Interfund transfers are permanent movements of amounts between
fund groups to be used for the objectives of the fund group receiving
the transfer. There are two types of transfers:
- Mandatory Transfers
Mandatory transfers include transfers from Current Funds to
other fund groups resulting from:
- Binding legal agreements relating to the financing
of the educational plant.
- Grant agreements with agencies of the federal government
and other governmental or private organizations to
match gifts and grants to loan and other funds. Mandatory
transfers may be required to be made from either unrestricted
or restricted current funds.
- Non-mandatory Transfers
Non-mandatory transfers include those transfers from the Current
Fund group to other fund groups made at the discretion of
the governing board, and also may include the retransfer of
resources back to Current Funds. However, unrestricted amounts
transferred from other fund groups back to the Current Fund
group are not considered revenues of Current Funds.