Funeral Expenses. An executor does not necessarily take on financial responsibility for the decedentâs funeral arrangements. When he acts in his capacity as executor, he is making financial decisions for the decedentâs estate, and the decedentâs funeral arrangements become a debt of the estate.
By law, income to the trust funds must be invested, on a daily basis, in securities guaranteed as to both principal and interest by the Federal government. All securities held by the trust funds are special issues of the United States Treasury. Such securities are available only to the trust funds.
The second part of the new GAAFR, which is devoted to fund accounting and the basic financial state-ments, is subdivided into subsections that address govern-mental funds, proprietary funds, fiduciary funds, government-wide financial statements, and disclosure.Section A: Governmental Funds.