Which fund is used when a contributor specifies that the income of trust assets be used for the benefit of the general citizenry?

Question

Quizplus · Accepted Answer

If the activity benefits the general citizenry or the overall government, it is classified as a permanent fund. If the activity benefits individuals or private organizations, it is classified as a private-purpose trust fund. Agency funds are used to account for situations in which the government is acting as a collecting/disbursing agent. Investment trust funds account for the external portion of investment pools reported by the sponsoring government.

Which Fund Is Used When a Contributor Specifies That the Income