10529 ENTRY NO. 29 [CONDEMNATION DEPOSIT IS RETURNED]
(Revised 5/87)
Nature of Transaction:
A deposit in the Condemnation Deposits Fund is returned to the agency's fund and appropriation after the agency has made payment to the grantor from funds under its own control. (This entry is made as a transaction of the month indicated by the date of the Controller's Transfer.)
Journal Entry for General Ledger Accounts:
Debit:
1140 Cash in State Treasury
Credit:
1400 Due from Other Funds or Appropriations
Source:
Document:
Controller's Transfer
Register:
Controller's Transfer Register (if volume justifies).
Explanation:
When payment is made to the grantor in a condemnation proceeding by a warrant drawn on the agency's fund and appropriation, the State Treasurer will release the deposit in the Condemnation Deposits Fund. Upon request of the agency, the State Controller's Office will transfer the amount of the deposit back to the agency's fund and appropriation.
10530 ENTRY NO. 30 [PAYMENT IS MADE FROM THE CONDEMNATION DEPOSITS FUND]
(Revised 5/87)
Nature of Transaction:
The State Treasurer files a claim against the Condemnation Deposits Fund to make payments directly to the grantor upon settlement of a condemnation proceeding. (This entry shows the recording of the transaction in the accounts of the fund from which the deposit was originally made.)
Journal Entry for General Ledger Accounts:
Debit:
1400 Due from Other Funds or Appropriations a/
2310 Land b/
2331 Improvements Other than Buildings c/
5390 Other Reserves d/
Credit:
2730 Deposits in Condemnation Proceedings d/
5200 Investment in General Fixed Assets e/
9000 Appropriation Expenditures a/
a/ excess of amount of deposit over amount of settlement.
b/ amount of settlement for land acquired.
c/ amount of settlement for improvements acquired.
d/ amount deposited in the Condemnation Deposits Fund for the case now being settled.
e/ amount of fixed assets acquired (b+c).
Source:
Document:
Copy of State Treasurer's Claim Schedule.
Explanation:
This entry is made in lieu of Entry No. 28 when payment is made to the grantor by a warrant drawn on the Condemnation Deposits Fund.
If the amount of the settlement is more than the amount of the original deposit, an additional deposit will be made and recorded by Entry No. 27. If the amount of the settlement is less than the original deposit, upon request of the agency the State Controller's Office will transfer the excess amount to the agency's fund and appropriation. The Controller's Transfer is recorded by Entry No. 29.
