOSE TRUST FUND ENTRIES
DECEMBER 31, 2017

1 INVESTMENTS - CORPORATE EQUITIES 2,820,000
INVESTMENTS - CORPORATE BONDS 3,000,000
ADDITIONS - CONTRIBUTIONS FROM CITIZENS 5,832,000
2 CASH 180,000
ADDITIONS - INVESTMENT INCOME - INTEREST 168,000

3 CASH 98,000
ADDITIONS - INVESTMENT INCOME -DIVIDENDS 98,000
DEDUCTIONS - EXPENSES FOR TRUST

4 ACTIVITIES 236,000
CASH 230,000
5 INVESTMENTS - CORPORATE BONDS 60,000

INVESTMENTS - CORPORATE EQUITIES 35,000
ADDITIONS - NET INCREASE IN FAIR VALUE OF INVESTMENTS 25,000
7-16 PART 2 (C)

MOOSE COUNTY
PRIVATE PURPOSE TRUST FUND CLOSING ENTRIES
DECEMBER 31, 2017
ADDITIONS - CONTRIBUTIONS FROM CITIZENS 5,832,000

ADDITIONS - INVESTMENT INCOME -DIVIDENDS 98,000
ADDITIONS - NET INCREASE IN FAIR VALUE OF
INVESTMENTS 25,000
DEDUCTIONS - EXPENSES FOR TRUST ACTIVITIES 236,000
FIDUCIARY NET POSITION: RESOURCES HELD IN TRUST 5,902,000
7-24
7-16 PART 2 (D)
MOOSE COUNTY
STATEMENT OF RCHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED 12-31-2017
PRIVATE PURPOSE
TRUST FUND
ADDITIONS
CONTRIBUTIONS: $ 5,832,000
INVESTMENT INCOME:
INTEREST 183,000
DIVIDENDS 98,000
DEDUCTIONS
TRUST ACTIVITIES 236,000
-

FIDUCIARY NET POSITION BEGINNING OF YEAR -
FIDUCIARY NET POSITION END OF YEAR $ 5,902,000
7-25
Essentials of Accounting for Governmental and Not for Profit Organizations 13th Edition Copl
7-16 PART 2 (E)
MOOSE COUNTY
STATEMENT OF NET POSITION
AS OF 12-31-2017
PRIVATE PURPOSE
TRUST FUND
ASSETS
CASH $ 48,000
INVESTMENTS IN CORPORATE EQUITIES 2,785,000
INVESTMENTS IN CORPORATE BONDS 3,060,000
TOTAL ASSETS $ 5,908,000
LIABILITIES AND FUND EQUITY

LIABILITIES
TOTAL LIABILITIES 6,000
FIDUCIARY NET POSITION

RESOURCES HELD IN TRUST FOR PRIVATE PURPOSE
TRUST FUND ACTIVITIES 5,902,000
TOTAL NET POSITION $ 5,902,000
7-26
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CHAPTER 7: Fiduciary Funds

7-3 (A). BENTON COUNTY TAX AGENCY FUND

DUE TO OTHER FUNDS AND UNITS 15,874,000

AMOUNT ADJUSTMENT NET

3. DUE TO BENTON COUNTY GENERAL FUND 238,110

7-3 (B). BENTON COUNTY GENERAL FUND

PRIVATE-PURPOSE TRUST FUNDS

7-4. IN DETERMINING THE APPROPRIATE FUND TO RECORD THE TRUST, IT IS IMPORTANT TO

(1) IF THE TRUST BENEFITS INDIVIDUALS, PRIVATE ORGANIZATIONS OR OTHER

(2) IF THE TRUST BENEFITS THE GOVERNMENT OR ITS CITIZENRY, IT IS IMPORTANT TO

a. IF THE TRUST PRINCIPAL MUST BE MAINTAINED, THE TRUST SHOULD BE REPORTED IN

ALGONQUIN SCHOOL DISTRICT

TOTAL DEDUCTIONS 67,990

CHANGE IN FIDUCIARY NET POSITION 8,410

FIDUCIARY NET POSITION-BEGINNING 1,256,100

FIDUCIARY NET POSITION-ENDING $1,264,510

7-6 (A) (CONTINUED).

12. ADDITIONS-CONTRIBUTIONS 3,200,000

7-6 (B) (1).

TOTAL INVESTMENT EARNINGS 164,167

TOTAL DEDUCTIONS 88,000

FIDUCIARY NET POSITION-BEGINNING 0

7-6 (B) (2).

FIDUCIARY NET POSITION:

TOTAL ADDITIONS 52,500

INVESTMENT TRUST FUNDS

(C). INVESTMENTS ARE TO BE REPORTED AT FAIR VALUE, WHEN DETERMINABLE.

FIDUCIARY NET POSITION-BEGINNING 1,500,000

PENSION TRUST FUNDS

THE REQUIRED SCHEDULES INCLUDE A TEN YEAR SCHEDULES OF CHANGES IN NET

A. 1. A DEFINED CONTRIBUTION PLAN IS A PENSION PLAN IN WHICH THE BENEFITS ARE

B. 1. AN AGENT MULTIEMPLOYER RETIREMENT PLAN IS A PLAN IN WHICH SEPARATE

B. 2. A COST-SHARING MULTIEMPLOYER RETIREMENT PLAN IS A PLAN IN WHICH SEPARATE

C. 2. THE NET PENSION LIABILITY IS THE AMOUNT THAT A GOVERNMENT ANTICIPATES

7-13 (A). CITY OF SWEETWATER EMPLOYEES' RETIREMENT FUND

7-13 (A) Continued

INVESTMENTS IN COMMON STOCKS 780,000

9. ADDITIONS-CONTRIBUTIONS-PLAN MEMBERS 275,000

7-13 (B). CITY OF SWEETWATER

7-13 (C). CITY OF SWEETWATER

FIDUCIARY NET POSITION RESTRICTED FOR PENSION BENEFITS $6,027,000

7-14 (2). ALGER COUNTY SCHOOL DISTRICT

FIDUCIARY NET POSITION RESTRICTED FOR EMPLOYEE

INVESTMENTS, AT FAIR VALUE:

3 INVESTMENTS IN US GOV'T SECURITIES 20,000,000

4 INTEREST RECEIVABLE 22,000

6 DEDUCTIONS - EMPLOYEE BENEFITS 11,722,000

7 DEDUCTIONS - ADMINISTRATIVE EXPENSES 147,000

9 DUE TO STATE GOVERNMENT 420,900

ACCOUNT TITLE DEBITS CREDITS

ACCOUNT TITLE DEBITS CREDITS

NONE - AGENCY FUNDS DO NOT HAVE

CHANGE IN FIDUCIARY NET POSITION 3,740,000

NOTE: AGENCY FUNDS HAVE ONLY A BALANCE SHEET, NO ACTIVITY STATEMENT

FIDUCIARY NET POSITION

ACCOUNT TITLE DEBITS CREDITS

ACCRUED INTEREST RECEIVABLE 15,000

4 EXPENDITURES - TRUST ACTIVITIES 236,000

5 INVESTMENTS - CORPORATE BONDS 60,000