Accounting

Invested Funds is responsible for overseeing the accounting for and compilation of financial reports on endowed, medical and contract college endowment, and similar funds. The staff is the liaison with the Investment Office, the Trust Office, Alumni Affairs and Development's Information Services Office, and units associated with endowment and similar fund accounts. Other areas of responsibility include the long-term investment pool (LTIP).

WCM Document Search

Use the following systems to access documentation for transactions on Weill Cornell Medicine (WCM) accounts that have been entered into the Ithaca General Ledger, affecting accounts C79-1014 and C79-1025.

This information provides guidance on how to properly classify and record university operating revenue. Operating revenue is defined as that which is received from the university’s normal, mission-related operations. Revenues that are considered non-operating are not addressed in this document.

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).

Wrong Natural Balance

Annually, Accounting will distribute a list of accounts for asset and liability object codes for balance that does not have the natural classification. The natural classification for assets is a debit balance, for liabilities it is a credit balance, therefore, the wrong natural balance for assets (with the exception of a contra asset) is a credit balance and for liabilities it is a debit balance.

These pages contain guidelines for reconciling asset and liability object codes and monitoring revenue and expense activity. 

Why reconcile asset and liability object codes and monitor operating balances (revenue and expense) object codes?