Create a fund code
A fund code is a six-digit code that identifies a source of funding. The most commonly requested fund codes are Designated, Endowment, Restricted, and Plant.
checkSolution 1: Create a Designated Fund code
Designated Funds are commonly called Ledger 3 funds and are classified as unrestricted funds. They are designated by a department or college, or are given to Northeastern with contractual obligations that are not related to federal requirements.
checkSolution 2: Create an Endowment Fund code
Endowment Funds are commonly called Ledger 4 funds. They are funds that a donor or the Board of Trustees has said must be invested, and the earned income can only be spent for a specific purpose.
checkSolution 3: Create a Restricted Fund code
Restricted Fund codes are commonly called Ledger 6 funds. They are pledges or gifts made by a donor with restrictions on how the money should be spent. Northeastern’s Donor Relations office and development officers create a Memorandum of Understanding (MOU) that is signed by new donors and outlines the gift restrictions. Donor Relations then works with each college or department to assign a six-digit organization code to the Restricted Fund.
checkSolution 4: Create a Plant Fund code
Plant Fund codes are commonly called Ledger 7 funds. They are related to capital projects and startup funding for new classrooms or laboratories at Northeastern. Plant Fund requests originate in the Facilities Department (for capital projects) and the Provost’s Office (for startup funds).