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Cornell University
Cornell University
Division of Financial Services
Accounting
  • About
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  • Chart of Accounts
    • Transaction String
    • Accounts
      • Sub-Accounts
    • Object Codes
      • Sub-Object Codes
      • Revenue Object Codes
    • Function Codes
    • Fund Groups
    • Charts
    • Organizations
    • Using Sub-Accounts and Sub-Object Codes for Activity Tracking
    • Managing Accounts
  • Topics
    • Abandoned Property
    • Accounts Payable
      • AP Payment Schedule
      • Direct Deposit for Reimbursements
      • Check and Electronic Payments
      • Foreign Currency Payments
      • Help for Payees
      • Help for BSCs
    • Accounts Receivable
      • Interdepartmental Billings
        • Authorized Direct Charge Processors
      • Registering Cornell in an External Entity’s Payment System
      • Writing Off Uncollectable Receivables
    • Deposits
    • External Organizations
    • Gift Funds
      • Indirect Cost on Gifts
      • Receiving Gifts
      • Gift Restrictions
      • Managing Restricted Gift Accounts
    • Interdepartmental Activity
    • Inventory Accounting Guidelines
    • Lease Classification
    • Petty Cash and Cash Drawers
    • Plant Construction Funds
    • Reconciliation Guidelines
      • Reconciling Asset and Liability Object Codes
      • Monitoring Operating Activity
      • Object Code Reviews
      • Correcting Unknown Variances
    • Reserve Accounts
    • Revenue Classification
      • Tuition and Student Fees
      • Government Appropriations
      • Grant and Contract
      • Gifts and Contributions
      • Medical Services
      • Investment Earnings
      • Auxiliary Enterprises
      • Educational Activities
      • Other Sales and Services
      • Interdepartmental Revenues
      • External Organization Income
      • Accounts Receivable
      • Allowance for Doubtful Accounts and Bad Debt Expenses
      • Accruals/Deferred Revenue
      • Revenue vs. Expense Reimbursement
      • Revenue Matrix
    • Transferring Funds
    • Travel Advances and Prepaid Expenses
    • WCM Accounts
      • Processing Entries to WCM
  • Invested Funds
    • Current-Year Long-Term Investment Pool Rates
    • Prior-Year Long-Term Investment Pool Rates
    • Investing in the Long-Term Investment Pool
    • Investment Glossary
  • Year-End
    • Account Reversion
    • KFS Payment Processing E-docs (DV, PREQ, PCDO)
    • Cash Deposits at Year-End
    • Revenue and Expense Year-End Accruals
    • Deadlines
  • forms
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In this section

  • Abandoned Property
  • Accounts Payable
    • AP Payment Schedule
    • Direct Deposit for Reimbursements
    • Check and Electronic Payments
    • Foreign Currency Payments
    • Help for Payees
    • Help for BSCs
  • Accounts Receivable
    • Interdepartmental Billings
      • Authorized Direct Charge Processors
    • Registering Cornell in an External Entity’s Payment System
    • Writing Off Uncollectable Receivables
  • Deposits
  • External Organizations
  • Gift Funds
    • Indirect Cost on Gifts
    • Receiving Gifts
    • Gift Restrictions
    • Managing Restricted Gift Accounts
  • Interdepartmental Activity
  • Inventory Accounting Guidelines
  • Lease Classification
  • Petty Cash and Cash Drawers
  • Plant Construction Funds
  • Reconciliation Guidelines
    • Reconciling Asset and Liability Object Codes
    • Monitoring Operating Activity
    • Object Code Reviews
    • Correcting Unknown Variances
  • Reserve Accounts
  • Revenue Classification
    • Tuition and Student Fees
    • Government Appropriations
    • Grant and Contract
    • Gifts and Contributions
    • Medical Services
    • Investment Earnings
    • Auxiliary Enterprises
    • Educational Activities
    • Other Sales and Services
    • Interdepartmental Revenues
    • External Organization Income
    • Accounts Receivable
    • Allowance for Doubtful Accounts and Bad Debt Expenses
    • Accruals/Deferred Revenue
    • Revenue vs. Expense Reimbursement
    • Revenue Matrix
  • Transferring Funds
  • Travel Advances and Prepaid Expenses
  • WCM Accounts
    • Processing Entries to WCM

See also

  • Sponsored Financial Services
  • Capital Assets
  • Cost Analysis

Reserve Accounts

Reserves are like savings accounts – an accumulation of funds for a future purpose. The source of funding for a reserve might be surpluses from operations, or scheduled transfers that have been planned and budgeted. Similar to savings accounts, expenditures should not be made directly from reserve accounts; the only activity should be transfers in or out of the account (see Funding and Using Reserves).

There are three attributes available to help units manage and monitor their reserves: Sub-Fund Group, Higher Ed Function Code, and Major Reporting Category Code. These provide information on the type of reserve, the level of availability for its use, and who controls the balance in the reserve accounts.

Sub-Fund Group

The Sub-Fund Group describes the type of reserve account; there are currently four types:

Sub-Fund Group Code Sub-Fund Description
RVGENL - General Reserves Funds set aside for use in future periods. Reserves can be funded by annual operating surpluses, or through a funding plan. These funds are considered to be "savings accounts" so no expenses can be charged directly to them; only transfer object codes should be used in reserve accounts.
RVREPL - Renewal & Replacement Funds set aside for the renewal of facilities and/or replacement of equipment (see also RVCAPT Capital Reserves). These funds are considered to be "savings accounts," so no expenses can be charged directly to them; transfers should be made to operating accounts for use.
RVCAPT - Capital Reserves Funds set aside for planned capital projects. These funds are considered to be "savings accounts," so no expenses can be charged directly to them; transfers should be made to project accounts for use.
RVFCTY - Faculty Renewal Reserves Funds set aside to support the faculty renewal initiative. These funds are considered to be "savings accounts," so no expenses can be charged directly to them; only transfers object codes should be used in reserve accounts.

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Higher Ed Function Code

There are five Higher Ed Function Codes, which should only be used in conjunction with the reserve sub-fund codes (above), that indicate the level of availability for the reserve:

Higher Ed Function Code (HEFC) HEFC Description
7000 - Discretionary Reserve Used on any reserve (Fund=RV) account. Funds set aside for discretionary use in future periods. No transactions are allowed other than transfers in or out of the reserve account.
7100 - Planning Reserve Used on any reserve (Fund=RV) account. Funds set aside in support of a strategic initiative or future planned objective. No transactions allowed other than transfers in or out of the reserve account.
7200  Committed Reserve Used on any reserve (Fund=RV) account. Funds that have been committed, by the dean, vice president or designee, for a specific project or purpose in the future. No transactions allowed other than transfers in or out of the reserve account.
442R - Public Service - Renewal & Replacement For Service Facilities Use Only - funds set aside for renewal and replacement of assets related to Public Service service facilities (4420).
452R - Academic Support - Renewal & Replacement For Service Facilities Use Only - funds set aside for renewal and replacement of assets related to Academic Support service facilities (4520).

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Major Reporting Category Code

The Major Reporting Category Code tracks who manages or controls the balance in the reserve accounts.

Major Reporting Category Code Major Reporting Category Name
DEAN Funds Controlled by the Dean's Office
DEPARTMENT Funds Managed by Departments
FACULTY Funds Managed by Faculty
STUDENT Student Funds
VP Funds Controlled by the VP's Office

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Division of Financial Services

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Ithaca, NY 14850

Hours:  8:00 a.m. - 4:30 p.m., Monday - Friday

 

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