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42906000 State Aid – National Mortgage Settlement

To account for the settlement funds received by the State’s component unit NC Housing Finance Agency,  pursuant to the Consent Judgment in U.S. v  Bank of America, Civil Action No. 12-CV-0361, dated April 4, 2012.  This revenue is classified as  State aid-program revenue which, for proprietary fund accounting, is a nonoperating revenue. Primary government agencies should not use acct 42906000, but instead use acct 47996000 to record National Mortgage Settlement revenues.