Donors often place restrictions on how the funds they donate may be spent by the University.
Types of Funds
The office of Restricted Accounting ensures all donor restrictions are met when charges are made to the restricted chartstring. Funds 15, 16, 17, 18, and 19 are all used for restricted accounting.
- Fund 15 – Unrestricted Gift Funded
- Fund 16 – Unrestricted Endowment Funded
- Fund 17 – Temporarily Restricted Gift Funded
- Fund 18 – Temporarily Restricted Endowment Funded
- Fund 19 – Permanently Restricted Gift or Endowment Funded
Types of Restrictions
- Temporarily Restricted – If a donor places a restriction on a donation (ex: the gift is to be used to fund a mathematics classroom in a new building that is under construction), then the gift would be classified as a temporarily restricted asset until the restriction is met (i.e., the building is complete, and the new mathematics classroom can be furnished).
- Permanently Restricted – An example of a permanently restricted donation would be when the University receives an endowment gift where the principal cannot be spent, but the earnings may be spent. The earnings on the endowment then may represent an increase in unrestricted net assets, if the donor did not restrict the spending of the earnings.