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Accounting System

The University of Southern Indiana maintains the accounting records of the University based upon a method known as fund accounting. Fund accounting provides for a series of self balancing accounts that are classified for accounting and reporting purposes into groups reflecting specific activities or funding criteria. A fund group is a group of funds that are related by common identifying issues such as purpose or funding source. Accounts are maintained separately for each fund or cost center. For financial reporting purposes, accounts within a particular fund group are combined to provide reporting capabilities by fund group.

Within the University accounting system we have the following fund groups:

Current Fund
Current funds are economic resources that are expendable for carrying out the primary mission of the institution. Within the current fund group we have specific sections that further define the activity of the associated accounts.

Current Unrestricted Funds
Current Operating Group - This group of accounts consists of the activities associated with the primary missions and operation of the University. Typical accounts within this fund group would be instructional, physical plant, student service and general operating activities. The purchase of food for entertainment or for meetings is not a function of accounts within this fund group. Also, the purchase of items to be given away as prizes and awards is not a function of this group.

Designated Group - This group includes activities that have as part of their operational mission the basic mission of the institution. Accounts within this group have specific internal restrictions attached to their activities. Examples of such activities would be student activity accounts and fee accounts designated for specific purposes.

Auxiliary Group - This group of accounts exists as supporting members of the University community. Examples of auxiliary funds are athletics, bookstores and children centers.

Current Restricted Funds
Restricted Group - These accounts have external restrictions associated with their activity. This group consists solely of grant and contract accounts.

Loan Group - Loan funds are used to account for resources that are lent to students.

Plant Group - The plant group is used to account for the unexpended plant funds used to acquire long-lived (capital) assets. In addition, monies set aside for renewals and replacements and debt service are also accounted for in this fund group.

Agency Group - The agency fund group consists of a series of accounts that are not assets of the University. Instead the University acts as a custodian for a group. An example of this type of account would be a student organization or an account for a faculty club. Since the assets are not assets of the institution, agency account transactions do not qualify for the University sales tax exemption.

updated 5/4/2006 3:44:30 PM

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