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how should the grant be reported on the fund and government wide financial statement 641517

Reporting Multipurpose Grant Transactions in the Funds and Government wide Financial Statements of Local Government Recipients. In this case, local governments receive reimbursements from the state government’s Department of Social Services Teen Assistance Program for expenditures incurred in conducting an array of locally administered programs that benefit troubled teens. The state program provides reimbursement up to a maximum amount based on grant applications submitted annually by each local government and provides notification of the amounts approved prior to the grant year. Each local government determines which kinds of teen programs and what mix of services are most appropriate for its community. Reimbursements are made only after services have been provided and documented claims for reimbursements have been submitted to the state. GASB standards relevant to this grant state: Multipurpose grants (those that provide financing from more than one program) should be reported as program revenue if the amounts restricted to each program are specifically identified in the grant award or grant agreement. Multipurpose grants that do not provide for specific identification of the programs and amounts should be reported as general revenues.

Required

a. In which fiscal year(s) should the grant be reported on the fund and government wide financial statements of the local governments receiving the grant reimbursements? Please explain your answer.

b. How should the grant be reported on the fund and government wide financial statements? Please explain your answer.

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