New Funds for FY08
New Funds for FY08 - How it will impact you.
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For FY2007-08, several new funds have been created to assist in better fund management. The creation of these new funds will enable the Office of Budgeting to clearly identify fund balances throughout the course of the year and more accurately forecast fund balances. A summary outline of the new fund structure is provided below along with some answers to frequently asked questions.
Summary Outline
Outline of New Fund Structure |
Fund |
|
Fund Name |
|
Purpose of Fund |
| 110000 |
|
Current Unrestricted - Base |
|
Organizations that receive a base budget. |
| 110001 |
|
Current Unrestricted - AA & Retention |
|
Identify the fund balance within the current unrestricted that relate to AA and Retention. Although these receive a university base budget, we want to identify these funds separate from the current unrestricted. This will enable us to clearly create a fund balance. |
| 110002 |
|
Current Unrestricted - Scholarships |
|
Identify the fund balance within the current unrestricted that relate to Scholarships. Although these receive a university base budget, we want to identify these funds separate from the current unrestricted. This will enable us to clearly create a fund balance. |
| 110003 |
|
Current Unrestricted - Model |
|
Identify the fund balance within the current unrestricted that relate to Model. Although these receive a university base budget, we want to identify these funds separate from the current unrestricted. By placing Model in its fund, we can better identify a fund balance. |
| 110100 |
|
Current Unrestricted - Non Base |
|
Organizations that don't receive a base budget. |
| 310000 |
|
Residential Life - Student |
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Student Housing. |
| 310100 |
|
Residential Life - Non Student |
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Non-Student housing to include faculty and staff. |
| 320000 |
|
Recreation Center |
|
Student Wellness Center |
| 330000 |
|
Printing Services |
|
|
| 340000 |
|
Planetarium |
|
|
| 350000 |
|
University Store |
|
|
| 360000 |
|
Dining Services |
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|
| 370000 |
|
EKU Computer Store |
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Frequently Asked Questions
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New Funds for FY08
*Links will be updated periodically.
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If you have questions regarding the "New Funds for FY08", please feel free to email Office of Budgeting.
Q. When will this be effective?
A. The new funds will be effective July 1, 2007.
Q. How will it impact end users?
A. The change will be seamless to end users. The default funds will be changed in Banner to reflect the newfund code with an effective date of July 1, 2007. Any labor distributions that are associated with the old fund code will be changed to reflect the new fund code. A PAF will not need to be completed by the end users.
Organizations will need to note the change in fund code when performing manual functions. If an old fund code is used, it will cause the document to be resubmitted and subsequent delay in processing the transaction.
Q. How do I know if I am impacted?
A. There are several ways to determine if your organization has changed. First, there is a master list of all active organizations that identifies the old fund code as well as the new fund code. This can be found at Master List of all ORGS with associated funds. Second, there is an list of organizations by fund. This will also identify the old fund code as well as the new fund code.
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