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Accounting Requirements

All Conservation Trust Fund moneys received from the state by any eligible entity shall be accounted for separately from any other source of moneys available to the entity for the acquisition of new conservation sites or recreational facilities as defined in C.R.S. 29-21-101.

 

All Conservation Trust Fund moneys received from the state by each eligible entity shall be deposited in its conservation trust fund and shall be expended only for the acquisition, development, and maintenance of new conservation sites or for capital improvements or maintenance for recreational purposes on any public site. An eligible entity shall not deposit any other moneys in its conservation trust fund. All interest earned on the investment of moneys in a local conservation trust fund shall be credited to the fund and shall be expended only for purposes authorized by C.R.S. 29-21-101.

 

Frequently asked questions related to accounting requirements:

 

  • Question: Does the CTF money have to be kept in a separate bank account or can we separate the funds with a separate line item or account in the general ledger?
    • Answer: As long as procedures are in place to accurately track the beginning and ending annual balances, expenditures and deposits of the conservation trust fund and the appropriate interest is applied to the fund, the CTF money can be kept as a separate line item or account on the general ledger.

 

 

  • Question: If I do have a separate bank account for our CTF money, can I pay my bank fees for that account with money from the conservation trust fund?
    • Answer: Yes, this is considered a necessary cost of doing business.

 

 

  • Question: Can I show a negative balance in my CTF account at the end of the year?
    • Answer: Deficit spending on any fund is not allowable by Colorado Local Government Budget Law. You will need to start every year with a balance of zero or more.

 

 

  • Question: What if my beginning balance is different than my previous year's ending balance due to a correction necessitated by our annual audit?
    • Answer: Please be sure to attach a reconciliation or an audited financial statement and a brief explanation for your conservation trust fund when you submit your status report.

 

 

  • Question: Can we use CTF dollars to pay back the General Fund for an eligible project over the course of a few years?
    • Answer: No. Money cannot be loaned from any other account to your CTF account. Additionally, all CTF expenditures must be reflected appropriately in the same month/year that the expense took place.