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Distinction, per GASB, between fiduciary & permanent funds

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1. What is the distinction, as drawn by the GASB, between a fiduciary fund and a permanent fund?

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Solution Summary

The 175 word cited solution explains the differences including examples of types of funds.

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GASB Statement 34 changed and more clearly defined a fiduciary fund by combining trust and agency fund types. These types of funds exist for the benefit of the fiduciary, or in the agency types, they hold assets as an agent for rather than an owner of resources.

The literature lists four types of funds that can be ...

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