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GASB 54 - - FUND BALANCE GASB Statement 54 Fund Balance Reporting and Governmental Fund Types deene.dayton@state.sd.us 773-5932 Intro Statement No. 54 Released March 11, 2009 Effective for periods beginning after June 15, 2010 Intro Why?? Significant variation on how current standards were applied Widespread confusion about terminology Fund balance is an important benchmark for numerous laws and other applications Current F/B Fund balance is a term used for assets minus liabilities in a “governmental” fund Current F/B Reserved F/B Resources not available for spending Reserve for inventory Long-term loan receivable Legal restrictions on spending Restriction narrower than the purpose of the fund itself Bond covenants Current F/B Designated F/B Management’s intended future use of resources Designated for future projects F/B applied to subsequent year’s budget Current F/B Unreserved, Undesignated F/B What’s left May even represent what’s left in a Special Revenue Fund Current Proprietary Net Assets – Invested in Capital Restricted Unrestricted New F/B - Listing Nonspendable Restricted Committed Assigned Unassigned New F/B - Nonspendable Not in spendable form, such as: Inventory Long-term loans and notes receivable Prepaids Amounts legally or contractually required to be maintained intact The principal balance of a permanent fund New F/B - Restricted Same definition as for net assets in Statement 34 – when constraints are placed on resources in the following manner – External parties Debt covenants Contributors The constitution State law (CO, SPED, Pension) New F/B - Committed Amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the highest level of decision making authority (governing board) Constraint can be removed or changed only by the same body (governing board) Action to constrain resources should occur prior to the end of fiscal year, though the exact amount may be determined subsequently New F/B - Assigne
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