chap 008

Chapter 08 - Accounting for Fiduciary Activities—Agency and Trust Funds

CHAPTER 8: ACCOUNTING FOR FIDUCIARY ACTIVITIES— AGENCY AND TRUST FUNDS

OUTLINE

Number Topic Type/Task Status(re: 15/e)

Questions:8-1 Distinction between agency and trust funds Distinguish Same8-2 Identifying trust funds and their purpose Explain Same8-3 Pension plan statements and disclosures Explain New8-4 No fund equity in agency funds Explain Same8-5 Agency funds for “pass-through” funds Define, explain Same8-6 Investment pools Explain Same8-7 Investment gains in investment trust funds Explain New8-8 Private and public purpose trusts Distinguish Same8-9 Evaluating pension plans Explain Same8-10 Accounting for pension expenses/expenditures Explain New

Cases:8-1 Internet Case - PERS Locate, explain Same8-2 OPEB Plans Analyze Case 8-38-3 Policy Issues Relating to Employee Pension

PlansAnalyze New

Exercises/Problems:8-1 Examine the CAFR Examine Same8-2 Various agency and trust fund issues Multiple Choice 8-2 revised8-3 Various agency and trust fund issues Multiple Choice 8-3 revised8-4 Tax agency fund Journal entries Same8-5 Special assessment agency fund JEs, analysis New8-6 Identification of fiduciary funds Analysis Case 8-28-7 Investment trust fund Journal entries 8-7 revised8-8 Defined benefit pension plan Calculate Same8-9 Defined benefit pension plan statements Financial statements 8-9 revised

8-10 Fiduciary financial statements Analysis 8-10 revised

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CHAPTER 8: ACCOUNTING FOR FIDUCIARY ACTIVITIES— AGENCY AND TRUST FUNDS

Answers to Questions

8-1. Although in law there is a clear distinction between an agency relationship and a trust relationship, in practice the legal distinctions are not sufficient to classify funds as agency funds or trust funds. All factors, such as the enactment that created the fund and pertinent regulations, must be examined to determine the nature of the fund and the transactions in which it may engage. Generally, trust funds are more complicated than agency funds, requiring greater representation and development of the beneficiary’s interest.

8-2. There are many different types of trust funds. For reporting purposes the GASB classifies trust funds as investment trusts, private-purpose trusts, and pension trusts (also referred to as pension and other employee benefit trusts). An investment trust fund is used to account for and report the fund equity in pooled investments held by fund participants who are external to the government operating the fund. Private-purpose trust funds record and report principal and/or interest managed by a government for the benefit of an individual, private organization, or another government. The distinguishing characteristic is that the party benefiting from the trust must be external to the government operating the trust. In pension and other employee benefits trusts a government is managing benefits that belong to government employees. As can be seen, in each case the government is acting as a fiduciary, or in the best interest of parties outside the government.

8-3. The GASB standards require two financial statements (a statement of plan net position and a statement of changes in plan net position) and two schedules of historical trend information (a schedule of funding progress and a schedule of employer contributions) for pension financial reporting. In addition, notes to the financial statements and notes to the required schedules disclose a number of descriptive items, including a plan description, a summary of significant accounting policies, and description of contributions and reserves.

8-4. When an agency fund is used to account for assets, the assets belong to the party or parties for whom the government acts as an agent, and not to the government itself. Thus, agency fund assets are offset by liabilities equal in amount and no fund equity exists.

8-5. A pass-through agency fund is one wherein a level of government (such as the state government) serves as an intermediary, transferring resources to another level of government (such as local government). For a pass-through agency fund to be appropriate the government acting as the conduit must have no administrative or direct financial involvement. If the pass-through government provides monitoring, is involved in determining eligibility of fund recipients or programs, has discretion in allocating funds, or finances some direct program costs a pass-through agency fund is not appropriate.

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Ch. 8, Answers (Cont'd)

8-6. With an internal investment pool the pool participants are all within the same government. While accounting for an internal investment pool often occurs in an agency fund; for external financial reporting purposes each participant reports its proportionate share of the pooled assets and liabilities. The agency fund of an internal investment pool is not reported in external financial statements.

The accounting for an external investment pool differs in the type of fund used and the manner in which the pool’s assets and liabilities are reported. An external investment pool is reported in an investment trust fund and has participants that are outside the government administering the investment pool. As such, the GASB standards require that a trust fund be used to account for the investment pool’s resources. External participants’ shares of net position of the fund and additions to and deductions from net position are reported in the investment trust fund. Those participants have no claims on specific assets of the trust.

8-7. The GASB standards require that realized and unrealized gains and losses be reported in aggregate as “Change in Fair Value of Investments,” which is a component of investment income. While gains and losses are not reported as separate amounts in the financial statements, they may be disclosed in the notes to the financial statements, if desired. Governments may maintain a separate Allowance for Changes in Fair Value of Pooled Investments account (a contra-asset account) to record all changes in fair value rather than increasing and decreasing the balance of the investment accounts.

8-8. The beneficiaries of a private purpose trust are individuals, organizations, or governments other than the government administering the trust; whereas, the beneficiary of a public purpose trust is the government administering the trust. Since the beneficiary of the private purpose trust is outside the administering government, the administering government has a fiduciary responsibility to the beneficiary and as a result the private purpose trust is reported as a private-purpose trust fund. A public purpose trust is generally reported as either a permanent fund (i.e., the principal must remain intact) or a special revenue fund (i.e., the income and/or principal may be spent for a specified purpose).

8-9. Three indicators that are useful in assessing the financial health of a pension plan are the unfunded actuarial accrued liability, the funded ratio, and the difference between the required contribution and the amount actually contributed. Information about the unfunded actuarial accrued liability and the funded ratio can be found on the schedule of funding progress. If the unfunded actuarial accrued liability is growing or the funded ratio is decreasing over time it indicates that sufficient resources are not being provided to cover the benefits earned by employees. The schedule of employer contributions

8-3


Ch. 8, Answers, 8-9 (Cont'd)

provides information on the percentage of the required contribution that has actually been contributed to the plan. If actual contributions are not keeping pace with the required contributions the plan’s actuarial accrued liability will continue to grow. Thus, the two required schedules provide useful information in assessing the financial health of a pension plan. The health of a plan is best determined by looking at the trend in the information rather than looking at a single year.

8-10. A government employer reports pension expenditures in a governmental fund on the modified accrual basis of accounting. Thus, the amount recognized will be the actual amount contributed to the plan during the year regardless of pension cost. In proprietary funds and in the governmental activities journal at the government-wide level, employers would recognize the pension cost on the accrual basis. Therefore, if the amount contributed to the pension fund for the year is less than the annual pension cost, the difference should be added to net pension obligation (NPO). If the contribution is greater than the annual pension cost, the difference should be deducted from the NPO.

Solutions to Cases

8-1. a. CalPers was established by state law in 1932.b. Almost all types of state and local government employers contribute to CalPERS,

including state agencies, cities, special purpose governments, and schools.c. Over 1.6 million California public employees, retirees, and their families are served

by CalPERS.d. CalPERS administers 15 funds:

7 pension trust funds—4 of which are for defined benefit plans and 3 of which are for defined contribution plans.

1 OPEB fund. 3 agency funds—an old age survivors fund, a special deposits fund for

earmarked funds, and a contingency reserve fund for health care payments and remittances.

4 proprietary funds—one long-term care fund, one deferred compensation fund, and two health care funds.

e. The total value of fiduciary assets will vary with the most recent financial report. The information can be obtained from the statement of fiduciary net position.

f. The change in pension fund net position will vary with the most recent financial report. The information can be obtained from the statement of changes in pension net position. (Recall that agency and proprietary fund information would not be reported on a statement of changes in fiduciary net position.)

g. Refer to the most recent financial report’s required supplementary information – schedule of funding progress. Funding ratios vary greatly by plan and year. For some of the time periods reported, you will find a funded ratio greater than 100%, while other ratios are much less than 100%. A ratio less than 100% indicates that the actuarial value of the liabilities is greater than the actuarial value of the assets, resulting in an under funded pension as of the valuation date.

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Ch. 8, Solutions, Case 8-1 (Cont'd)

h. CalPERS is a fiduciary component unit of the State of California. Thus, it is blended with other pension financial information in the state’s statement of fiduciary net position and statement of changes in fiduciary net position, and is not reported at all in the government-wide financial statements.

8-2. Following are answers based on the 2010 fiscal year CAFRs for the City and County of Denver and New York City. The answers to the questions will vary with the year of the CAFRs examined; therefore, the answers provided serve as a guide to what should be considered in the analysis. a. For 2010 the DERP Health Benefits plan AAL was $141,643,000. Over the period

from 2008 to 2010 the funded ratio has somewhat declined. There was about a 6 percent decline from 2008 to 2009, and since that time the funded ratio had a net decline of about 5.4 percent. If the DERP Health Benefits plan is compared to the DERP (which is the pension plan) we see that the pension plan is better funded than the Health Benefits Plan. The funded ratio for the pension has ranged from 88.4 percent to 98.2 percent during the four year time period, while the Health Benefits Plan has ranged from 63.8 percent to 75.0 percent.

b. The most recent year for which the AAL was calculated (2007) indicates a liability of $62,135,453,000 for the New York City Health Benefits Plan. For the same time period the funded ratio is 4.2 percent. Over the period from 2005 to 2007 the funded ratio ranged from 0 to 4.2 percent.

c. Based on the data available, it would appear that Denver has funded a relatively greater percentage of its health benefit plan than New York City. As a result, the future financial burden and cost related to the currently earned benefits may not be as great for Denver as for New York City. The size of the programs and economic factors also play a role in each city’s ability to fund its plans.

8-3. a. As defined on the issue brief’s website, defined benefit plan provides governmental employees with lifetime retirement income based upon years of service and final average salary. Defined contribution plans are similar to individual retirement savings accounts where the investments are selected by the employee from a list of options provided by the plan. The benefit at retirement depends on the value in the employee’s account. Under a defined benefit plan, the government – hence taxpayers – bear responsibility for future benefit payments, as well as market and inflation risk. Defined contribution plans shift all the risk and responsibilities from the employer to the employee.

A hybrid plan combines elements of both defined benefit plans and defined contribution plans. They are intended to spread the risks associated with the pension payments between the employer and the employee. In some cases employees are required to participate in both a defined benefit and a defined contribution plan.

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Ch. 8, Solutions, Case 8-3 (Cont'd)

b. When evaluating whether to shift from a defined benefit to a defined contribution plan or to a hybrid plan, a government should consider risks, costs, and human resource goals. Each of these factors involves the government, governmental employees, and taxpayers.

c. In 2011, 38 states offered a mandatory defined benefit plan, two states had a mandatory defined contribution plan, six allowed a choice, and four allowed for hybrid plans. Georgia, Michigan, and Utah recently introduced a mandatory hybrid plan.

d. Each student’s memo should identify and support a position on the proposed change. In evaluating each student’s performance on this case, we recommend placing more weight on the quality and depth of analysis than on the student’s final conclusion.

Solutions to Exercises and Problems

8-1. Each student will have an annual report from a different government unit; therefore, the answers to these questions will differ from student to student.

8-2. 1. a. 6. b.2. b. 7. d.3. a. 8. a.4. d. 9. d.5. c. 10. c.

8-3. 1. d. 6. c.2. a. 7. b.3. d. 8. b.4. c. 9. a.5. b. 10. c.

8-6


Ch. 8, Solutions (Cont'd)

8-4. a. LINCOLN COUNTYTAX AGENCY FUNDGENERAL JOURNAL

Debits Credits1. TAXES RECEIVABLE FOR OTHER FUNDS

AND GOVERNMENTSCURRENT 17,200,000

DUE TO OTHER FUNDS AND GOVERNMENTS 17,200,000

2. CASH 8,400,000

TAXES RECEIVABLE FOR OTHER FUNDS

AND GOVERNMENTSCURRENT 8,400,000

3. DUE TO OTHER FUNDS AND GOVERNMENTS 8,400,000

DUE TO COUNTY GENERAL FUND 1,414,560

DUE TO TOWN OF SMITHTON 2,245,320

DUE TO LINCOLN COUNTY CONSOLIDATED

SCHOOL DISTRICT 3,825,360

DUE TO VARIOUS TOWNSHIPS 914,760

Shares: COMPUTATION TaxesCollected

1% Fee Agency'sLiability

County 2,752,000/17,200,000 * 8,400,000 = 1,344,000 + 70,560 1,414,560Town 4,644,000/17,200,000 * 8,400,000 = 2,268,000 - 22,680 2,245,320School 7,912,000/17,200,000 * 8,400,000 = 3,864,000 - 38,640 3,825,360Townships 1,892,000/17,200,000 * 8,400,000 = 924,000 - 9,240 914,760

4. DUE TO COUNTY GENERAL FUND 1,414,560

DUE TO TOWN OF SMITHTON 2,245,320

DUE TO LINCOLN COUNTY CONSOLIDATED

SCHOOL DISTRICT 3,825,360

DUE TO VARIOUS TOWNSHIPS 914,760

CASH 8,400,000

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Ch. 8, Solutions, 8-4 (Cont'd)

b. LINCOLN COUNTYGENERAL FUND

GENERAL JOURNAL

Debits Credits 1. TAXES RECEIVABLECURRENT 2,752,000

ESTIMATED UNCOLLECTIBLE CURRENT TAXES 82,560

REVENUES 2,669,440

2. CASH 1,414,560

TAXES RECEIVABLECURRENT 1,344,000

REVENUES (COLLECTION FEES) 70,560

c. TOWN OF SMITHTONGENERAL FUND

GENERAL JOURNAL

1. TAXES RECEIVABLECURRENT 4,644,000

ESTIMATED UNCOLLECTIBLE CURRENT TAXES 139,320

REVENUES 4,504,680

2. CASH 2,245,320

EXPENDITURES (COLLECTION FEES) 22,680

TAXES RECEIVABLECURRENT 2,268,000

d. The tax agency fund can prepare a statement of tax agency fund net

position reflecting the asset and liability balances of the fund. Additionally,

the fund would be combined with any other agency funds that Lincoln

County has and the total of the assets and liabilities for the agency funds

would be shown in a single agency fund column on the statement of

fiduciary net position.

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8-5.

a. Since the city is providing administrative services for debt for which it has

no legal obligation, the GASB standards indicate the services should be

accounted for using an agency fund.

b. LOCAL IMPROVEMENT DISTRICT FUNDGENERAL JOURNAL

Debits Credits1. ASSESSMENTS RECEIVABLECURRENT 500,000

ASSESSMENTS RECEIVABLEDEFERRED 4,500,000

DUE TO SPECIAL ASSESSMENT

BONDHOLDERSPRINCIPAL 5,000,000

2. CASH 750,000

ASSESSMENTS RECEIVABLECURRENT 500,000


BONDHOLDERSINTEREST 250,000

ASSESSMENTS RECEIVABLECURRENT 500,000

ASSESSMENTS RECEIVABLEDEFERRED 500,000

3. DUE TO SPECIAL ASSESSMENT

BONDHOLDERSPRINCIPAL 500,000


BONDHOLDERSINTEREST 250,000

CASH 750,000


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c. Assets and liabilities of the special assessment agency fund would appear

in a separate column on the statement of fiduciary net position but will

appear in no other basic financial statements. If there are several agency

funds, Foothills may opt to provide a combining statement of agency funds

in its CAFR. The combining statement would display the assets and

liabilities for each agency fund in a separate column.

d. Since the City of Foothills is not obligated in any manner for the Green

Acres special assessment debt, the debt should not be reported in

Foothills’ financial statements; however, the notes to the financial

statements should disclose the amount of the debt, as well as the fact that

the government is in no way liable for repayment but is only acting as an

agent for the property owners in collecting the assessments, forwarding

the collections to bondholders, and initiating foreclosure proceedings, if

appropriate.

8-6. Fiduciary funds are described in a, c, d, f, i, and j. See explanations for

each fund type below.

a. Tri-Centennial Fund. This is a private-purpose trust fund since the

resources will benefit a broad constituency rather than just the citizens

of the city.

b. Perpetual Care Fund. This describes a permanent fund as the principal

amount must be kept intact, but earnings of the fund can be used to

provide care for the city’s own cemeteries.

c. Poudre River Public Library District. Because city management simply

acts as a custodian for the resources of the funds, this fund functions

as an agency fund, a fiduciary fund.

d. School Impact Fee Fund. Since the city is acting in a custodial capacity

with no discretion in the use or distribution of these resources, the fund

is an agency fund.


8-10


e. Cultural Services and Facilities. Since the resources are funds of the

government, the program primarily benefits the government, and the

majority of resources are provided on an ongoing basis from

performing arts center and museum fees, it should be accounted for as

a special revenue fund.

f. Payroll Fund. Since payroll deductions are the assets of other

governments/organizations (e.g., federal government, state government,

pension funds), an agency fund is used to account for the deductions.

g. Telephone Commissions Fund. The city would use a special revenue

fund, since it primarily benefits from using the commissions to defray

the costs related to operation of the jail.

h. Block Grant Fund. Since the city is required to provide matching funds,

the grant would be reported in a special revenue fund.

i. Health Benefits Fund. This is a pension and other employee benefit

trust fund since the city is providing a retirement benefit to those

outside of government (employees).

j. Unclaimed Property Fund. Since the state is maintaining the property

until such time as a legal claimant can be found, a private-purpose trust

fund would be used. Until the property reverts to the state it is

considered a benefit to a party outside of government (the as yet

unfound claimant).

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8-7. a. GENERAL JOURNALDebits Credits

CITY OF ALBERTVILLE GENERAL FUND:

EQUITY IN POOLED INVESTMENTS 900,000

INVESTMENTS 890,000

REVENUESCHANGE IN FAIR

VALUE OF INVESTMENTS 10,000

ALBERTVILLE SCHOOLS:

EQUITY IN POOLED INVESTMENTS 4,230,000

INVESTMENTS 4,200,000



RICHWOOD TOWNSHIP:




INVESTMENTS 3,890,000

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Debits Creditsb. INVESTMENT POOL TRUST FUND:

1. U.S. TREASURY NOTES 900,000

CERTIFICATES OF DEPOSIT 8,100,000

DUE TO CITY’S GENERAL FUND 900,000

ADDITIONSDEPOSITS IN POOLED

INVESTMENTSALBERTVILLE SCHOOLS 4,230,000

ADDITIONSDEPOSITS IN POOLED

INVESTMENTSRICHWOOD TOWNSHIP 3,870,000

2. U.S. TREASURY NOTES 30,000

DUE TO GENERAL FUND 3,000

ADDITIONSINVESTMENT EARNINGS

ALBERTVILLE SCHOOLS 14,100


RICHWOOD TOWNSHIP 12,900

CASH 3,010,000

CERTIFICATES OF DEPOSIT 3,010,000

DEDUCTIONSWITHDRAWAL FROM POOLED

INVESTMENTSRICHWOOD TOWNSHIP 3,010,000

CASH 3,010,000

(Note: See investment earning calculations below.)

3. CASH 50,000

UNDISTRIBUTED EARNINGS ON

POOLED INVESTMENTS 50,000

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Debits Credits

4. ACCRUED INTEREST RECEIVABLE 28,000

UNDISTRIBUTED EARNINGS ON


5. UNDISTRIBUTED EARNINGS ON


DUE TO GENERAL FUND 11,700


ALBERTVILLE SCHOOLS 54,990


RICHWOOD TOWNSHIP 11,310

COMPUTATION: City’s GF Schools Township TOTAL EQUITY AT BEGINNING OF YEAR $900,000 $4,230,000 $3,870,000 $9,000,000

% INTEREST 10.00% 47.00% 43.00% 100.00%

TREASURY NOTE DISTRIBUTION $ 3,000 $ 14,100 $ 12,900 $ 30,000

WITHDRAWAL $ 0 $ 0 $ 3,010,000 $ 3,010,000

EQUITY IN POOL BEFORE INTEREST $903,000 $4,244,100 $ 872,900 $6,020,000

% INTEREST 15.00% 70.50% 14.50% 100.00%

INTEREST DISTRIBUTION $ 11,700 $ 54,990 $ 11,310 $ 78,000

c. CITY OF ALBERTVILLE GENERAL FUND :


REVENUESINVESTMENT EARNINGS 3,000





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Debits CreditsRICHWOOD TOWNSHIP :



CASH 3,010,000


d. CITY OF ALBERTVILLE GENERAL FUND :






RICHWOOD TOWNSHIP :



e. The investment trust fund would not report the General Fund’s interest in

the pool since the General Fund is an internal participant. The General

Fund would report its interest in the investment pool in its financial

statements. Since the school is an external participant, the investment

trust fund would report the school’s interest in the statement of fiduciary

net position and in the statement of changes in fiduciary net position.

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8-8. Calculation of annual pension cost and net pension obligation (NPO).

Refer to Illustration 8-14 and related discussion in Chapter 8 for the

information needed to solve this problem.

a. Calculation of annual pension cost:

Annual required contribution $ 606,700

Add: i X beginning NPO =

(.07 X $535,700) 37,499

Deduct: PV of beginning NPO (268,920)

Annual pension cost $ 375,279

b. Calculation of net pension obligation, December 31, 2014:

Annual pension cost (from part 1) $ 375,279

Less: Actual contribution (385,000)

Decrease in NPO during the year (9,721)

NPO, January 1, 2014 535,700

NPO, December 31, 2014 $ 525,979

8-16


Ch. 8, Solutions (Cont’d)

8-9.

Debits Creditsa.

INVESTMENTS 58,800

ADDITIONSCHANGE IN FAIR VALUE OF

INVESTMENTS 58,800

b. STATE OF NODAKPUBLIC EMPLOYEE RETIREMENT SYSTEM

STATEMENT OF CHANGES IN PLAN NET POSITIONFOR THE YEAR ENDED JUNE 30, 2014

(IN THOUSANDS OF DOLLARS)

ADDITIONS:

CONTRIBUTIONS

PLAN MEMBERS $ 112,100

EMPLOYER 197,800

TOTAL CONTRIBUTIONS 309,900

INVESTMENT INCOME

NET CHANGE IN FAIR VALUE OF INVESTMENTS 58,800

INTEREST AND DIVIDENDS 199,700

TOTAL INVESTMENT INCOME 258,500

TOTAL ADDITIONS 568,400

DEDUCTIONS:

ANNUITY BENEFITS 53,900

DISABILITY BENEFITS 14,000

REFUNDS TO TERMINATED EMPLOYEES 28,800

ADMINISTRATIVE EXPENSES 8,800

TOTAL DEDUCTIONS 105,500

NET INCREASE 462,900

NET POSITION, JULY 1, 2013 1,577,000

NET POSITION, JUNE 30, 2014 $2,039,900

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c. STATE OF NODAKPUBLIC EMPLOYEE RETIREMENT SYSTEM

STATEMENT OF PLAN NET POSITIONAS OF JUNE 30, 2014

ASSETS:

CASH $ 16,000

ACCRUED INTEREST RECEIVABLE 33,200

INVESTMENTS, AT FAIR VALUE* 2,002,000

EQUIPMENT AND FIXTURES $25,200

LESS ACCUMULATED DEPRECIATION 3,100 22,100

TOTAL ASSETS 2,073,300

LIABILITIES:

ACCOUNTS PAYABLE AND ACCRUALS 33,400

NET POSITION HELD IN TRUST FOR PENSION BENEFITS $2,039,900

* Beginning balance + adjustment (see part a)

d. If the fund uses modified accrual the employer (Nodak) would report an

expenditure for the actual contribution made to the pension plan. If the fund

uses accrual accounting an expense would be reported for the annual

pension cost, with any difference between the amount actually contributed

to the plan and the annual pension cost increasing or decreasing the net

pension obligation.

At the government-wide level the reporting is made based on accrual

accounting; therefore, the reported expense would equal the annual pension

cost with any difference between actual contribution and annual pension

cost increasing or decreasing the reported net pension obligation.

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8-10. Some of the errors noted include:

Each type of fiduciary fund should be reported in a separate column.

Therefore, the trust funds column should be separated into two

columns, one for the investment trust and one for the private-

purpose trust.

A total column is generally not used since the total is combining

different types of fiduciary funds.

Investments are to be reported at fair value. There needs to be an

indication as to whether investments are being reported at fair value.

While a trust fund may have capital assets and a capital lease

obligation, any capital assets would be reported net of depreciation

rather than at cost. An agency fund should not record a capital asset

or a capital lease obligation.

An agency fund should not report accounts payable.

The agency funds would not report net position held in trust.

However, an agency fund must report the liability (Due to Other Units

and Governments) to the participants for the assets held in the

agency fund. The agency liability has been misreported as net

position in the example given.

Net position held in trust for the county should not be reported.

Since the county is the administering government, the assets and

liabilities of the fiduciary funds related to the county would not be

reported on the fiduciary financial statements. Rather the

information would be reported by the appropriate fund in the

county’s required fund and government-wide financial statements.

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chap 008

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