Page 126 - Hudson City Schools CAFR 2017
P. 126
HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO
FUND DESCRIPTIONS
FIDUCIARY FUNDS
Fiduciary fund reporting focuses on net position and changes in net position. The fiduciary fund category is split into two classifications: private-
purpose trust funds and agency funds. Trust funds are used to account for assets held by the District under a trust agreement for individuals, private
organizations, or other governments and are therefore not available to support the District's own programs. Agency funds are purely custodial
(assets equal liabilities) and thus do not involve the measurement of results of operations.
PRIVATE-PURPOSE TRUST FUND
The private-purpose scholarship fund accounts for monies set-aside from endowments for scholarships for students enrolled in the District. The
principal and income from such a fund may be expensed.
AGENCY FUNDS
Student Activities - This fund accounts for resources that belong to the student bodies of the various schools, accounting for sales and
other revenue generating activities.
Six District Educational Compact - To account for the activity of the Six District Educational Compact for which the District is the
fiscal agent.
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