Fund Accounting for Governmental Organizations. Published June 2010
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1 Fund Accounting for Governmental Organizations Published June 2010
2 Learning Objectives To understand: Basics of fund accounting: What is it? Why do we use it? Fund accounting at the University Fund accounting responsibilities 2
3 Definitions Fund A self-balancing set of accounts where Assets = Liabilities + Net Assets. GASB Governmental Accounting Standards Board the private sector body who sets the accounting rules for state and local governments. Grant Activity funded by an external entity (sponsor) for a specific purpose. 3
4 Definitions Gift Cash or gift in-kind for which the use is restricted by the donor and no direct benefit is received by the donor. Endowment A gift where the original principal remains intact for a period of time. Property, Plant, and Equipment (Plant) Capital expenditures providing benefit for many years costing more than $5,000. 4
5 What is Fund Accounting? Accounting system to separate all financial transactions into categories based on: Related activities Source and use of monies Restrictions on time and/or purpose Each Fund is a self-balancing set of accounts Not a separate legal entity 5
6 Why use Fund Accounting? Required for external financial reporting Governmental Accounting Standards Board Requirements for governmental universities Compliance with external restrictions Restrictions differ by source Various reporting requirements Provide accountability and control 6
7 Risks of Using Incorrect Fund Non-compliance with external restrictions Penalties and other legal implications Repayment of monies Damage to reputation, such as Donor or Grantor Improper management decisions based on inaccurate reporting Jeopardize future funding sources 7
8 University Funds 8
9 Characteristics of Funds Characteristics addressed: The nature of the fund s activities The source and use of monies The restrictions on the funds and by whom Any unique reporting requirements The level at which the funds are managed 9
10 Unrestricted Funds University internally decides how to spend these funds. May be internally restricted by: Board of Curators Senior Management Other External approval not required to change use. 10
11 Current Funds - Unrestricted General Operating - Fund 0000 Example activity includes: State appropriations General revenue allocations to units Salaries and benefits Activities related to core mission Managed by all levels 11
12 Current Funds - Unrestricted Auxiliary - Funds Example activity includes: Bookstore Dining and Housing Athletics Managed by unit/department 12
13 Current Funds - Unrestricted Service Operations - Funds Example activity includes: Telecommunications Printing Campus Facilities Managed by unit/department 13
14 Current Funds - Unrestricted Self-insurance - Funds Example activity includes: Automobile Medical and Dental Malpractice Worker s Compensation Managed by UM System 14
15 Restricted Funds External parties determine how resources are expended. Restrictions include: Donor Federal, State, other laws Granting agencies External approval required to change use Restrictions differ by source of funds Different reporting requirements 15
16 Current Funds - Restricted Expendable Gifts and Endowment Income Funds Example activity includes: Gifts restricted as to time/purpose Expendable income earned on endowment principal Managed by college/department Reporting to donors 16
17 Current Funds - Restricted State Appropriations - Funds Example activity includes: Missouri Institute of Mental Health Missouri Kidney Program Telehealth Managed by college/department Reporting to the State 17
18 Current Funds - Restricted Grants - Funds Example activity includes: Grants and contracts government and private sponsors Program income earned on grant activity Managed by all levels Reporting to sponsor 18
19 Loan Funds Loan funds include: 1100 Unrestricted 3400 Restricted, External restrictions Example activity includes: Student loans issued and repayment Federal Perkins Loan program Managed by Campus Financial Aid Reporting to loan agencies 19
20 Plant Funds Plant Funds include: Unrestricted plant Repair and renovation for auxiliary/service operations Restricted expendable plant Purchases of equipment from gift funds Infrastructure projects (roads, buildings) Managed by campus/department Financial statement reporting and disclosures 20
21 Plant Funds Related Plant Funds include: Debt Service Debt issued to finance capital projects Repayments of principal and interest on long-term debt Extensive reporting and compliance requirements Managed by UM System 21
22 Endowment Funds Endowment Funds include: Quasi - Unrestricted Restricted Endowments Example activity includes: Endowed professor s chair Student scholarships UM System manages investment and income distribution Reporting to donors 22
23 Retirement Funds Retirement - Funds University has fiduciary responsibility Example activity includes: Contributions to the retirement fund Payment of retiree benefits Investment of funds Extensive reporting and compliance requirements Managed by UM System 23
24 Agency Funds Agency - Funds University is custodian of funds Example activity includes: University Club State Historical Society Privately funded student scholarships Managed by unit designated as Agent Reporting determined by agency 24
25 Fund Accounting Responsibilities Understand fund restrictions for activities including: Depositing and expending monies Internal and external financial reporting Charging other units Creating journal entries and cost transfers 25
26 Concluding Points Fund accounting helps us: Comply with financial reporting requirements Ensure compliance with restrictions Demonstrate accountability and control Achieve our core mission and goals 26
27 Knowledge Check The following three questions reinforce key concepts of this session. 27
28 Question 1 A fund is a separate accounting entity, not a separate legal entity. True False 28
29 Question 2 Restricted funds require approval from an external party before the University can change their use. True False 29
30 Question 3 Which of the following is a potential risk of using the incorrect fund when reporting financial activity? a. Penalties b. Repayment of monies c. Damage to the University s reputation d. All of the above 30
31 Additional Information Accounting Policy Manual: APM Fund ChartField Other related training available: Financial Compliance Training Website Contact your Accounting or Sponsored Programs Office for departmental training sessions or further discussion Please Click Here to Complete the Training Survey 23
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