17130     YEAR-END REPORTING 
(New 3/82)

Accounts in the Federal Trust Fund will be maintained on a modified accrual basis.  Using the modified accrual basis, accounts are maintained on a cash basis throughout the year and accruals are only recognized at year-end.  Accounts receivable are accrued at June 30 as a source of funds if they have been billed and are expected to be collected within one year after the end of the current fiscal year.  Expenditures are accrued at June 30 for all valid obligations incurred as of June 30 but not yet paid.  Although separate records are maintained for these Federal Trust Fund accounts, combined financial statements are prepared for year-end reporting.  General instructions in SAM covering the State's fiscal procedures are applicable to the Federal Trust Fund.