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What is the difference between an expenditure function code and an expenditure type?

April 26, 2017code expenditure function type

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What is the difference between an expenditure function code and an expenditure type?

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10 Posted

The expenditure function is the overall purpose for which a project exists. It is an attribute assigned to the project when it is created. In their financial statements, public institutions are required to classify expenditures by function. The following functional classifications are derived from the Financial Accounting and Reporting Manual for Higher Education. For a complete list of expenditure function codes, click here.