Types of financial funds

Monetary funds are specially allocated, relatively separate parts of funds intended for specific purposes, performing a specific function. For example, the funds allocated for the payment of pensions form the pension fund, and the funds earmarked for the payment of wages form the payroll fund.

Monetary funds can be allocated both as part of the funds of the entire state (for example, an off-budget social insurance fund), and as part of an enterprise’s funds (depreciation fund)

Centralized funds of funds are created by the distribution and redistribution of the national income created in the branches of material production. These include:

  • The state budget;
  • Extrabudgetary funds.

Decentralized funds of funds are formed from the cash income and savings of enterprises and the population themselves. They are the basis of the financial system, since it is in this area that the prevailing share of the state’s financial resources is formed. Part of these resources are redistributed in accordance with the rules of financial law in the revenues of budgets of all levels and in extra-budgetary funds. At the same time, a significant part of these funds is subsequently channeled to financing budgetary organizations; commercial organizations in the form of subventions, subsidies, and also returned to the population in the form of social transfers (pensions, benefits, scholarships, etc.).

Among decentralized finance, the key place belongs to the finance of commercial organizations. Here material benefits are created, goods are produced, services are provided, profit is formed, which is the main source of the production and social development of society.

Federal Law of 15.04.2019 N 60-FZ “On Amendments to Articles 170 and 179 of the Housing Code of the Russian Federation”

The adopted law allocated income in the form of interest accrued for the use of funds, as well as income in the form of interest received from the placement of temporarily free funds of the capital repair fund, as a separate source for the formation of the fund for capital repairs of apartment buildings. These funds are credited only to a special account, account, accounts of the regional operator, on which the formation of the capital repair fund is carried out.

Other funds received by the regional operator that are not related to the fund must be credited to a separate account.

It is assumed that this change will allow incomes forming the capital repair fund not to be taxed on corporate profits (recall that the Letter of the Federal Tax Service of Russia dated 04.06.2015 No. temporarily free funds on the account of a regional operator do not refer to earmarked funds constituting a capital repair fund, and are subject to corporate income tax in accordance with the generally established procedure).

In addition, the law grants the right to open accounts to account for the fund’s resources not only in Russian credit institutions that meet the established requirements, but also in the territorial bodies of the Federal Treasury or financial bodies of the constituent entities of the Russian Federation.

Public finance and their characteristics

Public finances are centralized funds of monetary resources, which are created through the distribution, redistribution of the national income created in the branches of material production.

The connection between national finance and enterprise finance is explained not only by the fact that they have a single source of their formation, created in the sphere of material production, but also from the budget for their reproduction.

The main component of public finance is the state budget.

State budget – centralized income of the state (list of income and expenses).

The budget consists of two parts: revenue and expenditure. The income part shows the sources of cash receipts and their quantitative characteristics. In the expenditure part, the directions, areas in which money is spent, and their quantitative parameters are indicated. The size of the state budget can be judged on the level of economic development of the country.

If expenses exceed income, then this is a deficit. If expenses are equal to income, then this is a deficit-free budget. If incomes exceed expenses, then this is a surplus.

Extra-budgetary funds – a set of financial resources that have a strictly targeted purpose and are at the disposal of federal, regional or local self-government bodies.

Through the formation of off-budget funds, the national income is redistributed by the authorities and administration in favor of certain groups of the population and priority spheres of the economy.

Extra-budgetary funds include: Pension Fund (PF), Social Insurance Fund (FSS), Mandatory Health Insurance Fund (MHIF). Off-budget economic funds include: sectoral and intersectoral funds for research and development (R&D), funds for the development of the housing sector, etc.

State loan. In order to ensure uninterrupted financing of the diverse needs of society, the state can attract free funds of enterprises, organizations and citizens to cover its expenses.

For additional replenishment of the country’s economy with monetary resources, the state may resort to the emission of money. But this measure is not used very often, because excessive emission can lead to higher inflation, depreciation of funds, higher prices, lower living standards of the population.

The next means of attracting financial resources by the state is a state loan. The lenders are legal entities and individuals, the borrower is the state. The state sells bonds, treasury bonds and other types of government securities on the financial market. The financial market is an integral part of the financial system.

Government debt is the amount of government loans issued but not repaid with interest accrued on a specified date or term.

Public debt can be external and internal. External debt is debt on external loans. Domestic debt is debt on domestic loans. The government’s refusal to pay its debts is called a default.

Foundations can be centralized and decentralized, general and special purpose. Centralized funds within certain territorial limits (for example, federal, republican, regional budgets) are used to meet the general needs of the corresponding territory. Decentralized monetary funds of enterprises, organizations, institutions, used for production and social purposes, in accordance with the purpose of the named entities and in their scale, are referred to as decentralized ones. The finances of enterprises are referred to as decentralized financial resources, i.e. those that are formed at specific enterprises and are used for the production and social purposes of these enterprises. Enterprise finance is an economic relationship associated with the formation, distribution and use of monetary incomes and savings of business entities for industrial and social development.

Cash income and savings include: proceeds from the sale of products, works, services; gross and net income of the enterprise, part of which is the profit of the enterprise. in material terms, the finances of enterprises are a set of monetary funds, i.e. financial resources at the disposal of specific enterprises.

These include the fund of fixed assets, which is the monetary expression of the fixed assets of the enterprise; working capital fund, which is a monetary expression of the value of the enterprise’s inventories, finished goods in stock, financial assets, etc .; accumulation fund, consumption fund, foreign exchange, reserve funds, etc.

The number of financial and legal relations arising at state and municipal unitary enterprises include:

a) legal relations for the payment of taxes to the budget: VAT, excise taxes, profit tax, land tax, etc .;

b) legal relationship on the payment of non-tax payments to the budget; payments for environmental pollution, payments for water, etc .;

c) legal relations for the payment of insurance premiums and other payments to state and local off-budget funds;

d) legal relationship regarding the receipt of budgetary allocations by the enterprise;

e) legal relationship regarding the planning and use of their financial resources. enterprises based on the right of economic management independently dispose of the profit received. * They can distribute this profit to an accumulation fund, a consumption fund, etc.

However, in accordance with par. the second p. 1 tbsp. 295 of the Civil Code of the Russian Federation “the owner has the right to receive part of the profit from the use of property that is in the economic jurisdiction of the enterprise.” enterprises on the basis of operational management (state enterprises) distribute their profits in accordance with the procedure established by the owner of their property, i.e. the state; profit is channeled according to the standards established annually by the authorized body for production purposes and social development.

The authorized body is those federal executive bodies in the direct subordination of which are these or those state enterprises. After the distribution of the profits of the state-owned enterprise according to the standards established by the authorized body, the remaining part of the profit in the form of the free balance of profit is subject to withdrawal to the federal budget. All the variety of financial relations between state and municipal enterprises finds its concentrated expression in their financial plans.

The purpose of financial planning is to provide financial resources for government assignments, economic activities, timely fulfillment of their obligations to the budget, banks and other creditors. In this regard, the financial plan is intended to predict the financial prospects for the development of the enterprise, as well as to determine the current income and expenses of the enterprise.

The financial plan of the enterprise is drawn up by the financial or economic department of the enterprise for one year with a breakdown by quarters, as well as for 3-5 years (by years). The financial plan of the enterprise consists of the following sections: income and receipts of funds; expenses and deductions of funds; credit relationships; relationship with the budget. In the first section, profit, depreciation deductions for the restoration of fixed assets, and other income are planned. The second section of the plan reflects the distribution of the profit of the enterprise, the cost of capital investments, etc.

In the section “credit relations”, the amount of bank loans is planned, as well as the costs of repaying these loans and paying interest for using them. The section “relations with the budget” reflects the amount of taxes and other payments to the budget, as well as the amount of budgetary allocations received by the enterprise. The financial plan of the enterprise is approved by the head of the enterprise. From a legal point of view, it is the legal form of the financial activity of an enterprise, i.e. financial and legal act. The financial plan has not only economic, but also legal significance for the enterprise:

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