Plant Funds and Endowments

Functions:

The Department of Plant Funds is divided into three sections of accounting and financial reporting responsibility. They are as follows:

• Plant Fund
• Endowments
• Self Insurance Reserve Fund

Listed below is a brief overview of the plant fund section of this department.

Construction/Renovation:

The terminology "Plant Fund" is synonymous with fixed assets or physical plant assets. All of the University's capital purchases as well as major construction and renovation expenditures are recorded and monitored in the Plant Fund department. Special indexes are established called (Request to Establish University Plant Fund) "Projects", where activity for the various capital expenditures take place. Projects are usually established when capital activity is expected to exceed any fiscal year.

 

Investments:

One of the basic functions of the Plant Fund Department is to monitor and analyze all University investment activity. In addition, accrued interest and discount and premium for each marketable security is calculated and recorded. In some instances, as with the case of Pooled Investments and Endowments Funds, the interest earned is distributed to over 203 or more participants.

Debt:

Debt is another basic function of the Plant Fund. All University debt is monitored and analyzed by issue. In addition, internal debt service repayments from the units as well as external debt service payments to the bondholders are coordinated through this office.

Capital Appropriations:

The University receives State appropriations and awards for major construction/renovation and CRR (Capital, Replacement & Renewal) projects. Funding and expenditures are monitored and periodically drawn down from the State's various agencies to reimburse the University.