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Carry Forward of General Fund Balances

Carry Forward of General Fund Balances 2025

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The document outlines the policy and procedures for carrying forward General Fund balances at California State University, Northridge. It specifies that positive budget balances may be carried forward if they are reasonable and documented, with particular guidelines for different types of expenditures. The policy aims to ensure prudent fiscal management while allowing for long-term commitments and initiatives that extend beyond a single fiscal year.

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Click ‘Get Form’ to open the Carry Forward of General Fund Balances document in the editor.
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.
Fill in the required fields regarding year-end balances. Specify the amount to be carried forward, ensuring it aligns with university policies.
Incorporate details about your expenditure plan, including estimated costs and timelines for spending. This is crucial for compliance with university regulations.
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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What is General Fund balance?

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.

How does GFOA promote best practices?

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

What does it mean when a balance is carried forward?

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 the fund financial statements?

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.

What is the best practice fund balance for GFOA?

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.

What is the formula for fund balance?

Fund Balance = Assets Liabilities Fund Balance is the total accumulation of operating surpluses and deficits since the beginning of a local governments existence.

What is the general ledger balance carried forward?

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.

Carry Forward of General Fund Balances 2025

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What is General Fund balance?

How does GFOA promote best practices?

What does it mean when a balance is carried forward?

What is the general rule regarding the reporting of special items in the fund financial statements?

What is the best practice fund balance for GFOA?

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What is the formula for fund balance?

What is the general ledger balance carried forward?

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Carry Forward of General Fund Balances 2025

Here's how it works

How to use or fill out Carry Forward of General Fund Balances with our platform

Complete this form in 5 minutes or less

Got questions?

What is General Fund balance?

How does GFOA promote best practices?

What does it mean when a balance is carried forward?

What is the general rule regarding the reporting of special items in the fund financial statements?

What is the best practice fund balance for GFOA?

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People also ask

What is the formula for fund balance?

What is the general ledger balance carried forward?

Related links

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