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Fund Accounting <br />•Fund accounting system. Funds are a self-balancing set of accounts set aside for the purpose of accounting for monies of general functions or specific activities. <br />•Fund typesvary according to revenue sources and expenditures.•Commingling of funds is prohibitedunless otherwise provide by law. <br />•Rules for fund accounting are prescribed by the Governmental Accounting Standards Board (GASB), Indiana State Law and local ordinances. <br />•The Indiana State Board of Acc <br />ounts (SBOA) conducts audits of most local governments and ensures compliance with Indiana statutes, prescribes and approves forms and creates a uniform system of accounting and financial reporting. <br />3