The General Fund is a single-fund Fund Group. The General Fund includes those current unrestricted resources of the University that are expendable for performing day to day operations and programs of the university.

The Designated Funds consist of current unrestricted resources for which the Board of Governors designates a specific purpose. No stipulation is made by the donor or other external agency as to their expenditure. Accounts may be used for the following purposes only:

1. Unrestricted gifts - unrestricted as to purpose but designated for expenditure by a particular unit.

2. Organized departmental activities associated with the academic programs - The Treasurer or person designated by the Treasurer must specifically approve such activities.

3. Conference and seminars - programs conducted outside of the auspices of the McGregor Memorial Conference Center.

4. Accounts funded by investment income in accordance with Section 6 of Executive Order 84-2, Receipt, Deposit, and Management of University Moneys.

5. Accounts for other purposes as specifically approved by the Treasurer.

The Auxiliary Activities Funds consist of income producing and substantially self supporting activities that perform services to external and internal users, but are not themselves educational and general activities. The Auxiliary Activities Funds are comprised of two secondary sub-fund groups. These are the External Auxiliaries Funds and the Internal Services Funds.

Government Sponsored Funds is a fund group which accounts for sponsored programs financed by grants and contracts from all levels of government. It is comprised of two sub-fund groups. These are the Federal Sponsored Funds and the Other Government Sponsored Funds.

Private Expendable Restricted Funds is a Fund Group which accounts for sponsored programs financed by sources and restricted income from investments, endowment and similar funds. Use of the funds is restricted to a specific purpose specified by the donor.

A report of the usage of the gift/grant funds may be required by the donor or sponsoring agency.

There are many other specific requirements which apply to these accounts, and they vary depending on the particular donor or sponsor.

The Loan Funds is a Fund Group, which accounts for the resources available for loans to students. It is comprised of two sub-fund groups. These are the University Loan Funds and the Federal Loan Program Funds.

The Endowment, Annuity and Life Income Funds is a Fund Group which is maintained to account for financial activities associated with capital gifts. It is comprised of four sub-fund groups. These are the Endowment Funds, the Term Endowment Funds, the Funds Functioning as Endowments and the Annuity and Life Income Funds.

Plant Funds is a Fund Group, which is comprised of four sub-fund groups. These are Unexpended Plant Funds, Funds for Renewal and Replacement, Debt Service Funds, and Investment in Physical Properties Funds.

The Agency Fund is a Fund Group consisting of those funds held by the university as custodian.

Accounts in this Fund are used to record the deposit and withdrawal of private monies belonging to university related (student, faculty and departmental) organizations. Funds belonging to the university are never placed in these accounts. If gifts to the university are deposited to these accounts, the donor of the gift is not entitled to an income tax deduction, even though the check is made payable to "Wayne State University."

In addition to the required listed in the procedures, this account request must also include:

• A specimen signature of the person authorized to request withdrawal of funds.

• Adequate identification of the organization requesting the account as to type of university relationship.

• An acknowledgment of the rule that, except where specifically exempted by authorization of the Controller, (Assistant Treasurer or designee), all Agency Fund accounts must maintain a minimum balance of $200 at all times.

Counter signature of the account request by one of the following depending on the type of account:

• Student Organization Deposits - by the Director of Student Activities Counseling.

• Faculty and Departmental Deposits - by the cognizant Dean or Director where required.

• Student Trustee Deposits - by the Director of the Office of Student Financial Aids.

A card embossed with the account number, account name and other information essential for establishing the identity of the account to be charged.

The data on the card is imprinted on disbursement and procurement voucher documents by use of an imprinter.

Office of Research and Sponsored Program Services.

Action

Department Complete a Request for Account Establishment, 10-3906A, indicating the reason for the account, an authorized signer and an expiration date.

Submit to Dean/Director.

Approve or disapprove account establishment.

If approved, submit form to appropriate Authorizing Office.

If the Fund Group is General or Auxiliary Activity, the Authorizing Office is Budget and Planning.

If the Fund Group is Designated, Plant, Student Loan, Endowment, or Agency, the Authorizing Office is the Controller.

If the Fund Group is Expendable the Authorizing Office is ORSPS.

T

his office is required to fill out, file and distribute the Account Authorization, 10-158. This will often be the first step in the account establishment procedure for ORSPS triggered by the receipt of an award.

Upon authorization, submit 10-158 to Accounting Services unless it is an Expendable Restricted Fund. If it is an Expendable Restricted Fund, ORSPS will enter the account.

Set up the account in the Financial Accounting System (FAS). (See the FAS User's Manual for instructions).

After an account is established, the Office Services Section of the Accounting Office will prepare and forward to the account administrator (authorized signer) an account authorization card.