Fiduciary funds are used to account for assets held in a trustee or agency capacity for others, and therefore cannot be used to support the government's own programs. Fiduciary funds reporting focuses on net position and changes in net position. There are four types of Fiduciary funds: agency funds, private-purpose trust funds, investment trust funds and pension trust funds.
Pension Trust founds are used to report resources that are required to be held in trust by the state for the members and beneficiaries of defined benefit pension plans, defined contribution plans and other employee benefit plans.
Agency funds are used to account for resources held by the state in purely custodial capacity for other governments, individuals and private organizations.
Investment trust funds are used to report the external portion of the local government investment pool, which is reported by the state as the sponsoring government.
Private-purpose trust funds are used to report trust arrangements, other than pension and investment trusts, under which the principal and income benefit individuals, other governments and private organizations.
Financial statements used to present fiduciary fund financial information include: statement of fiduciary net position, statement of changes in fiduciary net position, and statement of changes in assets and liabilities.