Louisiana Administrative Code
Title 28 - EDUCATION
Part XLI - Bulletin 1929-Louisiana Accounting and Uniform Governmental Handbook
Chapter 5 - Fund Classifications
Section XLI-507 - Fiduciary Funds
Universal Citation: LA Admin Code XLI-507
Current through Register Vol. 50, No. 3, March 20, 2024
A. Fiduciary Funds are used to account for assets when a governmental unit is functioning either as a trustee or as an agent for another party; they are commonly referred to as trust and agency funds.
1.
Trust Funds. These funds are used to account for assets held by a school
district in a trustee capacity for others (e.g. members and beneficiaries of
pension plans, external investment pools, or private purpose trust
arrangements) and therefore cannot be used to support the school district's own
programs. Trust funds are generally accounted for on the economic resources
measurement focus and the accrual basis of accounting. Trust funds include
pension trust funds, investment trust funds, and private purpose trust funds
(as described below).
a. Pension Trust Funds.
This fund is used to account for resources that are required to be held in
trust for members and beneficiaries of defined benefit pension plans, defined
contribution plans, other post employment benefit plans, or other benefit
plans. Typically, these funds are used to account for local pension and other
employee benefit funds that are provided by a school district in lieu of or in
addition to any state retirement system.
b. Investment Trust Funds. This fund is used
to account for the external portion (i.e., the portion that does not belong to
the school district) of the investment pools operated by the school
district.
c. Private Purpose Trust
Funds. This fund is used to account for other trust arrangements under which
the principal and income benefit individuals, private organizations or other
governments.
2. Agency
Funds. This account is used for funds that are held in a custodial capacity by
a school district for individual, private organizations or other governments.
Agency funds may include those used to account for student activities or taxes
collected for another government.
AUTHORITY NOTE: Promulgated in accordance with R.S. 17:6(A)(10).
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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