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Presentation of Building Fund Bank Account

by Tony Karamoy
(Sydney, Australia)

Building Fund is a specific fund to be used for acquisition or construction building that will mainly used for education purpose. While accumulating this Building Fund, we are not allowed to use it for other purpose.

On the Balance Sheet, should we present Building Fund bank account in Current Assets (after Cash in Bank)or in Investment section?

Thank you.

God bless.

Tony Karamoy

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Presentation of Building Fund Bank Account

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Mar 27, 2011
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starstarstarstar 		Building Fund Acct treatment
by: Lucas H.

Establishing the account should be a debit to an asset (Savings Acct - Building) and a credit to the Net Asset or Equity Acct(Building Fund).

I believe the Contributions should be brought into a revenue acct (Building Fund Contributions) that is tied to the Net Asset (Building Fund). If you have a Fund Acctg system - it should close that revenue account into the associated Net Asset (Building Fund) when you close the year.

When you start making purchases related to the new building they can go into expense account(s) that are tied to the Net Asset acct. These will be closed annually into the Building Fund.

With this treatment the Fund Balance plus any contributions in the revenue acct, minus any expenses for the year will equal what remains in the Fund. If you are using a Fund Accounting System and these accounts are set up correctly, you should be able to pull a P&L for that Fund and see what the current balance is.

Let me know if I missed something.
I hope this helps!
Apr 14, 2011
Rating
starstarstarstarstar 		Showing Building Fund Income
by: Anonymous

If the building fund is being used for construction and the construction expenditures are being capitalized, does the amount being raised each year still appear on the income statement sense the expenses related to the use of those funds are being capitalized?

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