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commingling funds
Posted by davide on 06/19/2008 - 12:53
We're a small local government that is majority owner and manager of a joint venture. I can't find anything in GASB as to rules on commingling the JV's funds with ours. Can someone point me in the right direction? Or what is the general practice?
David Eddleman
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Waiting for GASB
Dear David
I'm sure there must be something out there in GASB-land that say's: "Thy shall not go forth and commingle." But, where, I don't know? However, the accounting for joint ventures even if not for profit, should be kept separate at least for neatness if nothing else. I mean, where do you ended and it started? If you want to borrow from the joint venture, cut the City a check. In Dave’s Big Book of Accounting, Commingle is (most often) a no no word. David Burt, CPA