Churchville County is trustee for a multi-government investment pool and has established an investment trust fund. Included in the investment trust fund, for management purposes, are investments in the amount of $15 million from the County's General Fund, $3 million from the County's special revenue funds, and $112 million from other governments. Which of the following would be true?

Question

Quizplus · Accepted Answer

The government that manages the multi-government investment pool should report the external portion in an investment trust fund so the County would report the $112 million in an investment trust fund, the $15 million would be recorded in the General Fund, and the $3 million recorded in the special revenue funds because they are internal. Internal investment pools are not separate funds and the resources continue to be reported by the funds providing the resources.

Churchville County Is Trustee for a Multi-Government Investment Pool and Has