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Trust Fund / Trust Fund Accounts (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms

Trust Fund / Trust Fund Accounts

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Funds collected and used by the Federal Government for carrying out specific purposes and programs according to terms of a trust agreement or statute, such as the Social Security trust funds.

Accounts designated as “trust funds” by law, regardless of any other meaning of the term “trust fund.” A trust fund account is usually either a receipt, an expenditure, or a revolving fund account. Except in rare circumstances (for example, Indian Trust Funds), a trust fund account imposes no fiduciary responsibility on the federal government. For a fuller discussion of trust funds, see Federal Trust and Other Earmarked Funds: Answers to Frequently Asked Questions (95-page PDFPDF). (See also Earmarking.)

Trust Fund Expenditure Account. An appropriation account established to record appropriated amounts of trust fund receipts used to finance specific purposes or programs under a trust agreement or statute.

Trust Fund Receipt Account. A receipt account credited with collections classified as trust fund collections. These collections are recorded as either governmental receipts or offsetting receipts.

Trust Revolving Fund Account. A trust fund expenditure account that is an appropriation account authorized to be credited with collections and used, without further appropriation action, to carry out a cycle of business-type operations in accordance with statute.

 


Fiduciary funds | Agency Funds | Trust Funds | CPA exam FAR | Governmental Accounting course

 

More

  • “Social Security: The Trust Funds,” CRS Report RL33028 (25-page PDFPDF)
  • “Social Security: What Would Happen if the Trust Funds Ran Out?,” CRS Report RL33514 (25-page PDFPDF)
  • “Federal Trust Funds and the Budget,” CRS Report R41328 (21-page PDFPDF)
  • “Forest Service Accountability in Administering Its Trust Funds,” CRS Report RS20486 (8-page PDFPDF)
  • “Transportation Trust Funds: Budgetary Treatment,” CRS Report 98-63 (34-page PDFPDF)
  • “The Unemployment Trust Fund (UTF): State Insolvency and Federal Loans to States,” CRS Report RS22954 (16-page PDFPDF)
  • “Funding and Financing Highways and Public Transportation,” CRS Report R44674 (30-page PDFPDF)
  • “Overview of Funding Mechanisms in the Federal Budget Process, and Selected Examples,” CRS Report R44582 (45-page PDFPDF)

 
 

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Publications


The Federal Budget Process 2E

The Federal Budget Process 2E


Pocket Constitution

Pocket Constitution


Citizen's Handbook to Influencing Elected Officials

Citizen’s Handbook to Influencing Elected Officials: A Guide for Citizen Lobbyists and Grassroots Advocates


Congressional Procedure

Congressional Procedure

 
 

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