This fund is used to record resources received, held and disbursed by an institution as fiscal agent for others. Normally, revenue and expenditure of agency funds are not institutional revenues and expenditures and should be reported separately.

This fund is used to record resources received, held and disbursed by an institution as fiscal agent for others. Normally, revenue and expenditure of agency funds are not institutional revenues and expenditures and should be reported separately.

A review of the accuracy and integrity of the institution's financial reports. Iowa Lakes' is audited annually by an external auditing organization. Grant programs are subject to this annual audit. A report of audits done of federal grants programs are forwarded to the U.S. Department of Education for review. Discrepancies may lead to an [..]

This fund is to record resources received, held and disbursed by an institution over which the institution has determination as to the nature and degree of receipts and expenditures. The fund is used to account for activities that are intended primarily to provide:

This fund is to record resources received, held and disbursed by an institution over which the institution has determination as to the nature and degree of receipts and expenditures. The fund is used to account for activities that are intended primarily to provide:

An itemized, systematic, and authorized plan of operation, expressed in dollars, for a given period. The planned allocation of funds for future expenditures.

An outstanding obligation. If a purchase order is issued for $100, the account to which it is charged is encumbered by $100. The encumbrance is released when the goods are received and the invoice is paid.

Endowment Fund: Endowment funds can be defined as those resources, the principal which shall be maintained inviolate to conform with restrictions placed thereon by the donor or other outside agency. Generally only the income from these funds may be used.

Endowment Fund: Endowment funds can be defined as those resources, the principal which shall be maintained inviolate to conform with restrictions placed thereon by the donor or other outside agency. Generally only the income from these funds may be used.

That period by which accounts are kept. Iowa Lakes' fiscal year runs from July 1 through June 30; the federal government uses October 1 to September 30.