Nevada § 353.323 - State General Fund created; use of categories of funds and account groups

§ 353.323. State General Fund created; use of categories of funds and account groups

1. Governmental funds must be used as a means of accounting for segregations of financial

resources by focusing upon a determination of financial position and changes in financial

position rather than upon a determination of net income. 2. The State General Fund is hereby created and must be used to receive all revenues

and account for all expenditures not otherwise provided by law to be accounted for

in any other fund. 3. Governmental funds include: (a) The State General Fund. (b) Special revenue funds, which must be used to account for revenues from specific

sources, other than expendable trusts and revenues for major capital projects, that

are legally restricted to expenditures for specified purposes and not provided for

by law in any other fund. (c) A fund for construction of capital projects, which must be used to account for

financial resources to be used for the acquisition or construction of major capital

facilities, other than those financed by proprietary funds or trust funds. (d) Debt service funds, which must be used to account for the accumulation of resources

and the use of those resources for the retirement of any general long-term debt. 4. Proprietary funds must be used to account for the state's ongoing organizations

and activities that are similar to those found in nongovernmental entities by focusing

upon a determination of net income, financial position and changes in financial position.

Proprietary funds include: (a) Internal service funds, which must be used to account for and finance the self-supporting

activities of a service characteristically utilized by departments of State Government

or other governments, on a cost-reimbursement basis. (b) Enterprise funds, which must be used to account for operations that are financed

and conducted in a manner similar to the operations of a private business: (1) When the intent of the governing body is to have the expenses, including depreciation,

of providing goods or services on a continuing basis to the general public, financed

or recovered primarily through charges to the users; or (2) For which the Legislature has decided that a periodic determination of revenues

earned, expenses incurred and net income is consistent with public policy and is appropriate

for maintenance of capital assets, control of organizational and financial management,

accountability or similar purposes. 5. Fiduciary funds must be used to account for assets held by the State in trust or

as an agent of any person, governmental agency, political subdivision or other fund.

Each trust fund must be classified for accounting purposes as a governmental fund

or a proprietary fund. 6. Account groups must be used to account for and control the State's general fixed

assets and general long-term debts, and include: (a) The general long-term debt account group, which must be used to account for the

principal and interest on all unmatured general obligation bonds and long-term liabilities

not required to be accounted for in a specific fund; and (b) The general fixed assets account group, which must be used to account for all

fixed assets except those accounted for in proprietary funds or trust funds.