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Fund Accounting Policy

Authority:
GASB Codification Section 1300

Effective Date:
7/1/95; Revised 7/1/06

Policy:
The State adheres to fund accounting established by generally accepted accounting principles (GAAP). The financial activities of the State are organized by individual funds, each of which is a separate accounting entity segregated to carry on specific activities or attain certain objectives in accordance with specific regulations, restrictions, or limitations. The financial activities of the State accounted for in the financial statements are classified into fund type categories.

OSC determines the GASB fund type based on request by the agency. The agencies are required to fill a Center request form.