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What do different types of accounts mean in terms of spending?

April 26, 2017accounts different mean Spending terms types

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What do different types of accounts mean in terms of spending?

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10 Posted

There are different kinds of accounts in 02, 06 & 07 02—University Funds (for example it might look like this 02-130013) State Funds beginning with the number 1 (like the example above) have to be spent by 8/31 of the current fiscal year. Local funds- beginning with the numbers 2, 5 & 6 (for example 02-240913, 02-510017 or 02-635439) carry forward from year to year. 06-Texas AgriLife Research Funds State Funds-beginning with the number 1 (for example 06-121220) must be spent by 8/31 of the current fiscal year. Designated Funds beginning with the number 2 (for example 06-203093) carry forward to the next fiscal year. Accounts beginning with a 4 or 5 (e.g., 06-412131; 06-512131) are Contract & Grants accounts and the ending dates are specified in each individual agreement/contract.