Under GASB standards, nonmajor funds are reported in which format within fund financial statements?

• A. In the government-wide statements as major funds.
• B. In aggregate amounts in a single column in the fund financial statements.
• C. In separate columns for each nonmajor fund.
• D. In notes to the financial statements only.

Answer: (B)

Nonmajor funds are presented in a single aggregated column within the fund financial statements. Major funds are shown in separate columns, but all other funds are combined into one column labeled something like “Nonmajor funds.” This presentation keeps focus on the significant activities while still reporting the total activity of the smaller funds. In addition, this approach applies to the fund statements; government-wide statements use a different presentation with reconciliations rather than this column structure.