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The University of Hartford receives donations from a variety of sources, for example individuals, foundations and corporations. When funds received from a donor are given with restrictions on how the funds are to be spent, the funds are deposited to a restricted fund. A financial manager is assigned to each restricted fund, and it is his/her responsibility to monitor the activity of the fund. Restricted funds carry a balance over from one fiscal year to the next.
Creating a New Restricted Fund
All donations, regardless of restriction, should be deposited through Institutional Advancement (IA). If IA determines that the donation is restricted and a fund does not currently exist with the same restrictions, they will request that a new fund be created from Financial Accounting Services (FAS). It is required that at least $1,000 is received in order for a new restricted fund to be created.
Financial Accounting Services will review the request from IA and assign a new fund number, a six digit fund number beginning with “2”.
Once a Fund has been Created
The financial manager can begin spending the funds in the restricted fund using the assigned fund number, but must ensure that all charges to this fund must be in compliance with the original intent of the donor.
Restricted funds do not require line-by-line budgeting for general expenses, and can utilize a Pool Budget. Each general expense account number (i.e. 61500 Travel) can have a letter “p” added to the end of it so that it will draw from the fund’s Pool Budget (account 69990p). The Banner system will recognize that an expense charged to an account such as 61500p (travel) will be deducted from the fund’s pool budget. The only accounts that need to be budgeted line-by-line in a restricted fund are salary and benefit accounts (begin with “5”).
All disbursements (Payroll, TEV, OFC, PO, P-Card and IDT) made to a restricted fund must be authorized by the financial manager (or an authorized signatory on the fund). All expenses charged to a restricted fund are reviewed in FAS by the Senior Financial Accountant.
Determining a Fund Balance
Using the Banner screen FGIBDST, a restricted fund balance can be determined by netting the “Net Total” at the bottom of the YTD activity column with the Prior Year Fund Balance (48650).
Questions / Contacts
If you have any questions regarding a donation and how it should be set up, please contact Institutional Advancement:
Senior Director of Advancement Services
If you have questions regarding spending from a restricted fund, determining a fund balance, or reading the budget, please contact Financial Accounting Services:
Grants & Restricted Funds Accountant
Director, Financial Accounting Services