| Auxiliary Enterprise Fund |
Auxiliary enterprise funds furnish goods or services either internally or externally and charge a fee directly related to the cost of the goods or services. The auxiliary enterprise fund at IU is broken out between: auxiliary funds and service funds.6 |
| Auxiliary Fund |
The auxiliary fund is an enterprise that furnishes goods or services to students, faculty, or staff and charges a fee directly related to, although not necessarily equal to, the cost of the goods or services. This means that the entity is self-supporting. |
| Contra Asset |
A contra asset object code is an offset to another asset code (i.e. accounts receivable or capital assets) and typically acts as a reserve to reduce the associated asset code. |
| External Agency Fund |
This fund group is in direct relationship with the university mission and acts as reimbursement to the university for use of university property or service. This fund is managed by individual campuses and fiscal officers. |
| Fund Accounting |
Fund accounting is an accounting and reporting system commonly employed by independent colleges and universities to keep track of resources whose use is limited by donors, granting agencies, law, other outside individuals or entities or by governing boards. A fund is maintained for each specific purpose. |
| Generally Accepted Accounting Principles (GAAP) |
US Generally Accepted Accounting Principles (US GAAP) is the combination of authoritative standards (requirements) and the commonly accepted ways of recording and reporting accounting information. |
| Governmental Accounting Standards Board (GASB) |
The organization responsible for establishing accounting and financial reporting standards for state and local governments and those entities that are funded by state and local government. |
| Internal Agency Fund |
The internal agency fund acts as the fiscal agent or trustee for the university. For financial reporting purposes, this fund group balance is reported as unrestricted at fiscal year-end. Common uses of this fund include withholdings for taxes for employees and sales tax. This fund group is managed internally by UCO. |
| Recharge/Service Center |
Furnishes goods or services to another Indiana University department for the convenience of the university and charges a fee directly related to providing the goods or services, and not more than the allowable costs. |
| Service Fund |
Service fund is an enterprise that furnishes goods or services to other internal university departments and charges a fee directly related to, and equal to, the cost of the goods or services. This means that the entity is self-supporting, but is not allowed to make a profit. |
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