Policies and Procedures
Policy 205 – Account Establishment
December 15, 2004
April 15, 2010
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.
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.
- 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
Frequently Asked Questions
|State and F&A Account||Budget Office – EPA Pos. Controlfirstname.lastname@example.org|
|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|
April 15, 2010