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 PDF). (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.

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CongressionalGlossary.com, from TheCapitol.Net