The Restricted Funds office at West Chester University performs the accounting for several different types of funds, and follows the rules of fund accounting. Fund accounting is the procedure by which resources for various purposes are classified for accounting and reporting, in accordance with activities or objectives as specified by donors, in accordance with regulations, restrictions, or limitations imposed by sources outside the institution, or in accordance with directions issued by the Board of Governors. Each fund is an accounting entity with a self-balancing set of accounts for recording assets, liabilities, fund balance, revenue and expense. Separate accounts are maintained for each fund to ensure adherence to limitations and restrictions placed on the use of resources. The types of activity the restricted funds office is accountable for are:
Even though these funds are obtained from sources outside the University, revenue and expense transactions should follow the same policies and procedures established for all University funds. This would apply to personnel compensation for student, faculty and staff, all purchase requests, employee reimbursements and travel expenses.