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