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Finance Fun for “Restricted Funds”

Finance Fun for “Restricted Funds”. October 16th , 2012. What is a restricted fund?. Money that is limited in its use either by an external party or an internal decision. The money was earned for a specific use and can not be pooled into the operating funds of the College.

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Finance Fun for “Restricted Funds”

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  1. Finance Fun for “Restricted Funds” October 16th, 2012

  2. What is a restricted fund? • Money that is limited in its use either by an external party or an internal decision. • The money was earned for a specific use and can not be pooled into the operating funds of the College. • As an example, revenue generated by Creations can only be spent on expenses related to the activities related to operating Creations.

  3. Why use a restricted cost centre? • To track revenue and expenses for a particular business or event such as a golf tournament. • To hold money for future use (i.e. field trip). • Note: Unlike an operating account, the balance left in the cost centre at year-end is carried forward for use in the next fiscal year. • To track money donated by an outside source for specific use (i.e. scholarships/bursaries).

  4. The Account Number…ex. 5-010035-49950 5 - 010XXX Restricted Funds always start with fund 5. Restricted fund cost centres always start with 010.

  5. What does a restricted fund cost centre look like?

  6. Things to note about restricted accounts: • Money earned within a restricted account is subject to the same taxes and Revenue Canada rules as money earned by other operations within the College. • Purchases (capital and otherwise) made with restricted funds must follow the College’s purchasing protocols and be approved accordingly.

  7. Who is responsible for the restricted accounts? • The Dean and/or Manager of the department is ultimately the one who requests set-up of a restricted account and approves expenditures from that account. • Often they delegate to the person who is in charge of the operation or event. • Tyler Virostek in Finance looks after the financial end of restricted accounts and can answer any of your questions. Ext. 3031 Tyler.Virostek@lambtoncollege.ca

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