DESCRIPTION

Designated Fund expenditure control will be maintained through a manual verification of Fund Balance Available in the general ledger account. Budgets usually will not be established in the Designated Funds. Some accounts in this fund are for larger and regular activities. In these cases a more formal budget including fiscal year revenue estimates and budget may be desirable.

POLICY

Expenditure of designated funds must be in accordance with the University's guidelines, which limit expenditures to university purposes and prohibit such things as personal items. The Dean or Director of the budgetary unit is responsible for seeing that all expenditures comply with the guidelines and that total expenditures and encumbrances do not exceed available resources, i.e., fund balances brought forward from the previous year and revenues generated to date during the current fiscal year.