Fund
Overview
A Fund code is a value that identifies the source and intended purpose of monies and how they should be spent. Monies come to the University from a variety of sources and are “deposited” into Funds, which are identified by the different Fund codes, depending on the source and how the resources can be used.
Fund accounting lets the University track financial transactions in a way that supports accountability, by separately accounting for specific activities in the General Ledger in accordance with special regulations, restrictions, or limitations.
Fund Groups
The list of Fund Groups and Definitions provides detailed information about the basic groups below:
Current Funds (1XX)
Current Funds include the economic resources of the University that are expendable for operating purposes in performing the primary objectives of the university:
- Instruction
- Research
- Public Service
Research Funds (2XX)
Research funds consist of economic resources that are restricted to the purpose of research. These funds include activities to produce research, whether commissioned by an agency or separately budgeted by a unit within the University.
Loan Funds (3XX)
Loan funds consist of loans to students and the resources available for such purposes. The terms of the loan agreements normally specify that the monies operate on a revolving basis, i.e. repayments of principal and interest loans to other individuals
Capital Projects Funds (5XX and 6XX)
Capital Projects Funds are used to account for the unexpended resources that come from various sources to finance the acquisition, construction, or renewal and replacement of long-lasting plant assets and the associated liabilities.
Capital Interest and Sinking Funds (7XX)
This fund group is used to account for the accumulation of resources for interest and principal payments and other debt service charges related to plant fund indebtedness.
Capital Assets Funds (8XX)
Includes all long-lasting assets in the service of the University, as well as the associated liabilities (except for long-lasting assets held as investments in Endowment funds).
Agency Funds (9XX)
This group is made up of funds held by the University as custodian or fiscal agent for others.
Request for new Funds
New funds can be created for special circumstances. There will need to be a material purpose for the new fund such as state requirements, federal reporting requirements, major construction projects, etc. Please call or email our office to discuss.
Inactivating Funds
Please contact our office for unused or obsolete funds that can be inactivated.
To search current ChartFields in myUFL:
Main Menu > Financials > Set Up Financials/Supply Chain > Common Definitions > Design ChartFields > Define Values > ChartField Values
- Click on the appropriate ChartField hyperlink to search for a list of values
- Follow any applicable instructions to search for the available values
- The search will yield a maximum of 300 rows – if the results exceed that, additional criteria will need to be added to narrow down the search
Required ChartFields by Fund
The Required Chartfield by Fund spreadsheet is a helpful resource that presents the ChartFields required for each fund.
Valid Account/Fund Combination
The Account Use by Fund provides a list of all Account Code values, including the names of each account, showing valid Account/Fund combinations. The first tab of the workbook, “General Instruction” provides a quick way for users to search if a specific Account/Fund combination is valid.
Last Reviewed
Last reviewed on 06/28/2024
Resources
Disbursements Directives & Procedures
Toolkits
Contacts
General Accounting & Financial Reporting: (352) 392-1326
UF Help Desk: (352) 392-HELP
Disbursements: (352) 392-1241