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CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />B. Deficit Fund Equity <br />At December 31, 2004, the following funds reported deficits in fund equity, which are violations of <br />State statue: <br />Deficit <br />Governmental funds: <br />Football Hall of Fame Operating $ (1,748,899) <br />Enterprise funds (net assets): <br />Blackthorn Golf Course (799,231) <br />Fund equity deficits arose primarily from expenditures or expenses exceeding revenues due to the <br />underestimate of current requirements. It is anticipated that these deficits will be repaid from future <br />revenues. <br />III. Detailed Notes on All Funds <br />A. Deposits and Investments <br />Deposits, made in accordance with IC 5 -13, with financial institutions in the State of Indiana at year <br />end were entirely insured by the Federal Depository Insurance Corporation or by the Indiana Public <br />Deposit Insurance Fund. This includes any deposit accounts issued or offered by a qualifying finan- <br />cial institution. <br />The primary government's investments are categorized below to give an indication of the level of risk <br />assumed by the primary government at year end. Category 1 includes investments that are insured or <br />registered or for which the securities are held by the primary government or its agent in the primary <br />government's name. Category 2 includes uninsured and unregistered investments for which the <br />securities are held by the counterparty's trust department or agent in the primary government's name. <br />Category 3 includes uninsured and unregistered investments for which the securities are held by the <br />counterparty, or by its trust department or agent but not in the primary government's name. <br />Cate o Reported Fair <br />1 2 3 Amount Value <br />U.S. Government securities $ - $ - $ 1,762,846 $ 1,762,846 $ 1,762,846 <br />B. Receivables <br />The following receivable accounts have timing and credit characteristics different from typical ac- <br />counts receivable. <br />As of December 31, 2004, City funds recognized the following loan receivable balances. The sched- <br />ule shows the total receivable and the portion that is not due within one year. These loans were for <br />economic development projects. <br />35 <br />