This account is used to record the outstanding principal related to direct placement indebtedness which has matured or will mature within one year of the balance sheet date. Direct placements have terms negotiated directly with an investor and are not offered for public sale. Issuing a debt security directly to an investor, such as the sale of a new debt security issue to a limited number of buyers rather than to the general public is a direct placement. Bonds payable that are not offered for public sale should be classified as direct placements. This account is invalid for governmental funds.