There are 11 types of funds under GASB. 5 are governmental, 2 are proprietary and 4 are fiduciary. With 11 types of funds, fund financial statements for government are presented for each fund category. GASB encourages few funds as possible. Funds financial statements do not report all funds but only major funds. A reconciliation between fund financial statements and governmental wide financial statement is required and is presented at the bottom of fund financial statement or in a schedule immediately after the fund financial statement.
