PROPRIETARY FUND TYPES
Other Enterprise Funds:
Other enterprise funds include:

1. Economic Development:

• Direct loan and loan insurance programs of the Community Development Administration, Maryland
Housing Fund, Maryland Home Financing Program, Maryland Housing Rehabilitation Program and
Maryland Industrial Development Financing Authority.

• Ocean City Convention Hall Commission which operates convention facilities.

2. Maryland Food Center Authority which owns and operates warehouse facilities for use by wholesale
food distributors.

3. Maryland Transportation Authority which constructs, maintains and operates transportation toll
facilities.

4. Maryland State Lottery Agency which operates the State Lottery.

5. Maryland Environmental Services which constructs, maintains and operates water supply and liquid
and solid waste disposal facilities.

6. State Use Industries which utilizes inmate labor from State correctional institutions to manufacture
goods, wares and merchandise to be sold to State agencies, political subdivisions and charitable, civic, educa-
tional, fraternal or religious associations or institutions.

Higher Education and University Hospital Funds:

Transactions related to the financial activities of State higher education institutions and the University
of Maryland Hospital are accounted for in the Higher Education and University Hospital funds.

FIDUCIARY FUND TYPES

Transactions related to assets held by the State in a trustee or agency capacity are accounted for in
fiduciary fund types. Fiduciary fund types are comprised of:

1. Expendable trust funds which account for assets received and expended by the State as trustee.

2. Nonexpendable trust fund which reflects the transactions, assets, liabilities and fund equity of the
State Accident Fund, a fund established to provide workers' compensation insurance for participating employ-
ers in the State, including the State of Maryland.

3. Pension trust funds which reflect the transactions, assets, liabilities and fund equities of the various
State administered retirement systems.

4. Agency funds which account for the receipt and expenditure of various taxes and federal grant pro-
ceeds collected by the State for distribution to its political subdivisions.

ACCOUNT GROUPS

General Fixed Assets Account Group

General fixed assets acquired for use by the State in the conduct of its activities, other than activities
accounted for in proprietary fund types, are reflected in the general fixed assets account group at cost.
Infrastructure assets, consisting principally of highways, roads and bridges are not reflected in the general
fixed assets account group.

Long-Term Obligations Account Group:

Unmatured long-term general obligation and transportation bonds payable and accrued retirement costs
related to general governmental activities are reflected in the long-term obligations account group.

2. Summary of Significant Accounting Policies

A. All Funds:
Grants:

Federal grants and assistance awards made on the basis of entitlement periods are recorded as in-
tergovernmental receivables and revenues when entitlement occurs. Federal reimbursement type grants for

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