A Fund Code is a value that identifies the source and intended purpose of funds and how they should be spent.
General Fund (10000)
The General Fund contains the economic resources that are expendable for operating purposes in the following activities:
- Primary instruction
- Public service
- Academic support
- Student services
- Institutional support
- Plant operations and maintenance
- Scholarships and fellowships
These activities are primarily fund by:
- State appropriations
- Student tuition and fees
- Indirect cost reimbursements from research contracts
- Departmental revenues related to student lab and course fees
Sponsored Federal Fund (20000)
The Sponsored Federal Fund records funding provided by the federal government for research, instruction and public service. Activity for this fund is governed by federal laws enacted by Congress as well as the rules prescribed by individual contract agreements.
All university spending of federal funding is subject to an annual audit under the guidelines set forth in OMB Circular A-133. To ensure compliance all activity affecting a federally sponsored project/grant should meet the terms and conditions of the grant or contract.
Sponsored Non-Federal Fund (25000)
The Sponsored Non-Federal Fund records funding provided by non-federal government sources, Charitable Foundations, and State and Local Governments for research, instruction and public service. The activity on this fund is regulated by the individual contract agreements.
Gift Fund (30000)
The Gift Fund records gifts given to the university with specific stipulations on how the money is to be used. It is the responsibility of the unit receiving the gift to comply with the guidelines set forth by the donor in the governing gift agreement when funds are spent.
Designated Fund (40000)
The Designated Fund consists of funds internally designated, but otherwise unrestricted. Revenue sources include:
- Departmental revenue from organized activities such as conferences and seminars
- Investment income from the University Investment Pool and other sources
- Royalty income
- Endowment distributions
Expenditures are limited to the special projects designated by the University of Michigan Board of Regents or approved by university administration.
Auxiliary Funds (5XXXX)
The Auxiliary Funds are used for activities that are maintained with revenue from their own operations. Auxiliary units include the University Hospital and Health Centers, units providing other medical and dental services, and units providing special services to students, faculty, and staff. Internal service providers are also included auxiliary units. These internal service departments include:
- Copy Centers
- Transportation & Parking
- Publications & Printing
- Plant Operations
Revenue in the fund consists of:
- Internal recharge from service unit billings
- External billings
- Investment income
- Endowment distributions
Examples of revenue sources are:
- Room and board charges for student housing
- Usage fees for student centers, such as the campus recreation buildings
- Sale of University Press publications and Student Publications
- Ticket sales for athletic events
- Charges for hospital, other medical, and dental services to patients
- Parking permit fees
Student Loan Funds (6XXXX)
The Student Loan Fund tracks the various loan funds of the university. Loans issued from these funds and payments made by students are recorded in these individual funds. The activity is primarily the result of activities made in the various Financial Aid departments.
Endowment Funds (7XXXX)
Endowment Funds are those given to the university by a donor to be invested in perpetuity. The interest earned may then be spent on purposes designated by the donor/unit. Also includes funds functioning as endowment (quasi-endowments).
Construction Funds (80000 & 80500)
The Construction Funds are used to track expenditures for construction and renovation projects.
- Projects with a budget of $1 million and over must have approval from the Regents
- A funding source for the project must be identified prior to authorization of the project
- Most construction projects are managed by the Architecture, Engineering and Construction Office (AEC)
- Use of fund 80500 is limited to the hospital
Information Technology Fund (81000)
The Information Technology Fund is used to track the activity related to large capital IT projects and software development.
Departmental Equipment Funds (82000 & 82500)
Departmental Equipment Funds are used for current or future equipment purchases/replacements, minor renovation and other non-operating expenditures.
- Funds cannot be returned once committed
- No operating expenses are allowed
- Used mostly by General Fund units
- Use of fund 82500 is limited to the hospital
Maintenance Equipment & Reserve Fund (83000)
The Maintenance Equipment & Reserve Fund are funded by the auxiliary units. Amount transferred is equivalent to the depreciation on equipment used in an approved recharge rate.
- Used for repair and replacement of existing buildings and equipment
- No operating expenses are allowed
- Funds can be returned to the units operating fund
Agency Fund (90000)
The university acts as the custodian for the Agency Fund. The balance consists of amounts held for organizations affiliated with, but not legally part of, the university. Examples of Agency Funds at the University of Michigan include:
- University Musical Society
- William Davidson Institute
- Alumni Association
- Student Organizations
Unallocated Fund (98000)
When the university receives funds and cannot identify the department that should receive the money, the money is deposited and recorded to a specific set of chartfields in the Unallocated Fund while Financial Operations staff research the source of the funds in an attempt to identify the appropriate chartfields. If they are successfully able to identify the correct chartfields, the money is transferred from the Unallocated chartfields to the department's designated chartfields. Questions concerning the Unallocated fund can be sent to email@example.com.