When managing a revenue-generating event, it’s important to ensure the financial activity is accounted for in the appropriate fund type. See below to learn more:
- Section 13.6 (Revenue Generating Events) outlines the characteristics of various types of revenue-generating events and whether they should be accounted for in a self-supporting or custodial fund.
- Some events may have characteristics of both self-supporting and custodial funds. However, when determining which fund type to use, all characteristics should be considered collectively. For example, if most of an event’s characteristics align with those of a university-owned event, a self-supporting fund should be used.
- Revenue-generating events accounted for in self-supporting funds typically exhibit several of the following characteristics:
- Owned and operated by the university
- Publicized and organized as a university event
- All event revenues are retained by the university
- All event expenses and risks (including the risk of loss) are the responsibility of the university
- In contrast, revenue-generating events accounted for in custodial funds typically exhibit several of the following characteristics:
- Owned by the external party, which retains final decision-making authority over the event, even when the university hosts or coordinates the event on the external party's behalf
- Publicized and organized on behalf of the external party
- Any profit from the event belongs to the external party
- Any event risks (including the risk of loss) are the responsibility of the external party
Contact
For additional guidance, consult the Business & Finance Who to Ask list and search for "Self-Supporting Funds" or "Custodial Funds" to identify the appropriate UAFR subject matter experts.
