Question a school district gets a grant from the federal

Assignment Help Financial Accounting

Reference no: EM13349434

Question :

A school district gets 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 may be matched up to $1 million by the federal government. The federal government agrees that it can advance monies to the school district so that the school district may 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 have to not commingle the federal monies that it has been advanced with other monies of the school district. The school district also is needed to file quarterly and annual reports indicating the amounts that the school district has spent on special needs education and the resulting amount that is either a receivable from or payable to the federal government. As a new comptroller, you must select which fund or funds should be used to account for the federal grant and the school district match. After some research, you consider that the school district has some options as to the governmental funds that it may use for financial reporting purposes. What are the options? In which fund or funds, would you report the transactions related with the federal grant and school district match? Would they be accounted for in the same fund? What factors influenced your decision?

Reference no: EM13349434

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