Following are descriptions of actual funds found in state CAFRs.
1. The Financial Institutions Deposits Fund is used to account for security deposits held by the Michigan State Treasurer on behalf of banks which operate trust departments. Deposits are in the form of securities or other acceptable assets.
2. Michigan's Second Injury Fund insures carriers and self-insured employers against certain workers' compensation losses. The fund is supervised by the administrator who is appointed by the fund's Board of Trustees. Revenue consists of assessments on insurance carriers and self-insured employers.
3. The Iowa Infrastructure Fund accounts for resources directed by the General Assembly for public infrastructure related expenditures.
4. Iowa's Scholarship and Tuition Grant Reserve Fund receives surplus monies for scholarships and grants at the end of each fiscal year to cover over-expenditures in the scholarship and grant accounts.
5. The Alcoholic Beverage Control Board operates facilities in Alabama for the distribution and sale of alcoholic beverages to the public.
6. Alabama's Air Transportation Fund provides air transportation for state personnel and maintenance facilities for state aircraft, on a cost-reimbursement basis.
Required
For each item, identify the type of fund, and the method of accounting.