The fund structure in FOLIO mirrors historical fund structures, but may contain some new terminology.
Hierarchy of the fund structure:
Acquisitions Accounting Unit --> Fiscal Year --> Ledger --> Fund
For example:
The fund code artmo is structured under the CU Boulder Acquisitions Unit for fiscal year FY24 (2023-2024), on the Library Materials Budget ledger
OR
The fund code 7quan is structured under the CU Boulder Acquisitions Unit for fiscal year FY24 (2023-2024), on the Arts & Sciences Faculty Funds Ledger.
Terminology:
Acquisitions Unit: FOLIO is a shared system with Law. The Acquisitions Unit identifies finance, order, and invoice data for each library. Boulder's Acquisition Unit is "CU Boulder."
Fiscal Year: Defines the fiscal year a budget should be associated with. FOLIO has the ability to retain historical fiscal year data as well as create future fiscal year budgets in advance of the fiscal year starting.
Ledger: The ledger is the accounting structure the Libraries choses to use for its funds. The ledger structure is modeled after the campus fund accounting structure which distinguishes fund types by different sources and use. The ledgers in FOLIO are:
Arts & Sciences Funds - arts & sciences faculty funds assigned to specific faculty members with funding provided by Arts & Sciences
Auxiliary Funds - Funds with funding source from auxiliary activities, as defined by campus and the speedtype designation
Campus General Funds - Funds with funding sources that comes from the campus budget, as defined by campus and the speedtype designation
Gifts & Endowments - Funds with funding source from a gift or endowment fund, as defined by campus and the speedtype designation. Typically funds are restricted in some manner
Grants & External Funds - Funds with funding source from a grant or similar external funding source. Typically these funds are restricted in some manner
Library Materials - Funding from campus for the Library Materials Budget
Fund: Individual fund codes with specific budget for the fund
Group: Groups allow for funds to be categorized across ledgers. Example of a Group is "A&S Fund 1st Year" which groups and identifies faculty funds that are in their 1st year of the program.
