Fund Accounting in American Colleges & Universities
Fund accounting can be defined as a technique of setting apart resources into different classes so as to recognize both the utilization of funds as well as the source of these funds. A fund may be defined as a resource separation that is recognized as a control device as well as the tool for monitoring the resources in an effort to guarantee and exhibit conformity with organizational and or managerial requirements. American colleges and universities receive a lot of funds, in addition to the tuition fees raised by the students, from different organizations as well as individuals who donate their money to promote American education offered in these institutions of higher learning. The funds in these institutions come as donations, financial grants, and subsidies from the federal government (Devine, 1885). The general term that is used to refer to these kinds of funds is endowments, and they are enjoyed by both the public and private colleges and universities. The higher education fund accounting in America touches on the financial records or the use of available monetary funds that are meant to ensure that the running of the institutions of higher learning is smooth and uninterruptable (Kamnikar & Judith, 1988). It also entails the various sources of income or funds that keep the universities and colleges in America in operation to ensure that the learning process is not interrupted. This kind of accounting regarding the utilization of funds is conducted on the labor, the assets as well as other necessary activities that ensure the smooth learning of any college or university in America (Devine, 1885).
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