What are types of activities are reported in Custodial Funds?
Chapter1: Financial Statements And Business Decisions
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What are types of activities are reported in Custodial Funds?
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Custodial funds
Custodial funds are classified as fiduciary funds under GASB rules when they are not disclosed as one of the three types of trust funds. These funds are responsible for assets that benefit people, private groups, or governments other than the reporting government.
Custodial funds are reported separately in the "statement of fiduciary net position" and "statement of changes in fiduciary net position."
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