A common grouping of expenditures made on the basis of homogenous activity, goods or services purchased, or type of resource to be used. Applies to the character of the article purchased or service obtained (rather than the purpose).

Funds that are not subject to either the appropriation or the allotment process.

Moneys that can be expended without legislative appropriation. Only funds in accounts specifically established in state law as being exempt from appropriation fall into this category. Nonappropriated accounts can be either budgeted (and subject to OFM allotment approval) or nonbudgeted.

The basis of accounting under which expenditures, whether paid or unpaid, are formally recognized when the liability is incurred against the account, but revenues are recognized only when they become both measurable and available to finance expenditures of the current accounting period. All governmental funds use the modified accrual basis of accounting.

Accounts under the control of an agency with cash on deposit in a local bank account and requiring the signature of agency officials on a check for disbursement. Some local funds are on deposit with the State Treasurer as a matter of convenience or statutory requirement.

Asset, liability, equity, revenue and expense accounts. Balance sheet accounts are entered directly on transactions and revenue and expense accounts default from the Spend/Revenue Categories of the Pay Component.

Used to account for assets held by a governmental unit in a trustee capacity or as an agent for individuals, private organizations, and/or other governmental units. There are four types of fiduciary funds: pension (and other employee benefit) trust funds, investment trust funds, private-purpose trust funds, and custodial funds.

Used to account for all financial resources of the state not required to be accounted for in some other fund. Refer to Governmental Funds.

Used to account for most typical governmental functions. The acquisition, use, and balances of the state’s expendable financial resources and the related current liabilities (except those accounted for in proprietary funds), are accounted for through governmental funds. Governmental funds have a budget orientation using the current financial resources measurement focus and the modified accrual basis of accounting. There are five types of governmental funds: general fund, special revenue funds, debt service funds, capital projects funds, and permanent funds.

For state purposes, a fund is referred to as an account. Refer to Account.

Refer to Workday Term Worktag: Fund.