A fund identifies resources segregated by special regulations, restrictions, or limitations to follow GASB reporting standards for external reporting.

Fund is the main balancing worktag used in Workday. The Fund assigned to the driver worktag designates which ledger account is used on transactions, which in turn determines the revenue and expense account posting rules.

Examples:

  • FD02 Current Unrestricted
  • FD08 Auxiliary Unrestricted
  • FD09 Loan Restricted

Fund is a default related worktag for ISU Resource Type worktags, which are assigned to and default from all driver worktags (grant, gift, project, and program). Fund and IRT, therefore, both default when a driver worktag is selected on a transaction.

Funds follow these naming conventions:

  • Fund ID codes begin with the prefix FD followed by two numeric digits (FD02).
  • The fund ID code must be be included with the fund name.
  • Examples of funds in Workday:
    • FD01 Current Restricted
    • FD07 Agency Unrestricted
    • FD15 Plant - Reserve for Capital Projects

Funds are not assembled into a hierarchy structure.

The Controller maintains sole review and approval authority over requests for fund creation and maintenance. If you would like to request a new fund or maintenance to an existing one, please contact the Controller's Department.

Visit the Worktag Inactivation Procedures page for guidance on how to request worktag inactivation.

  • ISU Budget versus Actuals for Restricted Funds - Detail View - This report shows revenue and expense budget versus actuals for restricted funds broken down by business unit, cost center, ledger account, and spend or revenue category. You are required to select one or more organizations, an accounting period, and budget when prompted.
  • ISU Budget versus Actuals for Restricted Funds - Hierarchy View - This report is similar to the report above, but it reflects the spend or revenue category hierarchy.