government accounting 1

A regional school receives a grant from the sultanate of oman to support programs directed at” special needs” students. The grant is a matching grant in which each riyal spent by regional school on teacher salaries for special needs education will be matched up to RO. 1 million by the sultanate of oman.

The sultanate of oman agrees that it will advance monies to the regional school so that the regional school will be able to pay a portion of each month’s teachers’ salaries from the government funds.

The grant’s contractual terms stipulate that the regional school must not commingle the government monies that it has been advanced with other monies of the regional school. The regional school also required to file quarterly and annual reports showing the amounts that the regional school has spent on special needs education and the resultant amount that is either receivables from or payable to oman government.

As a new comptroller, you must decide which fund or funds should used to account for the federal grant and regional school match. After some research, you believe that the regional school has some options as to the governmental funds that it will use for financial reporting purpose.

-What are the options?

-In which fund or funds, would you report the transactions associated with the government grant and regional school match?

-Should they be accounted for in the same fund?

-What factors influence your decision?

*** In-text citation and references using Harvard style.

 

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