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Business Procedures Manual

14.6 Accounting Principles For Agency Funds

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The assets of the agency fund group include cash, temporary investments, and amounts due from other fund groups. Balances for this fund group will be carried as a liability on the Statement of Net Assets. Receipts and disbursements of these funds are accordingly classified as additions to, and deductions from, the fund balances rather than as revenue and expenditures.

Unique accounts should be established in each agency fund in order that transactions related to a specific fund balance may be recorded in one account*. Each fund can then be properly analyzed for purposes of accounting control and for the preparation of necessary reports.

* Note: Institutions using the GeorgiaFIRST Financials software use a separate department number in fund 60000, Funds Held on Deposit, to differentiate between agency fund balances. Such department numbers should begin with the letter A to distinguish these departments from others not classified as agency funds.

For fund 60000, the account number used will always be 241XXX - Funds Held for Others. For fund 61000, the account number used should be 251XXX - Designated Scholarships (separate numbers). For fund 62000 - Payroll Operations, the account numbers used should be the appropriate Liabilities - Payroll accounts.

The accounting for agency funds must conform to the standards required of a fiscal agent. Funds should be disbursed only for properly designated and approved purposes.

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