Fund Descriptions

42 Character Master File Key
    XXX - XX - XXXX - XXXXX - X - XXXXXXX - XXXX - XXX - XXXXX - XX - XXXX - XX    
Length: 3 Characters
Description:
The University of Iowa must conform with the requirements set forth by the National Association of College and University Business Officers (NACUBO). This organization published a manual entitled College and University Business Administration -- Administrative Service, that provides guidelines for University accounting in Chapter Five, Fundamental Concepts of Financial Accounting and Reporting. The following excerpts from this chapter define what a fund is and why the University uses them.

Fund Definition

"A fund is an accounting entity with a self- balancing set of accounts consisting of assets, liabilities, and a fund balance. Separate accounts are maintained for each fund to insure observance of limitations and restrictions placed on use of resources. For reporting purposes, however, funds of similar characteristics are combined into fund groups."


Why Funds Are Required

"To satisfy the requirement to account properly for the diversity of resources and their use, the principles and practices of 'fund accounting' are employed."

Required: Yes
Restrictions: Accounting & Financial Reporting must approve a new fund before adding it to the Chart of Values database. For Corp 10, Funds 170 through 190 are not allowed. For Corp 30, Funds 050 through 060 and 210 through 239 are not allowed.
Default Value: None. This element always requires a valid fund value.