Debt service funds are used to account for which of the following? 2021
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Chapter 6: Account Classification Descriptions — Fund Classifications
A fund is a separate fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, or changes therein. Current fund classifications are presented below. Each classification is presented by a code number followed by a description.
Chapter 6: Account Classification Descriptions — Fund Classifications
Governmental Fund Types
Proprietary Fund Types
Fiduciary Fund Types
What is a debt service fund?
What is a debt service reserve account?
What are debt service dues and obligations?
When is a bond principal a liability of the debt service fund?
What are debt service funds used for?
What is the purpose of a debt service fund quizlet?
What are the sources of debt service fund?
Are debt service funds governmental funds?
Governmental Fund Types
1
General Fund. This fund is the chief operating fund of the school district. It is used to account for all financial resources of the school district except for those required to be accounted for in another fund. A district may have only one general fund.
2
Special Revenue Funds. These funds account for the proceeds of specific revenue sources (other than trusts or major capital projects) that are legally restricted to expenditure for specified purposes. (Unless specifically required by Generally Accepted Accounting Principles (GAAP) or other requirements, restricted revenues may also be accounted for in the general fund.) Some examples of special revenue funds are
restricted state or federal grants-in-aid;
expendable trusts that benefit or tư vấn the governmental entity; and
restricted tax levies.
A separate fund may be used for each identified restricted source, or one fund may be used, supplemented by the classification project/reporting code.
3
Capital Projects Funds. These funds account for financial resources to be used to acquire or construct major capital facilities (other than those of proprietary funds and trust funds). The most common source of capital projects funding is the sale of bonds or other capital financing instruments. A separate fund may be used for each capital project or one fund may be used, supplemented by the classification project/reporting code.
4
Debt Service Funds. These funds account for the accumulation of resources for, and the payment of, general long-term debt principal and interest.
5
Permanent Funds. These funds account for resources that are legally restricted to the extent that only earnings, and not principal, may be used for purposes that tư vấn the school district’s programs.
Proprietary Fund Types
6
Enterprise Funds. These funds account for any activity for which a fee is charged to external users for goods or services. Enterprise funds are required to be used to account for any activity whose principal revenue sources meet any of the following criteria:
debt backed solely by revenues from fees and charges (thus, not debt that is backed by the full faith and credit of the school district);
legal requirement to recover costs through fees and charges;
or
policy decision of the governing board of management to recover the costs of providing services through fees or charges.
Some examples of enterprise funds are activities such as the food service program, the bookstore operation, the athletic stadium, or the community swimming pool.
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Internal Service Funds. These funds account for any activity within the school district that provides goods or services to other funds, school district departments, component units, or other governments on a cost-reimbursement basis. The use of an internal service fund is appropriate only for activities in which the school district is the predominant participant in the activity. Otherwise, the activity should be reported as an enterprise fund. Examples of internal
service funds are such activities as central warehousing and purchasing, central data-processing, and central printing and duplicating. Do not use internal service fund revenues or expenditures in federal surveys—unless the revenues are generated from outside the school district or education entity.
Fiduciary Fund Types
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Trust Funds. These funds account for assets held by a school district in a trustee capacity for others (e.g., members and beneficiaries of pension plans and other postemployment benefit [OPEB] plans, external investment pools, or private-purpose trust arrangements) and that therefore cannot be used to tư vấn the school district’s own programs. Trust funds are generally accounted for using the economic resources measurement focus and the accrual basis of accounting
(except for the recognition of certain liabilities of defined benefit pension plans and certain postemployment health care plans; refer to GASB Statements 26, 27, 43, and 45 for guidance on the recognition of these liabilities). Trust funds include pension trust funds (including OPEB plans), investment trust funds, and private-purpose trust funds (as described below).
Pension Trust Funds. These funds account for resources that are required to be held in trust for members
and beneficiaries of defined benefit pension plans, defined contribution plans, OPEB plans, or other benefit plans. Typically, these funds account for local pension and other employee benefit funds that are provided by a school district in lieu of or in addition to any state retirement system.
Investment Trust Funds. These funds account for the external portion (i.e., the portion that does not belong to the school district) of investment pools operated by the school
district.
Private-Purpose Trust Funds. These funds account for other trust arrangements under which the principal and income benefit individuals, private organizations, or other governments.
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Agency Funds. These funds account for funds that are held in a custodial capacity by a school district for individuals, private organizations, or other governments. Agency funds may include those used to account for student activities or taxes collected for another government.
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What is a debt service fund?
Debt Service Fund – Definition, Example, And How Does Debt Service Fund work? A Debt Service Fund is referred to as a cash reserve that is maintained by the organization in order to pay its dues and obligations on time. These dues and obligations mainly take the form of principal and interest payments on certain types of debt.
What is a debt service reserve account?
“In the debt service fund, there will be maintained the debt service payment account and the debt service reserve account. In the occurrence of an sự kiện of default, money in the debt service reserve account may be transferred to the debt service payment account to be used to pay debt service charges with respect to the debt obligations.”
What are debt service dues and obligations?
These dues and obligations mainly take the form of principal and interest payments on certain types of debt. The main reason for the creation of the debt service fund is mainly directed towards reducing the risk of not being able to pay their debts and funds in due time.
When is a bond principal a liability of the debt service fund?
C) Bond principal is shown as a liability of the debt service fund only when that principal is due and payable. D) All tax-supported bond principal is shown as a liability of the debt service fund.
What are debt service funds used for?
A debt service fund may be used to report resources used and payment of debt service for bonds associated with the loan program for governmental activities. Debt service funds are required only if legally mandated or resources are being accumulated for future debt service payments.
What is the purpose of a debt service fund quizlet?
A debt service fund exists to record and manage not only payments of principal and interest related to general long-term liabilities, but also to record and manage revenues restricted for debt repayment and other funds, such as interfund transfers, that will be used for those payments.
What are the sources of debt service fund?
Property taxes are the primary funding source for repayment of annual debt service, with about 15% of the tax rate allocated directly to the Debt Service Fund. The allocation for debt service has been reduced over the past decade through controlled limitation of new debt issuance.
Are debt service funds governmental funds?
Governmental funds All governmental funds can be classified into one of five fund types: the general fund, special revenue funds, debt service funds, capital projects funds, and permanent funds (see Exhibit 4-2).
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