11.Fiduciary Fund activities report in terms of Revenues and Expenses.
12.Fiduciary Fund activities report in terms of Additions and Deductions.
13.The Fiduciary Funds are included in the Government-Wide Financial Statements.
14.Agency fund assets belong to the party or parties for which the government acts as agent.
15.Agency fund assets are offset by liabilities equal in amount, so no fund equity exists.
16.Agency funds report the excess of assets over liabilities as “Net Position”.
17.Fiduciary funds are reported only in the fund-basis financial statements.
18.Donated resources that benefit individuals or private organizations are reported in a private-purpose trust fund.
19.The required financial statements for agency funds includea Statement of Fiduciary Net Position, and a Statement of Changes in Fiduciary Net Position.
20.Unless use of an agency fund is mandated by law, by GASB standards, or by decision of the governing board of a government, an agency relationship may be accounted for within governmental and/or proprietary funds.