Trust and Agency Funds are maintained to account for assets held by the State in a trustee capacity or as an agent for individuals, private organizations or other funds. These Fiduciary Funds include expendable trust, non-expendable trust, pension trust, and agency funds. Significant Trust and Agency Funds of the State are described as follows:
Trust Funds
Employment Security:
to account for the collection of unemployment insurance
premiums from employers and the payment of
unemployment benefits to eligible claimants.
Second Injury and Compensation Assurance:
an extension of the Worker's Compensation Act, the fund
is currently used to pay claimants whose injuries are made
more severe because of a pre-existing condition, and in
cases where an injured worker receiving worker's
compensation subsequently undergoes an incapacitating
relapse.
Soldiers, Sailors, and Marines:
to account for the principal and interest earned on
investments of this fund. Interest earned has been
earmarked by the General Assembly for the benefit of
resident veterans to provide such things as food, wearing
apparel, medical or surgical aid, care and relief or funeral
benefits.
Pension:
See notes 9 and 10 for a description of the Pension Funds.
Agency Funds
Investment Pool/Non-State Portion:
to account for the portion of Short Term Investment Fund
(STIF) that is made up of non-state monies. STIF is made
up of excess cash balances which can be added or
withdrawn on a daily basis. The fund's investments
consist primarily of short-term investments.
Insurance Companies Securities:
to account for securities that are deposited with the
Treasurer to be held for policyholders of insurance
companies as a prerequisite to such companies transacting
business in the State.
Deferred Compensation:
to account for the investments accumulated in the State's
IRC Section 457 deferred compensation plan.
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