The Unrestricted General Fund records and accounts for the transactions related to the University's state-appropriated budget as approved by the Mississippi State Legislature and the Board of Trustees of Mississippi Institutions of Higher Learning. The Designated Fund is primarily used to account for transactions related to other unrestricted educational and general revenues which are administratively designated to a purpose or department. The Auxiliary Fund is used to allow for transactions of substantially self-supporting activities that primarily provide services for students, faculty and staff. Auxiliary Funds include, but are not limited to, bookstore, food services, student housing, and intercollegiate athletics. The Restricted Fund is used to account for Current Funds expended for operating purposes but restricted by donors or other outside agencies as to the specific purpose for which they can be expended.
Interest is recorded when received.
Endowment Funds are subject to the restrictions of donor gift instruments requiring that the principal be invested in perpetuity and that only the income be utilized. The Plant Funds are used to account for the transactions relating to investment in university properties. The Retirement of Indebtedness Plant Fund represents bond sinking funds to provide for payment of principal and interest pursuant to terms of bond indentures. The long-term debt is shown as a deduction from investment in plant. However, since the long-term debt is a liability against Current Funds revenues, it is not a lien or mortgage upon the property or other assets acquired.