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commingling funds

davide's picture

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



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

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