General Education Fund (GEF)

  • GEF Budget Narrative – The University of Iowa GEF budgeted revenue is comprised of state appropriations, tuition & fees, indirect cost recoveries and other income. 
  • GEF budgeted revenue should not be transferred to a non-GEF Who Key.
  • Expense institutional accounts (6000-6999) should not be used to move funds between GEF and non-GEF accounts. For example, moving a lump sum amount using institutional account 6235 as an original Journal entry that is not related to an actual expense would not be appropriate.
  • Additional guidelines for moving budgets, revenue and expenditures within the General Ledger.

Gift Funds              

UI Gifts Policies & Procedures

  • UI policy states that all gift funding should be directed to the UI Foundation, if possible.  If gifts are made payable to the University of Iowa directly and it is not possible to direct them to the UIF, they should be deposited into an appropriate gift account and applicable donor information sent to Grant Accounting.
  • All non-fundraising expenditures should be made thru a UI MFK and funding transferred over from the UI Foundation using a Payment Authorization form.
  • Gift account balances should be monitored on a regular, monthly basis.  It is not acceptable to carry deficit balances on a UI gift account for extended periods of time - transfers from the UIF should be made on a regular basis to clear deficits.
  • Gift Fees:  A gift fee of 5% is assessed against all gift deposits whether received by the UI directly or the UI Foundation.

Click here for additional information regarding the UI Foundation.

Externally Sponsored Project Funds (Grants & Contracts)

Each CBO for a collegiate unit with externally sponsored projects (fund 500/510) should understand the basics of sponsored project administration.  Each sponsored project is unique and comes with its own set of terms and conditions which can range from very flexible to very restrictive.  The university has several central units to provide assistance: VP Research, Division of Sponsored Programs & Grant Accounting.  However, it is important to identify resources within the collegiate and departmental units to be responsible for oversight and administration of these project funds.  The CBO is required to identify a “Research Administrator” for their unit.  This role will be the primary contact along with the PI for externally sponsored activities and is used by Grant Accounting to manage distribution of EFR Grant Reports and communication.

Helpful links related to research administrator resources:

Organized Activities Funds

  • Example:  Fund used to track student fee revenue related to miscellaneous and course fees.

Loan Funds – Fund 530

  • Fund used to account for loans to students.
  • Loan Fund Account Owner – Student Financial Aid or campus Department, depending on who makes the award decision.
  • Loan Fund Account Reviewers – Student Loan Accounting will review all Fund 530 transactions for reasonableness using access queries instead of through the TDR.  They will confirm when monthly review is complete by using the Alternate Reconciliation Procedure. 
  • In addition to the transaction review approach described above, the Controller’s office relies on additional mitigating controls. 

Agency Funds

  • The Agency Fund is used to account for assets held by the UI as custodian or fiscal agent for others.
  • Example of Agency Funds:  Student Organizations

Investment in Plant Funds - Fund 900

  • Per the UI Accounting Code Manual, “This fund represents the total of all long-lived assets in the service of the University and associated liabilities”.
  • The Capital Asset Management department is responsible for reconciling the Asset Management sub-system to the General Ledger on a monthly basis.  Collegiate Units are not responsible for making journal entries or reconciling Fund 900 accounts within their Org/Unit.