NV Rev Stat § 353.323 (2021)
2021 Nevada Revised Statutes|Chapter 353 - State Financial Administration|NRS 353.323 - State General Fund created; use of categories of funds and account groups.

  1. Governmental funds must be used as a means of accounting for segregations of financial resources by focusing upon a determination of financial position and changes in financial position rather than upon a determination of net income.  2. The State General Fund is hereby created and must be used to receive all revenues and account for all expenditures not otherwise provided by law to be accounted for in any other fund.  3. Governmental funds include:  (a) The State General Fund.  (b) Special revenue funds, which must be used to account for revenues from specific sources, other than expendable trusts and revenues for major capital projects, that are legally restricted to expenditures for specified purposes and not provided for by law in any other fund.  (c) A fund for construction of capital projects, which must be used to account for financial resources to be used for the acquisition or construction of major capital facilities, other than those financed by proprietary funds or trust funds.  (d) Debt service funds, which must be used to account for the accumulation of resources and the use of those resources for the retirement of any general long-term debt.  4. Proprietary funds must be used to account for the state’s ongoing organizations and activities that are similar to those found in nongovernmental entities by focusing upon a determination of net income, financial position and changes in financial position. Proprietary funds include:  (a) Internal service funds, which must be used to account for and finance the self-supporting activities of a service characteristically utilized by departments of State Government or other governments, on a cost-reimbursement basis.  (b) Enterprise funds, which must be used to account for operations that are financed and conducted in a manner similar to the operations of a private business:  (1) When the intent of the governing body is to have the expenses, including depreciation, of providing goods or services on a continuing basis to the general public, financed or recovered primarily through charges to the users; or  (2) For which the Legislature has decided that a periodic determination of revenues earned, expenses incurred and net income is consistent with public policy and is appropriate for maintenance of capital assets, control of organizational and financial management, accountability or similar purposes.  5. Fiduciary funds must be used to account for assets held by the State in trust or as an agent of any person, governmental agency, political subdivision or other fund. Each trust fund must be classified for accounting purposes as a governmental fund or a proprietary fund.  6. Account groups must be used to account for and control the State’s general fixed assets and general long-term debts, and include:  (a) The general long-term debt account group, which must be used to account for the principal and interest on all unmatured general obligation bonds and long-term liabilities not required to be accounted for in a specific fund; and  (b) The general fixed assets account group, which must be used to account for all fixed assets except those accounted for in proprietary funds or trust funds.  (Added to NRS by 1977, 38; A 1981, 250; 1987, 624)