Nevada § 354.612 - Establishment of one or more funds by resolution required; contents of resolution; accounting requirements; copy of resolution to be provided to Department of Taxation; proprietary funds; enterprise funds
Full text of Nevada Nevada Revised Statutes § 354.612 — Establishment of one or more funds by resolution required; contents of resolution; accounting requirements; copy of resolution to be provided to Department of Taxation; proprietary funds; enterprise funds, with citation guidance and answers to common questions.
§ 354.612. Establishment of one or more funds by resolution required; contents of resolution; accounting requirements; copy of resolution to be provided to Department of Taxation; proprietary funds; enterprise funds
1. A local government shall establish by resolution one or more funds. The resolution establishing the fund must set forth in detail: (a) The object or purpose of the fund; (b) The resources to be used to establish the fund; (c) The source or sources from which the fund will be replenished; (d) The method for controlling expenses and establishing revenues of the fund; and (e) The method by which a determination will be made as to whether the balance, reserve
or retained earnings of the fund are reasonable and necessary to carry out the purpose
of the fund. 2. Financial statements and other schedules required for funds must be prepared in
accordance with generally accepted accounting principles. 3. Upon adoption of a resolution establishing a fund, a local government shall provide
an executed copy of the resolution to the Department of Taxation. 4. In establishing a proprietary fund, a local government shall, besides furnishing
working capital for the fund, provide that one of its financial objectives is to recover
the complete costs of operation of the activity being financed, including overhead,
without producing any significant amount of profit in the long run. 5. Each enterprise fund established must account for all charges properly related
to the purpose of the enterprise fund, including, without limitation, debt service,
capital outlay and operating expenses. Upon dissolution of the enterprise fund, no transfer of equity that may be made
available to other funds or functions may be declared until after all proper obligations
have been charged against the enterprise fund.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 354.612
What does Nevada Revised Statutes § 354.612 cover?
Section 354.612 ("Establishment of one or more funds by resolution required; contents of resolution; accounting requirements; copy of resolution to be provided to Department of Taxation; proprietary funds; enterprise funds") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 354.612?
A common citation format is "Nevada Revised Statutes § 354.612" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 354.612 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.