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Major Funds Determination Essay

700 words - 3 pages

MAJOR FUNDS DETERMINATION

1

MAJ0R FUNDS CONCEPT

• A COMPROMISE BETWEEN THE MINIMUM SCOPE AUDIT AND THE FULL SCOPE AUDIT!

2

MAJOR FUNDS CONCEPT
• MAJOR FUNDS MUST BE REPORTED
SEPARATELY • NONMAJOR FUNDS REPORTED IN THE AGGREGATE IN A SINGLE COLUMN • A BALANCE SHEET TEST OR AN OPERATING STATEMENT TEST
3

IDENTIFYING MAJOR FUNDS
•THE GENERAL FUND
•THIS FUND IS ALWAYS MAJOR

•OTHER FUNDS (BALANCE SHEET OTHER TEST OR OPERATING STATEMENT TEST):

4

IDENTIFYING MAJOR FUNDS – CON’T.
• A FUND NEED ONLY EXCEED 10% OF ASSETS OR LIABILITIES OR 10% REVENUES OR EXPENDITURE/EXPENSES A FUND MUST PASS THE 10% TEST BEFORE THE 5% TEST IS NECESSARY A FUND IS MAJOR IF THE 10% AND ...view middle of the document...

ASSETS: • • • 10% OF $7,050,000 = $ 705,000 10% OF $3,500,000 = $ 350,000 5% OF $10 550 000 = $527 500 $10,550,000 $527,500

12

MAJOR FUND THRESHOLD EXAMPLE – BALANCE SHEET TEST – CON’T.
LIABILITIES: • • • • 10% OF $4,580,000 = $ 458,000 10% OF $2,250,000 = $ 225,000 5% OF $ 6,830,000 = $341,500 THE MAJOR FUNDS WOULD INCLUDE INCLUDE: GENERAL, LAW ENFORCEMENT, WATER AND SEWER
13

IDENTIFYING MAJOR FUNDS – CON’T CON’T.
THE OPERATING STATEMENT TEST:
REVENUES OR EXPENDITURES.EXPENSES = 10% OR MORE OF TOTAL REVENUES OR EXPENDITURES/EXPENSES FOR THE TOTAL OF GOVERNMENTAL CATEGORY OR THE ENTERPRISE FUNDS AND REVENUES OR EXPENDITURES/EXPENSES = 5% OR MORE OF TOTALREVENUES OR EXPENDITURES/EXPENSES FOR THE TOTAL OF GOVERNMENTAL CATEGORY AND THE ENTERPRISE FUNDS
14

MAJOR FUND THRESHOLD EXAMPLE – OPERATING STATEMENT TEST
FUND GENERAL LAW ENFORCEMENT LIBRARY TOTAL GOVERNMENTAL WATER SEWER TOTAL ENTERPRISE GRAND TOTAL REVENUES 700,000 10,000 2,710,000 1,000,000 2,500,000...

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