Reporting Requirements for Annual Financial Reports of State Agencies and Universities
General Accounting
Governmental Reporting Overview
Fund Type Structure
Funds are categorized into one of 11 different fund types. The fund types are grouped into three classifications:
- Governmental funds – generally used to account for tax-supported (governmental) activities.
- Proprietary funds – used to account for business-type activities (such as activities supported, at least in part, by fees or charges).
- Fiduciary funds – used to account for resources held by an agency as a trustee or custodial capacity for outside parties. These resources cannot be used to support the agency’s own programs and must meet the fiduciary activities criteria.
The following chart reflects the fund structure categorized as governmental, proprietary or fiduciary fund types and includes the USAS fund type code in parenthesis.
| Governmental Funds | Proprietary Funds | Fiduciary Funds |
|---|---|---|
| General (FT01) | Enterprise (FT05) | Pension (FT10) |
| Special Revenue (FT02) | Internal Service (FT06) | External Investment Trust (FT18) |
| Debt Service (FT03) | Private-Purpose Trust (FT20) | |
| Capital Projects (FT04) | Custodial (FT22) | |
| Permanent (FT19) |
Suspense funds are reported in fund types 01 or 05. Discrete component units are reported in fund type 15.
Use the following fund types in USAS to record the basis conversion transaction amounts needed to convert the FFS to the GWFS.
| Basis Conversion Fund Types | Fund Type Numbers |
|---|---|
| Capital Asset Adjustments | 11 |
| Long-Term Liabilities Adjustments | 12 |
| Other Adjustments | 21 |
GASB 35 established accounting and financial reporting standards for universities within the financial reporting guidelines of GASB 34. Universities are reported as business-type activities (BTA) and must follow proprietary fund accounting. Universities are required to report all funds in a single column instead of by individual USAS fund. For more information, see Proprietary Funds.