SPECIAL FUNDS
Fund 126: SENIOR SERVICES FUND This fund was created to account for restricted funding as a result of an agreement to discontinue the Irvine Senior Foundation. The agreement provided funding for two endowments, one for the senior services program and the other for scholarships. The senior services program endowment has a principal balance of $400,000; interest earnings from the principal are restricted for the senior services program. The scholarship endowment has an additional limitation per the agreement; any interest earned and not expended within the time requirement will increase the endowment principal. Interest funds from the senior services program endowment are used to purchase services and materials to benefit senior citizens at Lakeview Senior Center (LSC) and the Irvine Adult Day Health Service Center (IADHC). The scholarship endowment interest is used for class scholarships at the senior centers. Private donations are also accepted into this special fund and allocated as the donors designate. In FY 2023-24 and 2024-25, the General Fund will transfer in $120,000 to support the Irvine Adult Day Care Center. The support for the Irvine Adult Day Care Center was previously budgeted in the General Fund.
334
FY 2023-25 Adopted Budget
Made with FlippingBook interactive PDF creator