N.H. Admin. Code § Rev 2003.01

Current through Register No. 45, November 7, 2024

Section Rev 2003.01 - Classification of Funds

(a) Governmental funds are generally used to account for activities supported by taxes, grants, or other similar revenue and shall consist of:

(1) A general fund to account for all financial resources of the village district except those required to be accounted for in another fund;

(2) Special revenue fund(s) to account for the proceeds of specific revenues sources, other than expendable trusts or major capital projects and exclusive of resources held in trust for other individuals, private organizations, or other governments, that are legally restricted to expenditure for specified purposes;

(3) Capital project fund(s) to account for financial resources used to acquire or construct capital facilities, other than those financed by proprietary funds and trust funds;

(4) Permanent fund(s) to account for and report resources restricted to the extent that only earnings and not principal may be used for purposes to support the village's programs;

(5) Capital and non-capital reserve funds established pursuant to RSA 35 and held by the municipality in a trustee capacity; and

(6) Expendable trust funds established pursuant to RSA 31:19-a and held by the municipality in a trustee capacity.

(b) Fiduciary funds shall account for assets held in a trustee or agency capacity for others that cannot be used for the village's own programs and are held by the municipality for a village district in a trustee capacity such as but not limited to:

(1) One of the following:

a.Expendable trust funds established under RSA 31;

b.Nonexpendable trust funds established under RSA 31; or

c.Deferred compensation plan and other employee benefit trust funds established under RSA 31; and

(2) In an agency relationship, such as agency fund(s) for:

a.Individuals;

b.Private organizations;

c.Other municipalities; or

d.Other funds.

(c) Proprietary funds shall consist of:

(1) Enterprise funds, which may be used to account for operations:

a.That are financed and operated similar to private business enterprises where the intent of the governing body is that the expenses, including depreciation, of providing goods or services to the general public on a continuing basis are financed or recovered primarily through user charges; or

b.Where the governing body has decided that periodic determination of revenues earned, expenses incurred, and net income is appropriate for:

1.Capital maintenance;

2.Public policy;

3.Management control;

4.Accountability, or

5.Other purposes; and

(2) Internal service fund(s), which may be used to account for the financing of goods or services provided, on a cost-reimbursement basis, by one department or agency of a village district to other:

a.Departments or agencies of the village district; or

b.Governments.

N.H. Admin. Code § Rev 2003.01

#5454, eff 8-28-92; ss by #6809, eff 7-21-98; ss by #10675, eff 9-24-14 (from Rev 2004.10)

Amended byVolume XXXIV Number 41, Filed October 9, 2014, Proposed by #10675, Effective 9/24/2014, Expires9/24/2024.