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if trust funds own depreciable assets is depreciation taken if so is depreciation co 642154

Examine a CAFR. Utilizing the annual report obtained for Exercise 1–1, follow these instructions:

a. Agency Funds. Are employees’ and employers’ FICA tax contributions and contributions to other retirement funds reported in the General Fund, an agency fund, or in some other manner (describe)? Does the government operate a tax agency fund or participate in a tax agency fund operated by another government? Does the government act as agent for owners of property within a special assessment district and for the creditors of those property owners? Does the government operate one or more pass through agency funds? If so, describe.

b. Investment Trust Funds. Does the government operate, or participate in, a cash and investments pool? If so, is the pool operated as an investment trust fund? If there is a cash and investment pool and it is not reported as an investment trust fund, how is it reported? Explain.

c. Private purpose Trust Funds. Does the government operate one or more private purpose trust funds? If yes, explain the purpose(s).

d. Pension Trust Funds. Are the government employees covered by a retirement fund operated by the government, by the state, by the federal Social Security Administration, or by two or more of these? If the government operates one or more pension plans, or retirement systems, are the plan statements accompanied by an actuary’s report, or is a reference made to the actuary’s report in the notes to the financial statements? Is a net pension obligation (NPO) reported in the government wide statement of net assets and/or in a proprietary fund? Is all the pension information specified by GASB standards and discussed in Chapter 8 presented in the notes to the financial statements? Are all required supplementary schedules and related notes reported in the comprehensive annual financial report?

e. Fiduciary Fund Financial Statements. Are all fiduciary funds shown in a statement of fiduciary net assets and a statement of changes in fiduciary net assets? Does the financial report state the basis of accounting used for trust and agency funds? Are agency funds properly disclosed in the financial statements? Does the report contain a schedule or list of investments of trust funds? Are investments reported at fair value? Is the net increase (decrease) shown separately from interest and dividend income? If trust funds own depreciable assets, is depreciation taken? If so, is depreciation considered a charge against principal or against income?

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