In practice, which of the following isfalse regarding the disposition of any remaining fund balance...
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Accounting
In practice, which of the following isfalse regarding the disposition of any remaining fund balance of a completed Capital Projects Fund?
In practice, which of the following isfalse regarding the disposition of any remaining fund balance of a completed Capital Projects Fund?
Remaining fund balance is transferred to the General Fund regardless of its source.
Grantors may specify that remaining amounts will revert to them based upon their percentage of initial funding.
Frequently, a governing body will specify what shall be done with any remaining fund balance before the project even starts, subject to other legal or contractual requirements.
It is not uncommon for the remaining fund balance to be transferred to a Debit Service Fund.
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