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General Accounting

Location: Third Floor Lakeshore Center
Telephone: (906) 487-2242
Fax: (906) 487-2521

Staff

Sue Laajala
Director of General and Auxiliary Accounting
slaajala@mtu.edu

Mary Yeo
Manager of Banking Operations and Auxiliary Accounting
mlyeo@mtu.edu

 

 

 

 

 

 


Cell Phone & Internet Reimbursement

Transition Memo
Policies:  Policy 2.2008  Internet Allowance    Policy 2.2009 Cellular Allowance
Allowance Request Form

Inquiries

Budget Checking Flowcharts

Special Fees and Use Charges

Fund Group Descriptions

General Fund 
The General Fund accounts for all assets and resources used for financing the instruction and general administration of the University.  Typically, state appropriation funds and tuition are the revenue sources.  Another income source is the indirect cost recoveries from research projects, or the charge to research projects for facilities and administrative expenses.  Academic units usually have a General Fund operating index for the department as well as various General Fund lab indexes which collect lab and computer fee revenue.

Designated Fund
The Designated Fund is used to account for specific activities which are not restricted by external agencies.   Use of these funds is determined within the University.  The following activities are included in the Designated Fund: unrestricted gift accounts, distance learning initiatives, summer youth programs, summer athletic programs, faculty start up accounts, incentive accounts and conferences/workshops.  

Auxiliary Activities Fund
The Auxiliary Activities Fund accounts for entities within the University that are self-supporting.  Such entities furnish services to students, faculty, staff or the public and charge fees to the users.  Their goal is to support the related activities of each enterprise and provide for replacement of facilities used.  Included in this fund are the Campus Store, University Images, Memorial Union, Golf Course, Ski Hill, Ice Arena and Residential Services.   The Intercollegiate Athletic programs are also included in the Auxiliary Fund.

Retirement and Insurance Fund
The Retirement and Insurance fund records the current value of the investment portfolio dedicated to the retirement fund and its increase or decrease in value on a monthly basis.  Also recorded are the liabilities for the health and liability claims, sometimes referred to as employee benefits and risk financing activities.  This fund is balanced by making up shortfalls from the General Fund and conversely, giving excesses to the General Fund.

Expendable Restricted Fund
The Expendable Restricted Fund is used to account for activities which are restricted for specific purposes by external agencies and donors.  Federal, state and industrial sponsored research projects are in this fund as well as restricted gift accounts, scholarships and fellowships.
 
Student Loan Fund
The Student Loan Fund records transactions related to granting loans to students and includes interest received thereon.

Plant Fund
The Plant Fund accounts for transactions relating to investments in physical properties, indebtedness incurred in the financing thereof, and reserves for maintenance and replacement.  In years of construction projects, this fund will record amounts of income from gifts and state capital appropriations.  The expenses in this fund include costs of construction, depreciation, pay downs in indebtedness and debt service programs.

Agency Fund
The Agency Fund is used to account for assets received by the University to be held or disbursed only on the instruction or on behalf of the persons or organizations who provided the funds.  Included in this fund are the amounts withheld from payrolls for taxes and other deductions and employer portions of payroll taxes.  Some University-related student organizations have accounts in the Agency Fund.

Fund Types


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Michigan Technological University is an Equal Opportunity Employer/Educational Institution
This page created by Bryon Freeman.