CLASSIFICATION STRUCTURE

 

FUND GROUP CODES AND TITLES

FUND GROUP CODE

TITLE

  Fund Group Codes for STARS Agencies:

01

General Fund:

To account for all financial resources except those required to be accounted for in another fund.

02

Special Revenue Fund:

To account for the proceeds of specific revenue sources (other than special assessments, expendable trusts, or for major capital projects) that are legally restricted to expenditure for specified purposes.

03

Capital Projects Fund:

To account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds, special assessment funds, and trust funds).

04

Debt Service Fund:

To account for the accumulation of resources for, and the payment of, general long-term debt principal and interest.

05

Special Assessment Fund:

To account for the financing of public improvements of services deemed to benefit the properties against which special assessments are levied.

06

Enterprise Funds:

To account for operations (a) that are financed and operated in a manner similar to private business enterprises-where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriated for capital maintenance, public policy, management control, accountability, or other purposes.

07

Internal Service Fund:

To account for the financing of goods or services provided by one department or agency to other departments or agencies of the governmental unit, or to other governmental units, on a cost reimbursement basis.

08

Trust and Agency Fund:

To account for assets held by a governmental unit in a trustee capacity or as an agent for individuals, private organizations, other governmental units, and/or other funds. These include (a) expendable trust funds, (b) nonexpendable trust funds, (c) pension trust funds, and (d) agency funds.

 

Other Fund Group Codes for Department of Transportation

42

DOT Special Revenue Fund:

To account for the proceeds of specific revenue sources restricted to expenditure by the Department of Transportation.

43

DOT Capital Project Fund:

To account for financial resources to be used for the acquisition or construction of major capital facilities by the Department of Transportation.

48

DOT Trust and Agency Fund:

To account for assets held by the Department of Transportation in a trustee capacity or as an agent for individuals, private organizations, other governmental units, and/or other funds. These include (a) expendable trust funds, (b) nonexpendable trust funds, (c) pension trust funds, and (d) agency funds.

 

  Fund Group Accounting for Colleges and Universities:

Institutions of Higher Education should adhere to Generally Accepted Accounting Principles (GAAP) and utilize NACUBO (National Association of College and University Business Officers) fund groups for maintaining their accounts. NACUBO fund groups are divided under three major classifications-current, fiduciary, and plant. The following is a detailed description of the various NACUBO funds:

  CURRENT

Includes those economic resources of the institution which are expendable for any purpose in performing the primary objectives of the institution, i.e., instruction, research, extension, and public service, and which have not been designated by the governing board for other purposes. "Current" means the funds will be expended in the near term and be used for operating purposes. These funds are normally budgeted on an annual basis.

FUND GROUP CODE

TITLE

71

Current-Unrestricted-General:

Includes funds received for which no significant stipulation was made by the donor or other external agency as to the purposes for which they should be expended. Funds are also unrestricted if they are distributed to the institution for purposes specified by an intermediate group, such as the governing board, if a change in restriction can be made without having to go through the legislative process. State general fund appropriations are classified as current unrestricted funds.

73 Current-Unrestricted-Auxiliary-Enterprises:

An auxiliary enterprise is an entity that exists to furnish goods or services to students, faculty, or staff, and that charges a fee directly related to, although not necessarily equal to, the cost of the goods or services. Auxiliary enterprises may also serve the general public. Examples usually include college stores, food services, intercollegiate athletics (if essentially self-supporting), college unions, and such services as barbershops, beauty parlors, and movie theaters. A separate subgroup is usually established for auxiliary enterprises since they are essentially self-supporting managed activities.

75

Current-Restricted:

These funds are available for financing operations but are significantly limited by donors and other external agencies to specific purposes, programs, departments, or schools.

  FIDUCIARY

Includes assets held by a governmental unit in a trustee capacity or as an agent for individuals, private organizations, other governmental units, and/or other funds.

81 Loan:

Consists of loans to students, faculty or staff, and of resources available for such purposes.

83 Endowment and Similar:

Consists of funds with respect to which donors or other outside agencies have stipulated that the principal of the fund is not expendable. This fund group includes term endowment funds and quasi-endowment funds.

Term endowment funds are similar to endowment funds, except that all or part of the principal can be utilized after a stated period of time or upon occurrence of a certain event.

Quasi-endowment funds are similar to endowment funds, except that the principal is retained and invested voluntarily, for the same or similar purposes. The governing board of an institution, rather than a donor or outside agency, determines that the funds are to be retained and invested.

85 Annuity and Life Income:

The annuity funds are composed of funds acquired by an institution subject to agreements whereby assets are made available to an institution on condition that it bind itself to pay stipulated amounts periodically to donors or other designated individuals. Such payments are terminated at a time specified in the agreement.

The life income fund consists of monies acquired by an institution under agreements whereby the institution periodically pays the income earned on the assets to designated beneficiaries. At the end of this period, resources left in the fund generally become property of the institution and are then available for general use, such as additions to endowment funds.

87 Agency Funds:

Consists of the resources held by the institution as custodian or fiscal agent for others such as student organizations, individual students, or faculty members. No revenues or expenditures are reported for agency funds. If the funds are immaterial in amount, they may be reported as assets and liabilities of current funds.

89 Foundations:

Foundations, if accounted for on the institution's books, should be examined on an individual basis to determine whether they should be accounted for in the Foundations fund group or in the Agency fund group. If the state's elected officials or the institution's board of trustees exercise significant oversight responsibility over the foundation, or if the foundation is financially dependent on the institution, the foundation should be accounted for in the Foundations fund group.

  PLANT
91 Plant - Unexpended:

Consists of funds to be used for acquiring physical properties for institutional purposes but unexpended at the date of reporting.

93 Plant - Renewal and Replacement:

Consists of funds set aside for the renewal and replacement of institutional properties.

95 Plant - Retirement of Indebtedness:

Consists of funds set aside for and transferred in from other fund groups for the retirement of indebtedness on institutional properties and for debt service.

97 Plant - Investment in Plant:

Consists of funds expended for and thus invested in institutional properties.

Classification Structure Index Fund Codes and Titles Fund Components