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Get the free Fund Balances for Local Governments - MN State Auditor

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STATE OF MINNESOTA OFFICE OF THE STATE AUDITOR REBECCA OTTO STATE AUDITORSUITE 500 525 PARK STREET Saint Paul's, MN 551032139(651) 2962551 (Voice) (651) 2964755 (Fax) state. Auditor@OSA.state.MN.us
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01
Determine the types of funds you have for your local organization.
02
Prepare a list of all the funds and their corresponding balances.
03
Make sure you have the necessary financial statements and documents to support the fund balances.
04
Enter the fund balances accurately in the designated financial reporting system.
05
Review and reconcile the fund balances regularly to ensure accuracy.
06
Prepare reports or statements that summarize the fund balances for local stakeholders.

Who needs fund balances for local?

01
Local organizations, such as non-profit organizations, government entities, and even businesses, may need fund balances to track and manage their financial resources.
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Fund balances for local represent the remaining financial resources of a local government entity at a specific point in time.
Local government entities are required to file fund balances for local.
Fund balances for local can be filled out by entering the financial information of the local government entity into the designated form or software.
The purpose of fund balances for local is to provide transparency and accountability regarding the financial position of local government entities.
Information such as cash, investments, accounts receivable, and accounts payable must be reported on fund balances for local.
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