To define the policies and procedures for paying interest on surpluses and charging interest on deficits as converted to a cash basis. The rate of interest will be related to the 90-day Treasury bill rate in effect at the end of each fiscal month. The calculation is based on an aggregate of applicable cash basis account balances by department and fund for designated and restricted gift fund accounts.
Interest is applied to plant fund and sponsored program accounts on an individual basis.
Accounts receivable are eliminated to convert general ledger fund balance to cash basis. Policy applies to Medical School only. Accounts receivable are eliminated to convert general ledger fund balance to cash basis. Policy applies to Medical School only. Accounts receivable are eliminated to convert general ledger fund balance to cash basis.