Current Operating Funds
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1 Current Operating Funds Business Officer s Certification Program October 20, 2004
2 Objective Gain a better understanding of current funds in accounting systems Apply the above understanding to Clemson University funds Unrestricted Restricted
3 Topics Classification of Resources of an Organization Components of Current Funds Current Unrestricted Funds Current Restricted Funds Clemson University Fund Tree Another perspective Types of Funds
4 Classification of Resources Purpose of fund accounting is to account for all resources received and used Each fund is a self-balancing set of accounts with its own revenues, expenditures, transfers, assets, liabilities, and fund balance
5 Fund Balance Change in fund balance = Revenues Expenses Accrues annually Cumulative changes = Fund Balance
6 Fund Groups Higher Education Institutions combine their funds typically into the following groups: Current Funds Loan Funds Endowment & Similar Funds Annuity & Life Income Funds Agency Funds Plant Funds
7 Current Funds Economic Resources responsible for carrying out the primary missions of a college or university Instruction Research Public Service
8 Current Funds Available for current operations Salaries, wages, & fringe benefits Utilities Travel Etc. Often referred to as Operating Funds Resources available for expenditures in the near term
9 Current Funds Current Funds include two basic groups: Unrestricted Funds Restricted Funds
10 Current Unrestricted Funds Include all resources received for which a donor or other external agency has NOT specified an expenditure purpose Often deemed the most desirable resources because they allow the widest range of flexibility on how moneys can be expended
11 Current Unrestricted Funds Tuition and fee revenues and legislative appropriations are typically the largest and most common examples of revenue sources received as unrestricted current funds
12 Current Restricted Funds Available for financing operation but are limited by donors and other external agencies at to specific purposes, programs, departments, or schools Externally imposed restrictions are not the same as internal designations imposed by administration or a governing board
13 Current Restricted Funds Restrictions can be broad or specific For example: Scholarships Broad Student Band Specific
14
15 The source of funds determines how the funding is to be used/spent.
16 PSA Funds Public Service and Agriculture State and Federal Appropriations Fund 10 State PSA Fund 11 Federal Appropriations Fund 12 Self-Generated - PSA Fund 17 PSA Pre-Allocated Research Annually adjusted base allocation for each Budget Center that operates within PSA Funding in support of Public Service activities Federally funded PSA Activities Examples: Smith Lever Indoor Air Quality Farm Safety Pest Mgmt Funds earned predominantly from outside CU used to support the PSA mission. Examples: Farm Services County Fees Outdoor Lab Activities GPS Maintenance Services Both Federally and State Funded PSA Activities Examples: Hatch Hatch Multi State Research McIntire Stennis
17 E&G Funds (Educational & General Funds) State Appropriations and Student Fees Fund 13 Student Activities & Orgs Examples: Model U.N. Student Legislature Student Band Debate Team Dramatics Club Fund 14 Self-Generated E&G Self-supporting operations generating additional revenues in support of E&G activities Examples: Summer School Testing Services Short Courses Workshops Study Abroad Progs. Fund 15 State and Student Fees Annually adjusted base allocation for each Budget Center Funding in support of E&G activities Examples: Faculty/Staff salaries Dept l supplies Support for research and instruction activities
18 Restricted Current Funds Funds Fund 19 Small Grants and Contracts Fund 20 Sponsored Programs Fund 21 Scholarships Fund 22 Other Restricted (Control) Fund 23 Other Restricted (Track) No formal contractual agreements Non-federal $10,000 No patents No royalties F&A not applied Negotiated deliverable grant, contract or cooperative agreement No $ limit Funding by any external source F&A applies Scholarships Endowment funded Budget based on spending policy by CU or Foundation Examples: Chairs Professorships Program Enhancements Funded from gifts or the Foundation Examples: Chairs Professorships Program Enhancements
19 ANOTHER PERSPECTIVE - TYPES OF FUNDS State Appropriated Federal Donations or Contributions Sponsored Programs Scholarships, Fellowships, Student Loans Agency Self-generated Funds disbursed by the Foundations
20 TYPES OF FUNDS Clemson University has funds from many sources State Appropriated Governed by State Appropriations Act, State Procurement Code and written and verbal guidelines form the State Comptroller General s Office Funds 10, 13, 15 and 17 Federal Unless federal laws or grant restrictions direct otherwise, federal funds are governed as state appropriated funds Funds 11 and 17 And sponsored
21 TYPES OF FUNDS Donations or Contributions Must fulfill the purposes and conditions of the donor Same limitations and provisions of the law that applies to state appropriated funds, may have procurement exceptions Funds 19, and Sponsored Programs Must fulfill the purposes and conditions prescribed by the sponsoring agency Same limitations and provisions of the law that applies to state appropriated funds, may have procurement exceptions Fund 20
22 TYPES OF FUNDS Scholarships, Fellowships, Student Loans Must fulfill the purposes and conditions of the awarding parties restrictions Funds 21, 22, & 29 Agency Disbursed on behalf of another entity Not considered a Clemson expense Must follow the restrictions of the responsible agency
23 TYPES OF FUNDS Self-generated Source is primarily external sources, other than student fees. Guidance over expenditures is that the funds must be expended to fulfill the purpose of the fees collected. Disbursements must be program related Funds 12, 14, 16
24 TYPES OF FUNDS Funds disbursed by the Foundations Last resort for expenses May be subject to Freedom of Information Funds 50 72
25 OTHER CONSIDERATIONS Payments with State funds Procurement Personnel Travel Students Ethics Act
26 OTHER CONSIDERATIONS Conflict of Interest Procurements may not be made University employee Business in which an employee or family member residing in the same household which either individually or collectively own a majority interest Exceptions must be approved by University Executive Officers
27 Participant Questions
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