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 and modified the requirements of NCGA Statement 1 for reporting transfers. Interfund activity replaced interfund transaction when referring to financial interaction between funds, including blended component units. Interfund transaction describes actions involving outside parties or a government’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