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.

1. 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 income.

   EXPENDITURES - includes object classes of equipment, consumable supplies, salaries and wages, utilities, leases and employee compensation.

   LIABILITIES - includes object classes of accounts payable and accrued expenses.

   FUND BALANCE - includes object classes that are allocated and unallocated.
   

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.

1. Sponsored Program Funds (Reference: COPM 1.61 and FMM, Section L)

   1) Federal
   2) State
   3) Local
   4) Apprenticeship
   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 receivable.

   REVENUES - includes restricted current funds to the extent that such funds were expended for operating purposes.

   EXPENDITURES - includes expenses incurred as determined by GAAP.

   LIABILITIES - includes object classes of deferred credits accrued and/or assessed liabilities.

   FUND BALANCE - Allocated

2. 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 aid programs:

   a) Campus based programs
       (1) College Work-Study
       (2) Supplemental Educational Opportunity Grant

   b) Entitlement Programs
       (1) Pell Grants

   2) Financial Aid State

   This fund will account for the following state financial aid programs:

   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 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:

1. Auxiliary Enterprise Bookstore
   
   Accounts for the bookstore operation of the College.
   
   
2. Auxiliary Enterprise Parking Maintenance and Acquisition

| next |