Financial Statements Definitions

Financial Statements Definitions

ACADEMIC SUPPORT - Consists of activities that directly support instruction, research, and public services. Includes libraries, museums, media centers, and departmental academic administration.

AGENCY FUNDS - Used to account for funds of persons or external organizations while the funds are in the custody of the University. The University acts as the fiscal agent for the owner of the funds. Examples include trust funds held by the Erb Memorial Union and payroll deduction funds held by the Business Affairs Office. Currently, the Federal Direct Student Loan Program is also classified in this group, as federal regulations guide the issuing of the loans and once loaned, the receivables are the responsibility of the federal government.

AUXILIARY ENTERPRISE FUNDS - Sometimes referred to as "Proprietary Funds," these funds are used to account for operations that are financed and operated in a manner similar to private business enterprises and not directly related to the educational mission of the University. Examples include the Erb Memorial Union, Housing, Student Health Service, and Athletic Department. Goods and services are provided on a self-supporting basis.

CAPITAL OUTLAY - Purchases of equipment, buildings, major remodeling, or for improvements other than buildings (such as art work, outside lighting systems, Autzen Stadium carpet, etc.)

ENDOWMENT FUNDS - These funds are generated by gifts from donors and the original principal must remain intact in perpetuity. The income from the principal may be restricted or unrestricted as designated by the donor or the University. Most endowment funds are handled by the University of Oregon Foundation, a separate entity from the University.

FIDUCIARY MANAGEMENT SERVICES - This category is distinguished by a formal relationship, as the University manages and awards for the operation but does not have ownership of them. University Service Departments are included in this category, payroll deduction service, and the art of operating the University Loan Funds. The Federal Direct Student Loan program also is included in this category.

FINANCIAL AID - This category includes awards of aid and actual disbursement. It does not include Financial Aid administration or counseling, fee remissions, or Federal Direct loans.

FUND ACCOUNTING - Higher Education accounting systems are organized and operated on a fund basis. A fund is a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources; together with all related liabilities and residual equities or balances, and changes therein. These are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations.

GA INSTRUCTION FEE INCOME - Self Support - General and Educational: Graduate Teaching Assistants also receive fee remissions, but we are allowed to record income by making an offsetting expense (fringe benefit) entry to the hiring department or grant, with an offsetting entry to income. The self-support portion of this category funds the expense to all but grants. The "G & E" category allows us to actually charge grants and is true net revenue.

INDIRECT COSTS - Many grants and contracts allow for overhead to be charged based on direct expenditures. This total is the amount that has been charged to these funds.

INSTITUTIONAL MANAGEMENT/SUPPORT - This category is used for the administration support tasks and executive management of a University. It would include Office of President, Provost, Vice President for Administration, Vice President for Public Affairs and Development, Human Resources, Business Office, Planning, Public Safety, Public Affairs and Develop, Budget and Resource Planning.

LOAN FUNDS - Used to account for resources that may be loaned to and repaid by students. Sources include federal government and private donors. These funds are operated on a "revolving" fund basis, with loan and interest payments remaining in the loan fund for future lending.

MERCHANDISE FOR RESALE - Businesses such as Housing, EMU, Health Service, Printing, Physical Plant, purchase materials that are inventoried and then charged out to University customers as services/products are provided.

NET INVESTMENT IN PLANT FUND - Used to account for the acquisition value of all the University's capital assets; including land, buildings, equipment, improvements other than buildings, libraries, and museums.

PLANT CONSTRUCTION/IMPROVEMENTS - This category includes acquisition, construction, or renovation of University land or buildings large enough to be capitalized (the value of assets increased).

PROGRAMis used to define what function the funds are used for. For example, the category "academic pay" provides what expense we are paying, but not why; i.e., instruction, research, student services, etc. Also, fund definitions also do not always describe the purpose of expenditures. For example, the program category of "Instruction" can be funded by unrestricted or restricted funds.

PUBLIC SERVICE - Non-instructional services primarily beneficial to groups outside the University. This includes conferences, advising, publications, consulting, entertainment, and workshop and seminar for non-credit.

REMISSIONS - the University sometimes "waives fees" for selected students as a form of financial aid. Rather than show just the net income, we show both the gross income received and this offsetting entry to keep a record of what was waived. Remissions are considered a reduction of income, in compliance with OSSHE and the Governmental Accounting Standards Board policy.

RENEWAL AND REPLACEMENT FUNDS - Used by service departments and auxiliary enterprises, these funds reflect resources set aside in accordance with OSSHE policy on a systematic basis to fund future equipment purchases and building repairs. Housing, Erb Memorial Union, Printing, and Student Health Service are examples of organizations that maintain such funds.

RESTRICTED FUNDS - Used to account for resources that are available for current operations, but that are restricted to a specific purpose by the donor, or the granting or contracting agency. Sponsored research, specific instruction, and student aid are examples. Grant ledgers also provide accounting data by grant years and life of a grant, as well as the normal fiscal year accounting that is required of all funds.

RETIREMENT OF DEBT FUNDS - Used to account for funds set aside and disbursed to retire debts incurred to finance the acquisition, construction, or renewal of capital assets.

STUDENT SERVICES/ACTIVITIES - Represents services outside the formal instruction program to promote student's intellectual, cultural and social development. Includes student services or advising, counseling, admissions, registration, financial aid counseling and administration, athletics, student union, health services, housing services, etc.

STUDENT LOANS - This amount represents amounts of loans disbursed to students from Federal Direct Loan program, Perkins Loan program, and University Loan program. The Federal Direct Loans are totally funded by the federal government, Perkins Loans by repayments from former students, and University Loans by repayments from students and contributions.

UNEXPENDED PLANT FUNDS - Used to account for resources set aside for acquisition of land, buildings, and equipment; or for construction, remodeling or repairing.

UNRESTRICTED FUNDS - Resources received that have no limitations or stipulations placed on them by external agencies or donors. These funds represent the resources available in the general operation of the University from tuition and fee revenue, and state appropriations. Included in this category is the General Fund, as well as many departmental specific self-support funds.