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Fund 857

Fund Reference Manual

857-Institution of Higher Education - Annuity and Life Income Account

Account Code:
857
Account Title:
Institution of Higher Education - Annuity and Life Income Account
Admin Agency:
Locally by each agency - LCL0
Fund Type:
EA - Permanent Funds
Rollup Fund:
EA - Higher Ed Endowment & Other Perm Funds
Cash Type:
3 - Local Fund
SAAM Budget Type:
Nonappropriated/Nonallotted (N)
Interest Earning Authority:
N/A
Authority:
Closing GL Code:
9230
Description:
This account is to provide for the administration of annuity and life income trusts established pursuant to deeds of donation to colleges and universities. Used to make periodic payments to beneficiaries of such annuities and trusts, as well as miscellaneous expenditures for utilities, insurance, interest and other administrative expenditures.
Sources of Revenue:
Charges and Miscellaneous Revenue, Interest Earnings
Clientele:
Colleges and universities; public donors to higher education
Effective Date:
Inactive Date:
Public Notes: