General AccountingTelephone: (906) 487-2242 StaffSue Laajala Mary Yeo |
Maggie Thornton |
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Budget Checking Flowcharts
Special Fees and Use Charges
Special Fees and Use Charges Operating Procedures 
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.
