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Fund 547

Fund Reference Manual

547-Liability Account

Account Code:
547
Account Title:
Liability Account
Admin Agency:
Department of Enterprise Services - 1790
Fund Type:
GA - Internal Service Funds
Rollup Fund:
GE - Risk Management Fund
Cash Type:
2 - Treasury Trust Fund
SAAM Budget Type:
Nonappropriated/Nonallotted (N)
Interest Earning Authority:
N/A
Authority:
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:
Mon, 07/01/1963
Inactive Date:
Public Notes: