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Funds are used to used to define the item's current fund for which an item is currently being used. It is located Codes are maintained under CORE>Funds. The code can be up to 4 characters (numeric or alpha numeric). The fund code is not necessarily the source from which the item was purchased. For example, an asset might be purchased from the general fund, but used in the cafeteria. In this case, the fund code would reflect the cafeteria use .
A district may choose to use USAS fund codes for the Inventory fund codes. However, if you do not choose to use the same degree of detail as used for USAS. (less detail), more items will be lumped together on some of the GAAP schedules.
The GAAP schedules require that each item be assigned a fund. Historical items which are on the system before the GAAP flag is set to 'Yes' are not required to have a fund code assignment. However, if no fund code is assigned, these items will appear under an undefined grouping on the GAAP schedules. It is recommended that all items entered on the system be assigned a fund(where it is currently being used). To figure out what fund should be used, you should look at the location of the item for a clue as to its use. For example, any item located in the cafeteria would be fund 006. Then look for any exceptions. It is recommended that USAS fund codes be used for the Inventory fund codes, but possibly not to the same degree of detail.
There are three types of funds employed in governmental accounting. These codes are required for printing the GAAP schedules and are as follows:
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More Information on Fund Codes
The GAAP schedules require that each item be assigned a fund. Historical items which are on the system before the GAAP flag is set are not required to have a fund code assignment. However, if no fund code is assigned, these items original cost will be included under "Assets with unknown fund type' on the GAAP schedules. It is recommended that all items entered on the system be assigned a fund.