Question

A city solicits donations from its citizens to support a local food bank. Per a trust agreement, all funds must be invested in investment grade securities and each year all earnings (except for a percentage equal to an inflation index) must be distributed to the food bank.

Answer 1

Fiduciary funds are of four major types For each of the following indicate the type of fiduciary fund in which it is most likely the fiduciary activity should be accounted for and reported.