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547 Liability Account

Account code: 547
Account title: Liability Account
Administering agency: 1790 - Department of Enterprise Services
Fund type: GA - Internal Service Funds
Roll-up fund: GE - Risk Management Fund
Cash type: 2 - Treasury Trust Fund
SAAM budget type: Nonappropriated/Nonallotted (N)
Interest earning authority:
Authority: RCW 4.92.130
Closing GL Code: 9400
Description: The purpose of the liability account is to pay legal liabilities of the state resulting from tortious conduct, promote risk control through a cost allocation system which recognizes agency loss experience, levels of self-retention, and levels of risk exposure and establish an actuarially sound system to pay incurred losses, within defined limits.
Sources of revenue: Charges and Miscellaneous Revenue, Other Miscellaneous Revenue
Clientele: State agencies
Effective date: 7/1/1963
Inactive date: