Agency Fund
(Redirected from AGENCY FUND)
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An Agency Fund is a Fiduciary Fund used to used to report resources held by the agency in a purely custodial capacity.
- AKA: Fiduciary Agency Fund.
- …
- Counter-Example(s):
- See: Governmental Activities Funds, Trust Fund.
References
2016a
- (Wikipedia, 2016) ⇒ http://en.wikipedia.org/wiki/fund_accounting#State_and_local_government_funds Retrieved:2016-1-7.
- … Fiduciary funds are used to account for assets held in trust by the government for the benefit of individuals or other entities. The employee pension fund, created by the State of Maryland to provide retirement benefits for its employees, is an example of a fiduciary fund. Financial statements may further distinguish fiduciary funds as either trust or agency funds; a trust fund generally exists for a longer period of time than an agency fund.
2016b
- (City Council of Cambridge, 2016) ⇒ City Council of Cambridge, MA. (2016). “Annual Budget 2016-2017 Adopted by the City Council, Cambridge, Massachusetts."
- QUOTE: AGENCY FUND. A type of fiduciary fund used to account for resources held in purely a custodial capacity for other governments, private organizations, or individuals.
2014
- (Hegar, 2014) ⇒ Glenn Hegar (2014), Texas Comptroller of Public Accounts https://fmx.cpa.texas.gov/fmx/pubs/afrrptreq/gen_acct/index.php?section=overview&page=fiduciary_fund
- QUOTE: Fiduciary funds are used to report assets held in a trustee or agency capacity for others and therefore cannot be used to support the government’s own programs. Resources held in trust for the benefit of the agency’s own programs or Texas citizenry are accounted for in a governmental fund rather than a fiduciary fund. The fiduciary fund category includes:
- Agency funds (FT 09)
- Pension and other employee benefit trust funds (FT 10)
- External investment trust funds (FT 18)
- Private-purpose trust funds (FT 20)
- QUOTE: Fiduciary funds are used to report assets held in a trustee or agency capacity for others and therefore cannot be used to support the government’s own programs. Resources held in trust for the benefit of the agency’s own programs or Texas citizenry are accounted for in a governmental fund rather than a fiduciary fund. The fiduciary fund category includes:
- (...) Agency funds are used to report resources held by the agency in a purely custodial capacity (assets held for others that cannot be used to support the agency’s own programs). Agency funds typically involve only the receipt, temporary investment and remittance of fiduciary resources to individuals, private organizations or other governments. GAAP requires the use of an agency fund to account for debt service transactions involving special assessment debt for which the state is not obligated in any manner.
Assets must equal liabilities on the statement of fiduciary net position. Agency funds are required to use the statement of changes in assets and liabilities rather than the statement of changes in fiduciary net position (as agency funds do not recognize revenues, expenditures or expenses) (...)
- (...) Agency funds are used to report resources held by the agency in a purely custodial capacity (assets held for others that cannot be used to support the agency’s own programs). Agency funds typically involve only the receipt, temporary investment and remittance of fiduciary resources to individuals, private organizations or other governments. GAAP requires the use of an agency fund to account for debt service transactions involving special assessment debt for which the state is not obligated in any manner.
2008
- (MA DoR, 2008) ⇒ Massachussets DoR. (2008). “Municipal Finance Glossary.” Massachussets Department of Revenue - Division of Local Services
- QUOTE: Agency Fund – This is one of four types of fiduciary funds. It is used to report resources in a purely custodial capacity by a governmental unit. Agency funds generally involve only the receipt, temporary investment, and periodic transfer of money to fulfill legal obligations to individuals, private organizations, or other governments. For example, certain employee payroll withholdings typically accumulate in an agency fund until due and forwarded to the federal government, health care provider, and so forth.
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