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School Districts Accounting and Reporting Manual

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(ENTRY 10) LT049

Total Assets is the sum of LT021 and LT048. This figure must agree with Total Liabilities and Fund Balance, LT098.


(ENTRY 17)  L899 New Fund Balance Codes per GASB 54

General Summary for ENTRY 17 through ENTRY 24  (SEE ALSO OSC BULLETIN APRIL 2011)


GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, is significantly changing the component classifications of fund balance for the governmental funds.  The fund balance/net asset codes will need to be revised to incorporate the five new components of fund balance (i.e., nonspendable, restricted, committed, assigned, and unassigned).  In addition, many of the previous classifications will no longer apply and should be removed (i.e., reserve for inventories, reserve for prepaid items, reserve for encumbrances, other reserved fund balance, designated fund balance, and unreserved fund balance).  Finally, while the net asset codes (i.e., invested in capital assets - net of related debt, restricted net assets, and unrestricted net assets) are not being changed, there will need to be a shift in the numerical coding structure to incorporate all of the aforementioned changes.


Historically, fund balance for governmental funds has used two main categorizations - reserved and unreserved.  Furthermore, unreserved fund balance could optionally be further sub-classified as designated or undesignated.  All of these classifications focused on fund balance from the perspective of its availability for appropriation.  In other words, fund balance classifications represented the appropriable or non-appropriable nature of the fund’s financial equity.


Under GASB Statement No. 54, the classification of fund balance will now be from the perspective of the underlying resources within fund balance.  Simply put, these new components of fund balance will identify constraints on how resources can be spent and the sources of those constraints.  The new components of fund balance will be nonspendable, restricted, committed, assigned, and unassigned.  Each of these components has very specific definitions and there is little, if any, direct link between the ”r;old” components of fund balance and the new ones.

(ENTRY 18)  LT092

Total Restricted Fund Balance - The restricted fund balance classification should be reported when constraints placed on the use of resources are either:


 (a) externally imposed by creditors, grantors, contributors, or  laws or regulations of other governments


       (b) imposed by law through constitutional provisions or enabling legislation.


(ENTRY 21)  LT094

Total Assigned Fund Balance - The assigned fund balance classification reflects amounts that are constrained by the government’s intent to be used for specific purposes, but meet neither the restricted nor committed forms of constraint.  Also, the assigned fund balance classification is the residual classification for the special revenue, debt service, capital projects, and/or permanent funds (unless that amount is negative, which would require presentation as unassigned fund balance).


(ENTRY 22) L917

This entry must be NEGATIVE or 0.


(ENTRY 23)  LT096

Total Unassigned Fund Balance - The unassigned fund balance classification is the residual classification for the general fund only.  It is also where negative residual amounts for all other governmental funds would be reported.


(ENTRY 24) LT095

The total fund balance recorded here should agree with the value for the Ending Fund Balance, June 30, 2011 on Statement E1-Public Library Fund Analysis of Fund Balance.


(ENTRY 25) LT098

Sum of LT065 and LT095. In addition this value must agree with Total Assets, LT049.