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PPT : Fund Accounting
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What is Fund Accounting?
A method of segregating resources into categories (i.e., funds), to identify both the source of funds and the use of funds.
Objectives of Fund Accounting
* Demonstrating accountability and stewardship
* Determining financial condition
* Planning and budgeting
Objectives of Fund Accounting
* Evaluating organizational and managerial performance
* Determining/forecasting cash flow
* Communication
Definitions
Fund: A fund is a segregation of resources established to control and monitor resources and to help ensure and demonstrate compliance with legal/administrative requirements.
Definitions
* Fund Balance: Equity within a fund.
Assets = Liabilities + Fund Equity
Fund Assets – Fund Liabilities = Fund Balance
Assets – Claims Against Assets = Fund Balance
* The fund balance may also be known as Net Assets, Capital, or Net Worth.
Chart of Accounts
* How do we track the sources and uses of funds?
Fund Group: A separate entity with a self-balancing set of accounts consisting of assets, liabilities, fund balance, and, where appropriate, revenue and expenditure accounts.
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Category : AccountingSource : www.controller.ucsb.edu
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Tags: Accounting, expenditure accounts, managerial performance, planning and budgeting, revenue and expenditure