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    7 Fund Clusters

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    Cesar Legaspi
    Fund accounting is used by non-profits and governments to track cash allocated for different purposes and how it is spent. There are seven types of funds used by the Philippine government: 1) Regular Agency Funds hold money on behalf of other agencies in a custodial capacity; 2) Foreign Assisted Projects Funds track projects funded by foreign loans or grants; 3) Special Account-Locally Funded projects use domestic revenue and borrowing; 4) Special Account-Foreign Assisted projects receive foreign assistance without obligation to repay; 5) Internally Generated Funds are not from borrowing or external sources; 6) Business Related Funds account for city operations financed like private enterprises; 7) Trust Receipts are non-income collections authorized

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    7 Fund Clusters

    Uploaded by

    Cesar Legaspi
    941 views2 pages
    Fund accounting is used by non-profits and governments to track cash allocated for different purposes and how it is spent. There are seven types of funds used by the Philippine government: 1) Regular Agency Funds hold money on behalf of other agencies in a custodial capacity; 2) Foreign Assisted Projects Funds track projects funded by foreign loans or grants; 3) Special Account-Locally Funded projects use domestic revenue and borrowing; 4) Special Account-Foreign Assisted projects receive foreign assistance without obligation to repay; 5) Internally Generated Funds are not from borrowing or external sources; 6) Business Related Funds account for city operations financed like private enterprises; 7) Trust Receipts are non-income collections authorized

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    7 FUND CLUSTERS

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    Fund accounting is used by non-profits and governments to track cash allocated for different purposes and how it is spent. There are seven types of funds used by the Philippine government: 1) Regular Agency Funds hold money on behalf of other agencies in a custodial capacity; 2) Foreign Assisted Projects Funds track projects funded by foreign loans or grants; 3) Special Account-Locally Funded projects use domestic revenue and borrowing; 4) Special Account-Foreign Assisted projects receive foreign assistance without obligation to repay; 5) Internally Generated Funds are not from borrowing or external sources; 6) Business Related Funds account for city operations financed like private enterprises; 7) Trust Receipts are non-income collections authorized

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    941 views2 pages

    7 Fund Clusters

    Uploaded by

    Cesar Legaspi
    Fund accounting is used by non-profits and governments to track cash allocated for different purposes and how it is spent. There are seven types of funds used by the Philippine government: 1) Regular Agency Funds hold money on behalf of other agencies in a custodial capacity; 2) Foreign Assisted Projects Funds track projects funded by foreign loans or grants; 3) Special Account-Locally Funded projects use domestic revenue and borrowing; 4) Special Account-Foreign Assisted projects receive foreign assistance without obligation to repay; 5) Internally Generated Funds are not from borrowing or external sources; 6) Business Related Funds account for city operations financed like private enterprises; 7) Trust Receipts are non-income collections authorized

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    Download as docx, pdf, or txt
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    Legaspi, Hannah Pamela R.

    BSAC 3-1

    Fund accounting is a system of accounting used by the non-profit entities as well as


    government accounting to track the amount of cash assigned to different purposes and the
    usage of that cash. The focus of fund accounting is on accountability, rather than
    profitability.
    The seven fund clusters used in the Philippine government:
    01 Regular Agency Fund- An agency fund is an assemblage of funds that one government
    agency holds on behalf of another government agency. To account for resources held by the
    reporting government in a purely custodial capacity (assets equal liabilities. Agency funds
    involve only the receipt, temporary investment, and remittance.
    02 Foreign Assisted Projects Fund- Cooperation and partnership are typically in the form of
    foreign-assisted projects (FAPs). Streamlined through the Official Development Assistance
    (ODA), FAPs are projects that are wholly or partly funded by foreign sources. Funds may be in
    the form of soft loans or grants (financial or in-kind), or a combination of the two. Funding is
    granted on the basis of a Loan or Grant Agreement, Memorandum of Understanding, Note
    Verbale, or on similar contract/instruments entered into by the beneficiary country and the donor
    institution or country.
    03 Special Account-Locally Funded/Domestic Grants Fund- Projects financed out of revenue
    collections and domestic borrowings. These are NGAs undertakings which are carried out
    within a specific time frame and the authority granted by the Ministry of the Budget to agencies
    to use the receipts in carrying out specific purposes and programs in accordance with the
    provisions of the trust agreement or law.
    04 Special Account-Foreign Assisted/Foreign Grants Fund- These are assistance in cash or in
    kind covered by agreements with foreign governments, institutions, or individuals for purposes
    of financing specific projects and/or procurement of goods and services without any obligation
    on the part of the donees to repay. Also, NGAs undertakings which are carried out within a
    specific time frame and the authority granted by the Ministry of the Budget to agencies to use the
    receipts in carrying out specific purposes and programs in accordance with the provisions of the
    trust agreement or law.
    05 Internally Generated Funds - refers to the creation of either tangible or intangible results
    within the confines of the government. These are the funds that were not borrowed or realized
    through other external means. Also, it is not constituted by the proceeds of any Loan, Debt
    Issuance, Equity Issuance, Asset Sale, insurance recovery or Indebtedness of the government.
    06 Business Related Funds- funds that account for city operations, which are financed and
    operated in a manner similar to private enterprise. User charges and impact fees recover costs of
    providing service to the public.
    07 Trust Receipts- are collections from non-income sources authorized by law for specific
    purposes which are collected/received by a government office or agency acting as a trustee,
    agent or administrator, or which have been received guaranty for the fulfillment of an obligation
    and all other collections classified by law and regulations as trust receipts.

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