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Policies and Procedures

Policy 205 – Account Establishment

Effective
December 15, 2004
Last Updated
April 15, 2010
Responsible University Officer
University Controller
Responsible Unit
Accounting Services

Policy Statement

University financial transactions must be recorded in an account established in the University’s official books and records. The University uses the Financial Records System (FRS) as its official system to control and record financial information from creation to final disposition. Departments, organizational units, individuals, or groups may request the establishment of an account which falls within the definitions and criteria outlined in Types of Funds. Accounts are established through various University Central Offices depending on the type of funding.

Reason for Policy

To ensure accounts are established appropriately in the University Financial Records System for recording and reporting financial transactions.

Exclusions

None

Special Situations

Subsystems may be maintained by departments, or units to track or record detailed financial transactions that are unique to their operations. In those situations, it is the responsibility of the department or units to ensure the financial transactions are recorded, in the aggregate or semi aggregate level, in the university’s official Financial Records System.

Procedures

  • 205.1 - Establishing State, Receipt-Supported and Facilities and Administrative (F&A) Accounts
  • 205.2 - Establishing an Endowment Fund Account
  • 205.3 - Establishing and Closing an Institutional Trust or Special Fund Account

Additional Information

Frequently Asked Questions

None

Related Data

None

Contacts

SUBJECT CONTACT TELEPHONE FAX E-MAIL
State and F&A Account Budget Office – EPA Pos. Control 919-966-3251 919-962-1453 positioncontrol@unc.edu
Endowment Account Acctg. Srvs. – Financial Accounting 919-962-5606 919-962-3306 Financial_Accounting@unc.edu
Institutional Trust Fund Account Acctg. Srvs. – Financial Accounting 919-962-5606 919-962-3306 Financial_accounting@unc.edu

History

Revised:
April 15, 2010