Chapter 2. Accounting Services
Section 2.2. Fund Principles

2.2.2. Designated Fund

Designated Fund: A fund maintained to account for funds for specific purposes which are not restricted by donors or supporting agencies. If only the income is without restriction, it will be recorded in the Designated Fund, with the principal classified in other funds.

Designated Funds are permitted in the AICPA Audit Guide and are utilized by colleges and universities on a national basis.

The Designated Fund will include organized departmental activities associated with the academic programs, conferences, seminars, unrestricted gifts and a portion of the income from temporary investments of pooled cash.