True or False: If a government temporarily invests taxes collected on behalf of other governments, it should report those resources in an investment trust fund.

The statement is false because investment trust funds are specifically used for reporting resources held by a government for the benefit of other entities, typically for public investment pools where the funds are made available for investments by external parties. In the case of temporary investments of taxes collected on behalf of other governments, these resources should typically be reported in agency funds (also known as custodial funds) rather than an investment trust fund. Agency funds are utilized to account for resources held by the government in a fiduciary capacity that are not owned by the government itself. Therefore, since the taxes are being collected on behalf of other governments and the resources are not intended for investment purposes on behalf of the government, the correct classification is not an investment trust fund.