SPECIAL FUNDS
Fund 126: SENIOR SERVICES FUND This fund was created to account for restricted funding as a result of an agreement to terminate 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. The scholarship endowment balance is $98,825. All programs will be funded by interest allocation from the endowments or private donations. The funds 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 funds are also used for class scholarships at the senior centers. Private donations will be allocated as the donors designate.
FY 2019-21 Proposed Budget
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