Carry Forward of General Fund Balances 2025

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  1. Click ‘Get Form’ to open the Carry Forward of General Fund Balances document in the editor.
  2. Begin by reviewing the policy section, which outlines the purpose and applicability of the form. This will help you understand the context for carrying forward balances.
  3. Fill in the required fields regarding year-end balances. Specify the amount to be carried forward, ensuring it aligns with university policies.
  4. Incorporate details about your expenditure plan, including estimated costs and timelines for spending. This is crucial for compliance with university regulations.
  5. Submit your completed form to the University Budget Office at least five working days before the fiscal year ends, ensuring all necessary approvals are included.

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A common misconception is that fund balance is a cash account, associated with or correlated to a governments bank account balance. But unlike a personal bank account, a general fund balance is not a cash-account; it is a measure of equity between revenues and expenditures.
GFOAs Best Practice on Performance Measures recommends that all organizations identify, track, and communicate performance measures to monitor financial and budgetary status, service delivery, program outcomes, and community conditions. The best practice further recommends that performance measures should inform
Balance forward is the ending balance from the previous period carried over as the starting balance for the current period. Why is balance forward important? It ensures continuity and accuracy in financial records, making it easier to track and manage finances over time.
What is the general rule regarding the reporting of special items in fund-level financial statements? a. They should be displayed separately in the operating statements prepared for governmental and proprietary funds.
Nevertheless, GFOA recommends, at a minimum, that general-purpose governments, regardless of size, maintain unrestricted budgetary fund balance in their general fund of no less than two months of regular general fund operating revenues or regular general fund operating expenditures.

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Fund Balance = Assets Liabilities Fund Balance is the total accumulation of operating surpluses and deficits since the beginning of a local governments existence.
Funds Available: General Ledger calculates the funds available as the year-to-date budget balance less year-to-date actual and encumbrance balances. General Ledger then carries forward that amount into the beginning balance of the first period of the next fiscal year.

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