Board adopts GASB 54 financial reporting categories
FLINT TWP. — The Board of Trustees unanimously adopted new fund balance classifications to comply with the Governmental Accounting Standards Board (GASB) reporting requirements. Under GASB 54, fund balance reporting will now be categorized as nonspendable, restricted, committed, assigned and unassigned. These replace the old classifications of reserved, designated and unreserved. A fund balance is the difference between a governing body’s assets and expenses.
Nonspendable funds are now defined as assets not in spendable form such as capital assets or prepaid expenditures.
Restricted funds concern constraints places on the use of amounts either by law or by external sources such as grantors or creditors.
Committed funds concern limitations on uses self-imposed on township board action. Board action also is required to change those commitments.
Assigned classifications apply to amounts intended to be used for a specific purpose that is not restricted or limited. Intent can be set by the township board or an official delegate.
Unassigned is a classification for any remaining amounts not included in the previous four categories. —R.S. Ananich to hold coffee hours
SWARTZ CREEK — State Representative Jim Ananich will host a coffee hour at JT’s Kitchen in Swartz Creek Friday, Jan. 6, from 8 to 9:30 a.m.
He would like to hear from constituents about their concerns and discuss happenings at the State Capitol.
Michigan’s 49th House District includes Flint, Swartz Creek, and the townships of Flint, Gaines and Clayton. — R.S. Township sets poverty guidelines for 2012
FLINT TWP. — An annual income of $10,900 or less is the allowance for one person in the township to meet federal poverty guidelines that determine poverty exemptions for 2012, as adopted by the Board of Trustees at its Dec. 19 meeting. Governing bodies are required to adopt guidelines at income levels that cannot be lower than federal guidelines. For example, the local income level for a family of three cannot be set lower than the federal guidelines of $18,500. Set Federal guidelines are $14,700 for a family of two, $22,400 for a family of four; $26,200 for a family of five; $30,000 for a family of six; $33,800 for a family of seven’; $37,600 for a family of 8 plus $3,800 for each additional person beyond that. — R.S. Scrapbook crop at United Methodist Church
SWARTZ CREEK — The United Methodist Women of Swartz Creek UMC are having the third annual Scrapbook Crop on Jan. 21 from 9 a.m.-6 p.m.
The price is $28 for a table, a mini breakfast, lunch, favors and door prizes. Space is limited.
Reservations are held when payment is made.
Send check and name of participant to UMW 7400 Miller Rd. Swartz Creek, MI 48473. Details: Call 810- 630-0537. — G.G.