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ST. PETERS HUMAN SERVICES, INCORPORATED <br /> (A Component Unit of the Indian River County District School Board) <br /> Notes to Basic Financial Statements <br /> The Academy ' s fiduciary funds are presented in the fund financial statements and since , by <br /> definition, these assets are being held for the benefit of others and cannot be used to address <br /> activities or obligations of the Academy , these funds are not incorporated into the <br /> Academy - Wide financial statements . <br /> The focus of the Statement 34 model is on the Academy as a whole and the fund financial <br /> statements . The focus of the fund financial statements is on the major individual funds of <br /> the governmental and business-type categories, as well as the fiduciary funds . <br /> (c) Basis of Presentation <br /> The financial transactions of the Academy are recorded in individual funds . Each fund is <br /> accounted for by providing a separate set of self-balancing accounts that records cash and <br /> other financial resources , liabilities, reserves , fund equity, revenues, and expenditures . <br /> Statement 34 establishes minimum criteria based on percentage relationships of the funds <br /> for the determination of major funds . In addition, the Academy can identify additional <br /> funds to be major funds . The Academy has determined all of its funds to be major funds , <br /> as described below. <br /> Governmental Funds <br /> General Fund <br /> The General Fund is the general operating fund of the Academy . It is used to account for <br /> all financial resources except those required to be accounted for in another fund . <br /> Special Revenue Fund <br /> A <br /> Special revenue funds are used to account for the proceeds of specific revenue sources that <br /> are legally or administratively restricted to expenditure for specific purposes . During the <br /> year ended June 30 , 2002 , the Academy used the special revenue fund to account for the <br /> federal dissemination grant program, the Title 1 program, and the food services program . <br /> Capital Projects Fund <br /> Capital projects funds are used to account for the financial resources to be used for <br /> educational capital outlay needs , including new construction and renovation and <br /> remodeling projects . During the year ended June 30 , 2002, the Academy used the capital <br /> projects fund to account for capital outlays funded by capital outlay revenues and the <br /> School Infrastructure Thrift grant. <br /> (Continued) <br /> 18 <br />