05.102 Establishment of University Banner Fund

Vice Chancellor of Business Affairs

Updated July 1, 2006; Updated June 1, 2003; Updated October, 2002; Effective December 1, 1989,  supersedes former Administration Policy No. ACG1.20, “Establishment of University Banner Fund”

Office of State Controller, University of NC Chart of Accounts

Accounting Department

Policy Details:

1. Purpose

   To provide guidelines for requesting establishment of new University fund and/or changes to existing fund numbers.

2. Scope

   This policy applies to all university departments and activities

3. Policy

   1. Definition

      Budget Authority. The budget authority is the department head or equivalent that is responsible for the university fund and whose signature is required on documents authorizing expenditures from the university fund.

   2. General Statement

      A university fund number is used when it is necessary to separately identify funds because of legal restrictions, fiduciary requirements, or administrative designations. Additional data related to the fund number (including purpose, source of revenue, restrictions, and responsible individuals) is maintained as an integral part of the chart of accounts.

   3. Establishment of New University Fund Numbers

      All requests for establishment of a new university fund number must be made by the respective budget authority and senior officer using the proper form (Request for Establishment of a Fund). Prior to fund establishment, the Comptroller must approve and authorize the request form.

   4. Prohibition Against Multiple Use of University Fund Numbers

      Established fund numbers may only be used for the purpose set forth on the original approved fund. If the purpose of the fund changes, a new request must be submitted when revenues are received from sources that are not authorized for existing fund numbers or when expenditures are anticipated for purposes which have not been approved for existing fund numbers.

   5. Approval or Denial of Request to Establish a Fund

      In general, University funds are established only when proper justification is provided concerning the need for the new fund number. Factors such as the level of funding, volume of transactions, or compliance with state regulations may justify the establishment of anew fund number. If the request is denied, the Comptroller's Office will provide specific reasons for this decision.

   6. Information Access Available for Established Fund Numbers

      If the request for establishment of a new banner fund number is approved, two sources are available to review activity in this new fund:

      1. 07.300.01 Identity and Access Controls provides a detailed explanation of screen access available, as well as instructions on how to request this access.

      2. Financial Reports- Individuals granted system screen access may view their monthly and year-to-date financial reports on the Web via ePrint or SSRS.