Item 14. If the filer has a financial interest in over 25 or more foreign financial accounts check the yes box, and enter the total number of accounts in 14a. Leave blank Part II (Continuation of Separate Accounts) or Part III (Joint Accounts) of this report, but maintain records of the information. If filing a consolidated FBAR, the United States person should not complete Part II or Part III but should complete Part V, Items 34-42, for each United States entity included in the consolidated FBAR. If the filer has signature authority only (no financial interest), over 25 or more foreign financial accounts check the yes box, and enter the total number of accounts in 14b. Complete only items 34-43 of Part IV for each person on whose behalf the filer has signature authority. If the group of entities covered by a consolidated report has a financial interest in 25 or more foreign financial accounts, the reporting parent corporation need only complete Part V (for consolidated reporting) Items 34 through 42, for the identity information of the account owners, but need not complete the account information. Detailed information about each account, including all information called for on this report, must be recorded and retained for five years from June 30 of the year following the calendar year reported. Any person who reports 25 or more foreign financial accounts in item 14a or item 14b, must provide all the information omitted from Parts II, III, IV or V, as appropriate, if the information is requested by FinCEN or the IRS.
If not, consider trying another financial institution. Each bank or credit union has its own policies about the way the information in your checking account report impacts your ability to open an account. Some banks and credit unions require you to pay any old, unpaid charges and fees before you are allowed to open a new account. Many banks and credit unions offer checking accounts and prepaid cards that are designed to reduce risks for both you and financial institution, by preventing overdraft and overdraft fees. Because these products are considered less risky, many banks and credit unions may be less reliant on checking account reports when making a decision about a potential customer. As a result, you may be able to qualify for one of these products even if you were denied for another product recently.
If you received a check or EFT (Electronic Funds Transfer) payment from Treasury and do not know why it was sent to you, the regional financial center (RFC) that sent the payment can provide more information. To determine which RFC to contact, select the type of payment and follow the instructions below.
UNC receives financial support from Wells Fargo for services associated with the Affinity UNC Debit Card to help offset costs. A separate Affinity UNC Debit Card account is not required for students, faculty and staff to access other campus services; a standard campus ID card may be utilized
Traditionally, the majority of governmental financial information has been maintained and reported in the fund financial statements on the modified accrual basis of accounting or the accrual basis for business-type activities. The recently enacted GASB Statement 34 establishes additional reporting (the governmentwide statements) that represents a major shift in the focus and content of governmental financial statements. Collecting and reporting additional financial information required by the governmentwide statements add to the complexity of financial reporting activities and have significant implications for the traditional focus and basis of accounting used in governmental financial statements. The new governmentwide financial statements consist of a Statement of Net Assets and a Statement of Activities and are prepared using the economic resources measurement focus and the accrual basis of accounting. Thus, revenues are recognized in the accounting period in which they are earned and become measurable without regard to availability, and expenses are recognized in the period incurred, if measurable. Governmental fund financial statements continue to be prepared using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized in the accounting period in which they become available and measurable, and expenditures are recognized in the period in which the fund liability is incurred, if measurable, except for unmatured interest on general long-term debt, which should be recognized when due.1 Proprietary fund financial statements continue to be prepared using the economic resources measurement focus and the accrual basis of accounting. Like proprietary fund financial statements, fiduciary fund financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting. Table 1 summarizes the measurement focus and basis of accounting for each reporting element and type of fund. Table 1. Measurement Focus and Basis of Accounting for Financial Statements Financial Statements Measurement Focus Basis of Accounting Governmentwide Financial Statements Economic Resources Accrual Governmental Funds Financial Statements Current Financial Resources Modified Accrual Proprietary Funds Financial Statements Economic Resources Accrual Fiduciary Funds Financial Statements Economic Resources Accrual GASB Statement 20, as amended by Statement 34, allows a government the option of applying FASB Statements and Interpretations issued after November 30, 1989, except for those that conflict with or contradict GASB pronouncements, to enterprise funds and governmentwide financial statements. The election is made on a fund-by-fund basis; however, consistency in the application within a particular entity fund is encouraged. [back to top]
For governmental entities to ensure the proper segregation of resources and to maintain proper accountability, an entity's accounting system should be organized and operated on a fund basis. Each fund is a separate fiscal entity and is established to conduct specific activities and objectives in accordance with statutes, laws, regulations, and restrictions or for specific purposes. A fund is defined in GASB Codification Section 1300 as a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. Statement 34 modified the structure of two categories of funds used by local governmental entities. Specifically, the new reporting model introduces two new types of funds: Permanent funds (in the governmental fund category). Permanent funds are required to be used to report resources that are legally restricted to the extent that only earnings (and not principal) may be used for purposes that support the reporting government programs. Private-purpose trust funds (in the fiduciary fund category). Private-purpose trust funds should be used to report all other trust arrangements under which principal and income benefit individuals, private organizations, or other governments. The new model eliminates expendable and nonexpendable trust funds to focus fiduciary reporting on resources held for parties external to the reporting government: individuals, private organizations, and other governments. Fiduciary funds, therefore, cannot be used to support the government's own programs. With the incorporation of these changes, three categories of funds remain: Governmental funds are those through which most governmental functions are accounted for. The acquisition, use, and balances of the government's expendable financial resources and the related current liabilities-except those accounted for in proprietary funds-are accounted for through governmental funds (general, special revenue, capital projects, debt service, and permanent funds). Proprietary funds are used to account for a government's ongoing organizations and activities that are similar to those often found in the private sector. All assets, liabilities, net assets, revenues, expenses, and transfers relating to the government's business and quasi-business activities-in which changes in net assets or cost recovery are measured-are accounted for through proprietary funds (enterprise and internal service funds). Generally accepted accounting principles for proprietary funds are similar to those applicable to businesses in the private sector; the measurement focus is on determining operating income, financial position, and cash flows. Fiduciary funds are used to account for assets held by a government in a trustee capacity or as an agent for individuals, private organizations, or other governmental units. The fiduciary fund category includes pension (and other employee benefit) trust funds, investment trust funds, private-purpose trust funds, and agency funds. Additional information on the governmental fund structure may be found in chapter 5. Major Funds The concept of major fund reporting is introduced and defined by GASB Statement 34 to simplify the presentation of fund information and to focus attention on the major activities of the entity. Rather than require each type of fund to be individually presented, Statement 34 requires the individual presentation of only major funds, with all other funds combined into a single column. This reduces the number of funds presented on the face of the financial statements and directs the focus on the significant funds of the reporting entity. Major fund reporting is applied only to governmental (i.e., general, special revenue, debt service, capital projects, and permanent funds) and enterprise funds. Internal service funds are excluded from the major fund reporting requirements. Fiduciary fund i