Higher Education and University Hospital Funds

Higher Education and University Hospital Funds are used to account for all transactions relating to public institutions of higher education including a teaching hospital and 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.

Hospital Funds:
accounts for revenues and expenditures relating to the operation of the John Dempsey Hospital and the Dental Clinics.

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 Organizations:
accounts for the financial activities of the University of Connecticut Foundation, Inc., a component unit of the University of Connecticut.

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