GLOSSARY OF TERMS

 APPROPRIATION—The aggregate of expense budget lines (objects).  The appropriation amount is used only with auxiliary, designated, gift, expendable endowment and grant/contract funds and may be used to limit spending by individual fund.

 AREA—This code represents the highest institutional organizational level specified in CUFS—the vice presidential areas of responsibility.  However, the Area code is not changed when reporting hierarchies are changed.  Reporting hierarchies are controlled in other tables. 

 CENTRAL FUNDS—Undesignated current funds that are also defined as non-proprietary funds in the budget carry-forward policy.  These funds are centrally managed because they are generally subject to conditions over which little or no control can be exerted, such as the weather, health care inflations, and litigation.  Examples of such funds are those for utilities, benefits and legal counsel.

 CUFS—The College and University Financial System is the budgeting, financial accounting and reporting package developed by American Management Systems and used by the University. 

CURRENT RESTRICTED FUNDS—A subgroup of Current Funds that is expendable only for those purposes, programs, or activities specified by the donors and organizations providing the funds through gifts, grants or contracts.

CURRENT UNRESTRICTED FUNDS—A subgroup of Current Funds that is expendable but not limited to specific purposes, programs or activities. 

CURRENT UNRESTRICTED UNDESIGNATED FUNDS—A subgroup of Current Unrestricted Funds, they are also known as General Funds and Operating Funds.  They are free of internal designation by the Board of Trustees to specific purposes, programs or activities. 

DESIGNATED FUNDS—A subgroup of Current Unrestricted Funds, these funds are designated, or set aside, by the Board of Trustees for specific purposes, programs or activities. 

ENCUMBERED AMOUNTS—Budgeted amounts that the accounting system commits to a particular purpose when a purchase order, term contract release, travel authorization or payroll authorization is processed. 

ENDOWMENT FUNDS—A separate fund group for which the donor specifies that the principal (or corpus) is to be held in perpetuity.  The principal is unexpendable, but is invested to produce earnings (such as interest, dividends and gains) that are generally available, in whole or in part, for current use. 

ENTERTAINMENT—Costs incurred on the behalf of institutional visitors, guests and dignitaries while on campus.

EXPENDABLE ENDOWMENT FUNDS—The income earned from investing the principal of endowment funds that the donor specifies as being available to spend for restricted or unrestricted purposes, programs or activities. 

EXPENSE BUDGET—The amount established for each object of expense for the entire fiscal year. 

FISCAL YEAR—The annual financial accounting period, which is July 1 through June 30.

 FUNCTION—A part of the account coding structure that classifies transactions according to the nature of the activity being carried out (e.g., Instruction, Research).  A function may cross funds, areas and organizational boundaries. 

 FUND—An accounting entity with a self-balancing set of accounts consisting of assets, liabilities and fund balance.  Separate funds are used to ensure the observance of limitations and restrictions placed on the use of their resources.

 FUND ACCOUNTING—Method of segregating resources into categories according to restrictions placed on their use.

 FUND GROUP—The aggregate, or grouping, of similar types of funds.  In CUFS, every fund is assigned to a fund group.

 GENERAL FUNDS—See the listing for Current Unrestricted Undesignated Funds.

 GIFT FUNDS—Part of the Current Restricted Fund Group having gifts from donors as its primary resource. 

GRANT AND CONTRACT FUNDS—Part of the Current Restricted Fund Group.  Grant and contract revenue is generated from agreements with sponsoring agencies, such as federal, state, and local governments; corporations and foundations, which generally include the performance of specific tasks. 

HONORARIUM—A lump-sum payment in return for a particular service performed for a single event that would not normally be performed by an employee.  Honoraria are generally given to speakers, guest lecturers, and performers at a special event or as a supplement to an academic course.

LOAN FUNDS—A separate fund group used to account for loans made to students, faculty and staff. 

LOCAL FUNDS—A name referring to expendable funds managed at the department, school or college level.  Locally managed funds include Designated and Restricted funds. 

OBJECT—A five-digit code representing a classification of expense.  In CUFS, the object is the lowest level at which funds can be budgeted. 

PLANT FUNDS—A separate fund group used to account for long-lived assets such as land, buildings, and capital equipment; renewals and replacements of those assets; and debt service (principal and interest payments) incurred to purchase those assets. 

QUASI-ENDOWMENT FUNDS—Funds designated by the Board of Trustees to be treated as endowments (See Endowment Funds).  Many times these funds originate as gifts that will not be used in the immediate future.  Quasi-endowments may be removed from endowment funds only with the approval of the Board of Trustees.

RECRUITMENT COSTS—Those costs incurred when hiring new employees.  These may include advertising, search firms, travel, and lodging, among other expenses.

RESTRICTED FUNDS—A separate fund group used to manage resources subject to legally binding limitations on their use imposed by external donors or other sponsoring agencies.  

REVENUE SOURCE—The budgeting level in CUFS that identifies the type of revenue such as tuition, lab fees, bookstore sales, federal grants, etc.

SUB-OBJECT—The two-digit code that provides additional detail for identifying an object of expenditure.  In CUFS, it is the lowest level at which expenditures can be identified.

UNDESIGNATED FUNDS—See the listing for Current Unrestricted Funds and Current Unrestricted Undesignated Funds.

UNOBLIGATED AMOUNT—Represents the current budget less encumbrances and expenditures.