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For your assignment, discuss when the government and nonprofit organizations would use each of the following funds:
o Capital projects fund
o Debt service fund
o Special revenue fund
Go to the comprehensive annual financial report (CAFR) for your state or local government, and find specific examples for the most current year in which each of these funds were used.
In accordance with BrainMass standards, this is not a hand in ready assignment but is only background help.
The government and nonprofit organizations will use capital projects fund when large amounts of capital is required for a project. The fund is created for projects of large scale and large cost relative to other investments requiring less planning and resources (a). For example, when the government wants to build roads, viaducts or railways, it creates a capital projects fund. The projects are carefully planned and discussed before they are undertaken. The government and nonprofit organizations use the capital projects fund for acquisition of large capital facilities, or acquisition of capital assets.
Debt service fund will be used by government and nonprofit organizations to service interest and principal payments on short and long term debt (b). The debt service fund is created to ensure that repayment of interest and principal on debt is made in a timely manner. The fund is ...
This posting gives you a step-by-step explanation of three types of funds in government and nonprofit organization accounting. The response also contains the sources used.