ENTRY NO. 32 – INTEREST EARNINGS ON INVESTMENTS OF THE SURPLUS MONEY INVESTMENT FUND AND CONDEMNATION DEPOSITS FUND - 10532

(Revised: 12/2021)

Purpose: To record interest earnings from investments in the Surplus Money Investment Fund (SMIF) and on money in the Condemnation Deposit Fund (CDF) upon transfer of the earnings to the ultimate fund. The amount of interest is apportioned quarterly by the State Controller’s Office (SCO). The July interest is accounted for differently because the interest is accrued as of June 30. See SAM section 10605, Entry No. A-6.

 

References: SAM sections 8284 and 10605

 

Record Interest Transferred in January, April, and October

Debit/ Credit	Account	Legacy Account	Account Description	Note
Debit	1104000	1140	Cash in State Treasury	a
Credit	416xxxx	8000	Revenue	b

 

Note:

1. Amount of interested transferred from SMIF/CDF.
2. Amount of interest transferred in January, April, and October. See SAM section 10605 for the entry to record interest transferred in July.