Six Basic Fund Groups

Six Basic Fund Groups

Six Basic Fund Groups
A. Current Funds
The Current Fund is a group of funds expendable for operating purposes in support of the institution’s mission: expected to be expended in the near term.
1. Restricted- Includes funds available for financing operations, but which are limited by donors/external agencies to specific purposes, programs, or departments. (i.e. Federal funds for contracts and grants, work study funds, endowment income)
2. Unrestricted- Includes all funds received for which a donor or other external agency has not specified the purposes for which they should be expended. (i.e. General funds, Reg. Fee Funds) Please note, that although 19900 may be considered unrestricted, there are some restrictions placed on these funds i.e., purchase of alcohol is prohibited and certain travel restrictions exist.
3. Designated Funds- Unrestricted funds the governing body designated for a special purpose. (i.e. Special State Appropriations, Tobacco Research, Breast Cancer Research)
B. Plant Funds
The plant fund group is used to record acquisition of assets, replacement of assets, pay off debt, and record the investment in assets (equity). There are four subgroups of plant funds:
1. Unexpended Plant Funds- Used for recording construction or acquisition of long-lived assets. This includes such items as land and building acquisition, construction of new facilities, renovation, and remodeling.
2. Renewal and Replacement- Used for extraordinary repairs and maintenance or equipment replacement.
3. Retirement of Indebtedness- Used to record the accumulation of funds and disbursement for repayment of long term debt for assets.
4. Investment in Plant- Used to record the equity of campus assets. This subgroup in plant should reflect the total amount of resources expended for additions for assets.
UCSB Campus Information and Procedure Manual
Fund Accounting 3/04
C. Endowment & Similar Funds Group
This fund group is used to record donations to the University...