Fiduciary Fund
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A Fiduciary Fund is a government fund that are used to account for assets held in trust fund by the government unit for the benefit of individuals or other entities.
- Context:
- It can be referenced in a Fiduciary Fund Report (for totals or changes to net positions).
- It can range from being a Local Government Fiduciary Fund, to being a Provincial/State Fiduciary Fund, to being a National Fiduciary Fund.
- …
- Example(s):
- an Fiduciary Trust Fund, such as: government employee benefit trust fund, external investment government trust fund, private-purpose government trust fund, ...
- an Fiduciary Agency Fund, such as: ...
- …
- 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."
- FIDUCIARY FUND. Funds used to report assets held in a trustee or agency capacity for others and which cannot be used to support the government’s own programs. Categories include pension, investment, and agency funds.
2016c
- (MSRB,2016) ⇒ Glossary of Municipal Securities Terms (2016): http://www.msrb.org/Glossary/Definition/FIDUCIARY.aspx Retrieved 2016-10-30
- QUOTE: Fiduciary - A party having the duty of acting in a capacity of special trust for the benefit and in the best interests of another.
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:
2008
- (MA DoR, 2008) ⇒ Massachussets DoR. (2008). “Municipal Finance Glossary.” Massachussets Department of Revenue - Division of Local Services
- QUOTE: Fiduciary Funds – Repository of money held by a municipality in a trustee capacity or as an agent for individuals, private organizations, other governmental units, and other funds. These include pension (and other employee benefit) trust funds, investment trust funds, private-purpose trust funds, and agency funds.