Ohio Administrative Code
Title 3364 - University of Toledo
Chapter 3364-40 - Fees and Reimbursements
Section 3364-40-17 - Restricted funds

(1) Funds or securities which the university receives through special contracts, grants or from private gifts are accounted for in the restricted fund (however, gifts which have a specific purpose to be achieved only through expenditure from income on a corpus or principal amount of funds are accounted for as endowment funds or funds functioning as endowment).

(2) Although these sources of funds usually have specific conditions of performance, they nonetheless are subject to the university's general administrative policies as well as the various legal requirements to which the university is subject. Expenditures must be monitored to ensure that most restrictive of the award, contract, gift, grant or university administrative policies are followed.

(3) Upon the receipt of restricted funds, the controller, or designee, will assign a specific account number to record all financial transactions involving these funds. The controller, or designee, also will advise the custodian of these funds about the policies governing these funds, and disseminate periodic expenditure reports.

(4) Current balances should be made available on-line through the financial records system.