1,010: Fund Groups
Last Revised: August 1998
Fund, as defined in Financial Accounting and Reporting Manual for Higher Education:
"An accounting entity with a self-balancing set of accounts for recording assets, liabilities, a fund balance, and changes in fund balance. Separate accounts are maintained for each fund to insure observance of limitations and restrictions placed on the use of resources. For accounting and reporting purposes, however funds of similar characteristics are combined into fund groups."