I. Current Funds
The current fund group accounts for those economic resources
which are expendable for the purpose of performing the primary
mission of the College and which are not restricted by external
sources or designated by the State Board of Trustees for other
than operating purposes. This fund group contains three basic
sub groups. They are Unrestricted, Restricted and Auxiliary.
||Unrestricted Current Funds
- Operations Fund
The operations fund accounts for the general operation of
the College in fulfilling its mission. The Operations Fund
includes the following examples of assets, revenue, expenditures,
liabilities, and the fund balance.
ASSETS - includes object classes of cash, investments,
and accounts receivable.
REVENUE - includes object classes of tuition and fees,
state appropriations, overhead recoveries and investment
EXPENDITURES - includes object classes of equipment, consumable
supplies, salaries and wages, utilities, leases and employee
LIABILITIES - includes object classes of accounts payable
and accrued expenses.
FUND BALANCE - includes object classes that are allocated
||Restricted Current Funds
Restricted Current Funds are those available for financing operations,
but which are limited in use by external agencies and other donors
to specific purposes, programs, or functions.
- Sponsored Program Funds (Reference: COPM 1.61 and
FMM, Section L)
5) Private Grants and Contracts
Sponsored Program Funds noted above relate to specific
grants, contracts and agreements between the College and
external "Public" governmental entities, or
"Private" organizations or individuals funded
for the particular restricted purpose specified. Each
of these individual programs is categorized by fund, according
to the governmental entity or type of private organization
that has entered into the agreement with the College.
Sponsored Program Funds have the following assets, revenues,
expenditures, liabilities and fund balances:
ASSETS - includes object classes of cash and accounts
REVENUES - includes restricted current funds to the extent
that such funds were expended for operating purposes.
EXPENDITURES - includes expenses incurred as determined
LIABILITIES - includes object classes of deferred credits
accrued and/or assessed liabilities.
FUND BALANCE - Allocated
- Financial Aid Funds (Reference: Section F)
Ivy Tech Community College of Indiana offers various federal, state, and
local financial aid assistance to its student body. These
programs are designed to assist those students with a financial
need to attend Ivy Tech Commnity College of Indiana. While operating these
programs, the College accepts a fiduciary responsibility to
the granting agency. The College is responsible for administering
these programs according to the granting agencies' regulations
and sound management policies.
The financial aid programs are accounted for in the following
restricted current funds.
1) Financial Aid Federal
This fund will account for the following federal financial
a) Campus based programs
(1) College Work-Study
(2) Supplemental Educational
b) Entitlement Programs
(1) Pell Grants
2) Financial Aid State
This fund will account for the following state financial
a) Higher Education Award
b) Hoosier Scholarship
c) Stafford Loan
d) State Summer Work-Study Program
3) Financial Aid Other
This fund will account for any scholarship provided from
a local agency or individual.
||Auxiliary Enterprise Funds (Reference: Section K)
Auxiliary Enterprise Funds reflect financial data from activity
conducted to provide a service either directly or indirectly to
students, faculty or staff. An objective of the Auxiliary Enterprise
Fund is to be self-supporting. After an auxiliary enterprise becomes
self-supporting and excess revenue is generated, this excess can
be used (with appropriate approvals) to supplement the regional
operation of the College. Currently the Auxiliary Enterprise Fund
group maintains the following sub-groups:
- Auxiliary Enterprise Bookstore
Accounts for the bookstore operation of the College.
- Auxiliary Enterprise Parking Maintenance and Acquisition