Special Funds Procedures and Guidance

What Are Institutional Trust Funds and Special Funds?


General Statute 116-36.1 allows the University to establish accounts or trust funds outside State budget codes for certain categories of funds.  Section 116-36.1(a) of the trust fund legislation states that the "Board of Governors is responsible for the custody and management of the trust funds of The University of North Carolina and of each institution. The board shall adopt uniform policies and procedures applicable to the administration of these funds which shall assure that the receipt and expenditure of such funds is properly authorized and that the funds are appropriately accounted for." The legislation also requires the trust funds to be deposited with the State Treasurer. Section 116-36.1(d) states that trust funds "are subject to the oversight of the State Auditor pursuant to G.S. 147-58 but are not subject to the provisions of the Executive Budget Act except for capital improvement projects which shall be authorized and executed in accordance with G.S. 143-18.1."

Trust fund legislation was enacted by the 1977 General Assembly and revised in 1998 to include Facilities and Administrative funds (also known as F&A funds or overhead receipts).

Trust Fund Types

  • Gifts, Devises or Bequests
    • Restricted Gift Trust Funds
    • Foundation Trust Funds
    • Discretionary Trust Funds
    • Patent Royalty Trust Funds
    • Other Royalty Trust Funds
    • "Fixed Price" Contract Residual Trust Funds
  • Federal Contracts, Grants, and Agreements
    • Contracts and Grant Trust Funds
  • Non-Federal Contracts, Grants, and Agreements
    • Contracts and Grant Trust Funds
    • Other Contract Operations Trust Funds
      • Analytical and Testing Agreements
      • Other Contracts / Agreement
  • Extracurricular Activities of Students
    • Orientation Fees Trust Funds
    • Student Activity Fee Trust Funds
  • Self-Supporting Auxiliary Enterprises and Activities Supporting Scholarships/Student Activity Programs
    • Auxiliary and Related Trust Funds
      • Auxiliaries
      • Service Center Operations
      • Self-Supporting Operations Supporting the Campus/Students
    • Special Activities, Extension Instruction and Public Service Trust Funds
    • Vending Facilities Trust Funds
  • Overhead Receipts.

Special Fund Types

  • Operation of the institutions intercollegiate athletics
  • Agency Funds-Monies held by the institution as fiscal agent for students, faculty, staff and organizations.

Policy Links

Trust Funds Procedures

Contracts and Grants Procedures

Other Procedures

Paying Human Subjects

Substitute W-9 (For Human Subject Payments Only)

Business Affairs Websites

Contact Us

Office of the Controller
ASU Box 32125
251 Industrial Park Drive
Boone, NC 28607


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