Get the free Fund Balance Worksheet

This document provides a worksheet for tracking the fund balances, revenues, and expenditures of the City of HIAWATHA for different fiscal years, including special revenue, debt service, capital projects,

How to fill out fund balance worksheet

How to fill out Fund Balance Worksheet

1. Start by gathering all financial statements for the period.
2. Identify the beginning fund balance from the previous period.
3. List all sources of revenue for the current period.
4. Record all expenditures and expenses for the current period.
5. Calculate the ending fund balance by adding revenues to the beginning balance and then subtracting expenditures.
6. Ensure all entries are accurate and categorized correctly.
7. Review the worksheet for any discrepancies or errors.
8. Finalize the worksheet by ensuring it is approved by the necessary authority.

Who needs Fund Balance Worksheet?

1. Accountants and financial analysts for accurate financial reporting.
2. Non-profit organizations to track fund utilization.
3. Government agencies for budget management.
4. Auditors during financial reviews.
5. Stakeholders or board members for transparency in financial operations.

People Also Ask about

What is the meaning of balance sheet in mutual fund?

Balance sheets provide the basis for computing rates of return for investors and evaluating a company's capital structure. In short, the balance sheet is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders.

What is the balance sheet fund balance?

Fund balance and net assets are the difference between fund assets and liabilities reflected on the balance sheet or statement of net assets. Because of the current financial resources measurement focus of governmental funds, fund balance is often considered a measure of available expendable financial resources.

How to calculate a fund balance?

Fund Balance = Assets – Liabilities Fund Balance – What Is It?

How to read a fund balance sheet?

Assets are at the top of a balance sheet, and below them are the company's liabilities, and below that is shareholders' equity. A balance sheet is also always in balance, where the value of the assets equals the combined value of the liabilities and shareholders' equity.

What is the balance sheet of a fund?

The assets and liabilities are further separated into current and non-current sections. Total Assets will always equal total liabilities plus total net assets, hence the name “Balance Sheet.”

What is the fund balance on a balance sheet?

Fund balance and net assets are the difference between fund assets and liabilities reflected on the balance sheet or statement of net assets. Because of the current financial resources measurement focus of governmental funds, fund balance is often considered a measure of available expendable financial resources.

What is meant by a balance sheet?

A balance sheet is a financial statement that contains details of a company's assets or liabilities at a specific point in time. It is one of the three core financial statements (income statement and cash flow statement being the other two) used for evaluating the performance of a business.

What is a balance sheet in English?

Overview: The balance sheet - also called the Statement of Financial Position - serves as a snapshot, providing the most comprehensive picture of an organization's financial situation. It reports on an organization's assets (what is owned) and liabilities (what is owed).

For pdfFiller’s FAQs

What is Fund Balance Worksheet?

The Fund Balance Worksheet is a financial reporting tool used to document and analyze the fund balances of a government or organization, providing a clear overview of financial resources available.

Who is required to file Fund Balance Worksheet?

Entities such as local governments, school districts, and other organizations that follow governmental accounting standards are typically required to file the Fund Balance Worksheet.

How to fill out Fund Balance Worksheet?

To fill out the Fund Balance Worksheet, you should gather relevant financial data, categorize funds based on restrictions or commitments, calculate total fund balances, and report the information following guided formats and accounting principles.

What is the purpose of Fund Balance Worksheet?

The purpose of the Fund Balance Worksheet is to provide transparency and accountability regarding the financial position of an entity, helping stakeholders understand the availability of funds for various purposes.

What information must be reported on Fund Balance Worksheet?

The information that must be reported includes the total fund balances, classifications of fund balances (such as non-spendable, restricted, committed, assigned, and unassigned), and any significant restrictions or commitments on those balances.