Assets held in trust for other governmental funds or for purposes of the governmental unit would be reported as permanent funds if nonexpendable.

Question

Quizplus · Accepted Answer

Permanent funds are used to report resources held by a government in a trust capacity to benefit external parties or other funds. If the assets are nonexpendable and held in trust for other governmental funds or for purposes of the governmental unit, they would be reported as permanent funds.

Assets Held in Trust for Other Governmental Funds or for Purposes