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FINANCIAL AFFAIRS

Overview – Funds in the PeopleSoft Finance Module

Fund accounting allows accounting and reporting of financial transactions in accordance with regulatory requirements or limitations imposed byan external sponsor or donor. The chart outlines the funds in use at McMaster University, the definition of each fund, and the area of the Universityaccountable to the transactions in that fund. The fund is the second block in the chart field after the entity (MAC01).

The entities listed as Administrators open and close programs/projects associated with these funds. Financial Affairs has sole responsibility for adding or deleting funds.

Need Help? Email: finserv@mcmaster.ca

 Fund     Code   Name   Administered by:   Original source of funding   Governance   Examples
10 General Financial Services Revenues that are not associated with any particular fund (i.e. university wide transactions). N/A –only used by Financial Services Investment transactions
20 Department and Faculty Operating Expenses & Revenues Budgeting Services Unrestricted general revenues (e.g. grants, tuition, sales) and expenses that are directly related to the mission of the University, education and activities supporting research (i.e. not restricted by an agreement or contract).  All envelopes in the Operating Budget are in fund 20. The Board of Governors has approved a policy of permitting envelopes to carry forward unexpended budgets into the subsequent fiscal year. Operating and Ancillary Budgets Policy Faculty of Engineering, Financial Services department
30 Ancillaries Budgeting Services Sales of goods and services by departments that are defined by the Board as being supplementary to the university's primary operating activities of instruction and research. Such sales may be made to the university community (staff and students) and/or to external clients. Ancillary operations are self-sustaining (breakeven or generate a profit). Operating and Ancillary Budgets Policy Campus Store, Media Production Services, Residence and Conference Services, Hospitality, Parking, Continuing Education
45 Specifically Funded Budgeting Services The funding is provided by an external entity, there is an agreement with the sponsor to return the funds at the end of the agreement, and the funds must be spent on that which is outlined in the agreement. This fund is included in the Operating Budget process. Operating and Ancillary Budgets Policy Conferences, MOHLTC Education Programs
50 Research- Internally restricted Research Financial Services Research related (non Faculty of Health Science) funds internally restricted by an agreement or contract for specific research purposes.  These funds must be transferred to an internally restricted research project in the project module of the PeopleSoft system. Internally Sponsored Research Accounts Start-up research grants for new academic hires.
(non Faculty of Health Science) Funded by transfers by departments and faculties from the Operating fund for the purpose of research related activities.
55 Research- Externally restricted Research Financial Services Research related (non Faculty of Health Science) funds externally restricted by an agreement or contract for specific research purposes. The use of these funds is restricted by the donor or granting agency. Research Accounts Policy Tri-council grants. Funded by externally restricted donations and grant monies received for research purposes.
60 Capital Projects Financial Services Funding and expenditures for capital projects managed by Facilities Services Approval Authorities for Construction and Maintenance Projects New Buildings, Major Renovations, Land Acquisitions
70 Internally Restricted Endowments Financial Services Unrestricted donations and bequests, and other monies which have been endowed by action of the Board of Governors. Expenditure Policy: Internally Restricted Endowments Hooker and General Endowment
72 Cost of Practice Faculty of Health Sciences, Financial Office Cost of Practice Programs - one per physician - available to record clinical operating expenses. Operating costs are covered by annual RMA donation. RMA Expenditure Control Policy
75 Non Expendable Trust Funds (External Endowments) Financial Services Donations or bequests received by the University that have a non expendable (endowment) requirement as well as other legal requirements for use as agreed upon by the donor and the University. Operational Policy and Procedures for Trust and Endowed Fund Management General Perpetual Trust Funds
77 Expendable Trust Funds Financial Services Donations or bequests received by the University that have conditions and /or legal requirements for use agreed upon by the donor and the university, which do not include a requirement to endow the funds. Operational Policy and Procedures for Trust and Endowed Fund Management Specific Trusts, General Long Term Trusts, Spend Down Trusts and the Expendable portion of General Perpetual Trust Funds
78 Clinical Trusts (Faculty of Health Science) Faculty of Health Sciences, Financial Office Net surplus from the Cost of Practice accounts (refer to Fund 72 – Cost of Practice). RMA Expenditure Control Policy
80 Health Science Internally Restricted Research Health Sciences Research Finance Research related (Faculty of Health Science) funds internally restricted by an agreement or contract for specific research purposes.  These funds must be transferred to an internally restricted research project in the project module of the PeopleSoft system. Internally Sponsored Research Accounts e.g. Start up research grants for new academic hires.
Funded by transfers by departments and faculties from the Operating fund for the purpose of research related activities.
85 Research- Externally Restricted (Faculty of Health Science) Health Sciences Research Finance Research related (Faculty of Health Science) funds externally restricted by an agreement or contract for specific research purposes. The use of these funds is restricted by the donor or granting agency. Research Accounts Policy Tri-council grants. Funded by externally restricted donations and grant monies received for research purposes.