Major Fund Categories
These operating funds are provided to the university by State and internal appropriations. Appropriations are made on a one-year basis, the amount of which is determined from the annual operating appropriation request submitted by the office of Finance and Facilities. All monies from State appropriations are held by the State Treasurer. The State writes all checks for monies expended from State funds requiring the university to adhere to the State's accounting system.
Revenue Bond Funds
These funds contain the assets, liabilities, and operations of the major auxiliary services such as the dormitories, Holmes Student Center, Huskie Stadium and Convocation Center. These facilities were constructed from the proceeds of revenue bonds sold on the open market. All operating revenues of the system are subject to covenants contained in the Bond Resolution which authorized issuance of the bonds. Operating funds are disbursed from a local bank account.
These funds represent monies, which are specifically allowed, under State statutes, to be retained by the university in a local bank account. These funds consist primarily of Student Association accounts, research grants and contracts, various sales and service accounts, loan accounts, endowment and similar accounts, and miscellaneous accounts for workshops and agency funds. University policy regarding these funds is basically the same as those for appropriated and revenue bond funds. Like revenue bond funds, local fund disbursements are made by university check rather than by State of Illinois invoice voucher.
Permanent Improvement Funds
Permanent improvement appropriations are another source of funds to the university. Not considered part of the operating budget, these funds are used to construct buildings, purchase land, and for major rehabilitation of existing facilities. Funded through separate appropriation requests, funds are often awarded through special agencies, for example, the Capital Development Board. These monies are expended in much the same manner as the appropriated operating funds above.