UNDERSTANDING FUNDS, ATTRIBUTES AND NEW ACCOUNTS AT UM A discussion of fund accounting, the various fund groups, account structure and logic, account attributes including financial classifications and source of funds, procedures for opening an account and account flags. May 2005 WHY AM I HERE?
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A discussion of fund accounting, the various fund groups, account structure and logic, account attributes including financial classifications and source of funds, procedures for opening an account and account flags.
To enable departmental administrators in setting up and managing their accounts.
To help participants understand the budgetary and fiduciary responsibilities of funds.
By completion of this session, participants will be able to:
Understand the basic structure and classification of accounts under Fund Accounting Principles.
Demonstrate an understanding of the source of funds and functionality of accounts.
Perform the necessary steps to successfully open new accounts at the University.
Understand restrictions on using different types of accounts.GOALS & OBJECTIVES
Current Funds managing their accounts.
Gables, Marine and South Campus
University of Miami Hospitals and Clinics
Anne Bates Leach Eye Hospital
AgencyVARIOUS FUND GROUPS
Revenues 0xxx managing their accounts.
Student Union Fees 0091
Corporate Gifts 0231
Foundation Gifts 0232
Private Gifts 0233
Direct Costs 1xxx-7xxx
Personnel Comp 1xxx
Fringe Benefits 2xxx
Operations 3xxx 4xxx 5xxx
Indirect Costs 8xxxSUB-OBJECT CODES
Web site to view sub-object code listing is: www.miami.edu/controller
Account #Object Code
Call the Controller’s Office