Higher Education Funds
Higher Education Funds are used to account for all transactions relating to public institutions of higher education and an affiliated organization. Higher Education institutions include five universities and twelve community-technical colleges. The following university and college funds and affiliated organization are used:
Current Unrestricted Fund:
accounts for currently expendable resources which may be
either designated or not designated by the colleges and universities for
specific purposes.
Current Restricted Fund:
accounts for resources restricted by the donor or external
agency for a specific use or program.
Loan Funds:
accounts for loans made to assist students in the financing
of their education.
Endowment Funds:
accounts for resources which are restricted by the gift
instruments requiring that the principal be invested and only the income be
expended.
Agency Funds:
accounts for amounts held in custody for students,
university-related organizations, and others.
Plant Funds:
accounts for activities relating to institutional properties.
These activities include funds used for the acquisition, renewal, and
replacement of institutional properties, funds set aside for debt service
requirements of institutional properties, and funds invested in institutional
properties.
Affiliated Organization:
accounts for the financial activities of the University of Connecticut
Foundation, Inc., a component unit of the University of Connecticut