FUND

The fund worktag is a reporting attribute assigned to Driver Worktags identifying its net asset category or restriction code.

Major Fund Classifications correspond to the University’s annual financial report presentation as required by the Financial Accounting Standards Board, namely: Unrestricted, Temporarily Restricted and Permanently Restricted. These categories are determined based on restrictions placed upon resources provided by the University or its donors.

• Unrestricted: Net assets that are available for any purpose as determined by management under the direction of the Board of Directors. Unrestricted net assets have no donor-imposed restrictions, or restrictions can be considered to have been satisfied through the expenditure of other University resources. Funds with donor restriction are only expended consistent with their restrictions.
  
• Temporary Restricted: Net assets with funds that stipulate time or purpose restrictions. When those restrictions are satisfied, temporarily restricted net assets are reclassified to unrestricted net assets and are reported in the Statement of Activities as net assets released from restrictions.
  
• Permanently Restricted: Net assets with restrictions that require them to be maintained in perpetuity (endowments provided by donors).

Each of these major fund groups are further defined by sub-funds which are listed below.

Please see related pages discussing Driver Worktags, Ledger Accounts, Spend Category, Classes, Funds, Departments, and Program Codes.

Unrestricted Funds

FD01 Appropriated
General University income and Academic/Administrative budgeted expense units. Primary funding is from Church support and student tuition.

FD02 Self Supporting
Academic and General university units that generate both revenue and are self-supporting.

FD03 Designated
Designated funds for specific operations, projects or activities.

FD04 Faculty Consolidation
Available to faculty and other individuals for the purpose of consolidating various spendable funds for their use for university approved activities.

FD05 Sponsored Awards
Research Awards/Grants funded by sources external to the University.

FD06 Plant Fund
Fixed assets and Capital equipment of the university.

FD07 Agency
Deposits held for organizations as a convenience to those organizations.

FD20 Gift Unrestricted
External donor funds with use restrictions. Typically, other university spending has technically satisfied the restriction, but the administration has determined that donor funds will still be used in the manner directed by the donor.

FD23 Endowment Spending
Donor and other university funds which could be spent currently but which are set aside for endowment by the administration.

FD26 Quasi Endowment
Donor and other university funds which could be spent currently but are set aside for endowment by the administration.

FD28 Restricted Gifts Spending
External donor funds with use restrictions. Other University spending does not satisfy the restriction.

FD29 Quasi Endowment
Funds are spendable from True and Quasi Endowment income.

Temporarily Restricted Funds

FD21 Gift Temporarily Restricted
External donor funds with use restrictions. Other university spending does not satisfy the restriction.

FD22 Endowment Payout
Funds spendable from True and Quasi Endowment income.

FD28 Restricted Gifts Spending
External donor funds with use restrictions. Other University spending does not satisfy the restriction.

FD29 Quasi Endowment Spending
Funds are spendable from True and Quasi Endowment income.

Permanently Restricted Funds

FD25 True Endowment
Donor funds which have been specified to be held in perpetuity. Earnings from the investment of these funds provides funding for university operations.

FD27 Permanently Restricted - Other
Donor funds which have been specified to hold in perpetuity. These funds are deferred until the occurrence of a future event.