Does your unit receive money from other units, external parties, or individuals (such as students/faculty/staff)? If so, follow the guidelines below when making your deposit to ensure proper financial reporting:
- Receipts must be credited to an appropriate fund type (such as a self-supporting fund, service plan fund, or gift fund).
- The appropriate fund type will vary depending on the nature of the receipt.
- Sales proceeds cannot be credited to State or ICR funds.
- Most receipts must be credited to an appropriate revenue account code (not an expense account code).
- Typically, the only scenarios where it would be appropriate to deposit a receipt against an expense account code would be:
- Depositing refunds or rebates from a vendor for previously purchased goods or services; or
- Depositing reimbursements from employees for accidental usage of system resources (such as reimbursing an accidental personal purchase made on a University P-Card).
Contact
If you have questions on this topic, contact our applicable subject matter experts within the Self-Supporting Funds section of UAFR’s Who to Ask list.
