What financial statement is associated with Fiduciary Funds?

The Statement of Changes in Fiduciary Net Position is the financial statement specifically associated with Fiduciary Funds. This statement reflects the inflows and outflows related to fiduciary activities, providing details on how resources managed in a fiduciary capacity have changed during a specific period. It shows the contributions and distributions of assets, investment income, and any other transactions affecting the fiduciary net position.

Fiduciary Funds are used to account for resources that the government holds in a trustee or agent capacity for individuals, private organizations, or other governments. The related financial reporting focuses on the stewardship of these assets, ensuring transparency and accountability in managing funds that do not belong to the government but are held for the benefit of others. This unique focus is why the Statement of Changes in Fiduciary Net Position is integral to reporting on fiduciary activities, distinguishing it from statements focused on governmental or proprietary activities.