Page 124 - Hudson City Schools CAFR 2017
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HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO
FUND DESCRIPTIONS
PROPRIETARY FUNDS
MAJOR ENTERPRISE FUND
The enterprise fund is used to account for operations (a) that are financed and operated in a manner similar to private business
enterprises - where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or
services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the
governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is approriate for
capital maintenance, public policy, management control, accountability, or other purposes. The District's major enterprise fund is
the community education fund which accounts for all the financial activities related to the community education and recreation
center operations.
INTERNAL SERVICE FUND
The internal service fund is used to account for the financing of goods or services provided by one department or agency to other
departments or agencies of the District, on a cost-reimbursement basis. The internal service fund accounts for operations of the
District's self-insurance program for medical and dental benefits.
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