A school district receives a grant from the federal

Reference no: EM13605936

A school district receives a grant from the federal government to support programs directed at ‘‘special needs'' students. The grant is a matching grant in which each dollar spent by the school district on teacher salaries for special needs education will be matched up to $1 million by the federal government. The federal government agrees that it will advance monies to the school district so that the school district will be able to pay a portion of each month's teachers' salaries from federal funds. The grant's contractual terms stipulate that the school district must not com- mingle the federal monies that it has been advanced with other monies of the school district. The school district also is required to file quarterly and annual reports showing the amounts that the school district has spent on special needs education and the resultant amount that is either a receivable from or payable to the federal government. As a new comptroller, you must decide which fund or funds should be used to account for the federal grant and the school district match. After some research, you believe that the school district has some options as to the governmental funds that it will use for financial reporting purposes. What are the options? In which fund or funds, would you report the transactions associated with the federal grant and school district match? Should they be accounted for in the same fund? What factors influenced your decision?

Reference no: EM13605936

Questions Cloud

Rd corporation and white corporation both calendar year c : red corporation and white corporation both calendar year c corporations are members of a controlled group of

The earths crust is broken up into a series of more-or-less : the earths crust is broken up into a series of more-or-less rigid plates that slide around due to motion of material in

Which of the following systems provides for a separate : which of the following systems provides for a separate record of the cost of each particular quantity of product that

Given the cost and activity observations for smithson : given the cost and activity observations for smithson companys utilities use the high-low method to calculate smithsons

A school district receives a grant from the federal : a school district receives a grant from the federal government to support programs directed at lsquolsquospecial needs

If each unit mass of air passing from inlet to exit : air enters a compressor operating at steady state with a pressure of 1 bar a temperature of 20degc and a volumetric

Discuss why it is necessary for accountants to assume that : discuss why it is necessary for accountants to assume that an economic entity will remain a going concern. if an entity

At this rate how many minutes would it take such a scramjet : on march 27 2004 the united states successfully tested the hypersonic x-43a scramjet which flew at mach 7 seven times

The direct material in your answer is only multiply 1440 : the direct material in your answer is only multiply 14.40 time 2400 which is the number all the custom seat. however

User Account

All Pages