Units have the ability to set up a unique fund to track revenue and expenditure activity associated with a special event (conference, workshop, etc.) that spans multiple fiscal years of which unrestricted (F1) funds are typically used. The new fund type designations are ‘FM’ for UAF, ‘AM’ for UAA, or ‘JM’ for UAS. The wonderful thing about these fund types is that fiscal year end balances will carry forward in to the next year, much the same way as a restricted fund operates. This is very helpful for those who have comprehensive reporting requirements associated with a multi-year event, making it necessary to track the overall event balances and activity.
In order to warrant this unique fund setup, the event must meet the following requirements:
- Large in scope – total expenditure/revenue activity must exceed $20,000
- Spans more than one (1) fiscal year and/or a recurring event
In addition, the event should involve a comprehensive reporting expectation and/or be completely self-supporting in nature.
Restricted Fund (F2) Option: If an event meets all of these requirements and also includes third-party oversight that mandates major event details and/or the disposition of residual funds, it may instead be set up as a restricted (F2) fund type. An example of such an event is a national conference that moves to a different host site each year. OGCA will not handle the setup of these funds because there is no grant or contract specifically governing the event. OFA will handle the setup of all unrestricted multi-year event funds, as well as restricted funds that do not involve a grant or a contract.