Fiduciary Financial Statements. Ray County administers a tax agency fund, an investment trust fund, and a private purpose trust fund. The tax agency fund acts as an agent for the county, a city within the county, and the school district within the county. Participants in the investment trust fund are the Ray County General Fund, the city, and the school district. The private purpose trust is maintained for the benefit of a private organization located within the county. Ray County has prepared the following statement of fiduciary net assets.
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RAY COUNTY Statement of Fiduciary Net Assets Fiduciary Funds June 30, 2011 (in thousands) |
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Trust Funds |
Agency Funds |
Total |
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Assets |
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Cash and cash equivalents |
$ 104,747 |
$ 788 |
$ 105,535 |
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Receivables |
12,166 |
87,858 |
100,024 |
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Investments: |
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Short term investments |
241,645 |
|
241,645 |
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Bonds, notes, and stock |
992,226 |
|
992,226 1,439,430 |
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Total assets |
1,350,784 |
88,646 |
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Liabilities |
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|
|
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Accounts payable |
61,447 |
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61,447 |
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Net Assets |
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|
|
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Held in trust for: |
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|
|
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Organizations |
193,400 |
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193,400 |
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County |
219,187 |
10,638 |
229,825 |
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City of Leetown |
383,578 |
23,048 |
406,626 |
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Leetown School District |
493,172 |
54,960 |
548,132 |
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Total net assets |
$1,289,337 |
$88,646 |
$1,377,983 |
Required
The statement as presented is not in accordance with GASB standards. Using Illustration A1–10 as an example, identify the errors (problems) in the statement and explain how the errors should be corrected.