Board of Regents And Commissioner of Higher Education Financial-Compliance Audit for the Two Fiscal Years Ended June 30 ... 1995

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The agency uses the following funds: Greneral Fund - to account for all financial resources except those required to be accounted for in another fund. The office includes funds appropriated for general operations of the agency and distri- Page A-8 Notes to the Financial Schedules bution to the six university units, the five colleges of technology centers, and three community colleges for their general operations.
Special Revenue Fund - to account for proceeds of specific reve- nue sources legal
...ly restricted to expenditures for specific purposes.
The majority of this activity includes mill levy distributions to the six university units and five colleges of technology and the activities of the Guaranteed Student Loan Program and other federal programs.
Proprietary Funds Enterprise Fund - to account for operations (a) financed and operated in a manner similar to private business enterprises, where the Legislature intends that the agency finance or recover costs primarily through user charges; or (b) where the Legislature has decided that periodic determination of revenues earned, expenses incurred or net income is appropriate.


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