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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Interfund Activity

Interfund Activity

Introduction

GASB 34 established a classification system with terms and definitions for interfund activity. Interfund activity replaced interfund transaction when referring to financial interaction between funds, including blended component units. Interfund transaction describes actions involving outside parties or an agency’s discretely presented component units.

The following are considered interfund activity:

  • Activity between agencies
  • Activity between GAAP funds within the same agency
  • Activity within an appropriated fund if it occurs between agencies
  • Activity within an appropriated fund if it occurs between GAAP fund types
  • Activity between appropriated funds
  • Transfers to and from the state’s general revenue fund
  • Interfund loans with a requirement for repayment