Either using a previous selected government entity CAFR or another government entity, identify where an interfund transfer has occurred?
The Virginia DOA experienced several interfund transfers throughout the fiscal year. One example of an interfund transfer occurred when the entity’s General Fund tranfered $25,301 to several other funds including Major Special Revenue Funds: Federal Trust – $16,861; Major Enterprise Funds: State Lottery – $259, Unemployment Compensation – $274; Nonmajor Enterprise Fund – $7,600; and Internal Service Funds – $307.
Why would a government entity transfer money from one fund to another?
A government entity will transfer money from one fund to another to make up for shortfalls in another fund. For example, a government entity may transfer money from a general fund to a debt service fund to cover the payment of interest due in the debt service fund.
How are the interfund transfers reported on a financial report?
Interfund transfers are reported on financial reports as an expenditure from the fund that the funds are being transferred from, and the fund receiving the funds will record the transaction as revenue.
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