blog posts UAFR Weekly Tips: 2N Fund Type Overview Sep 20, 2023 1:00 pmAccounting and BudgetingFY 24Does your unit receive deposit payments for either of the following scenarios? Enrollment deposits from potential students who have been accepted for admission into your college or department Key deposits paid by students, faculty, or staffIf so, then you need to account for these deposit payments within a unique fund assigned with a 2N fund type. See below for a few tips to keep in mind to ensure proper management of these 2N funds: Enrollment deposits When enrollment deposits are received, they should be credited to the 61800, Enrollment Deposits for Potential Students account code within the general ledger of the applicable 2N fund. If the potential student ends up attending our university, these deposits should then be debited from the 61800 account code of the 2N fund and credited to the student’s account. However, if the potential student decides not to attend our university, then the deposit would typically be debited from the 61800 account code of the 2N fund and credited to the university’s tuition fund. You could then work with your applicable budget office to request temporary state budget for this amount. Key deposits When key deposits are received, they should be credited to the 61810, Deposits Not Elsewhere Classified account code within the general ledger of the applicable 2Nfund. If the individual returns the key, the deposit would then be paid back to the individual. This payment would be debited from the 61800 liability account code of the 2N fund. However, if the individual does not return the key, then their key deposit would be lapsed to the tuition fund (for non-auxiliary units) or an applicable self-supporting fund (for auxiliary units) in order to cover the costs associated with replacing the lost key.ReconciliationsIn order to ensure these deposits are properly accounted for, it is important to reconcile and monitor these 2N funds on a regular basis. This helps ensure that any expired deposits are properly identified so that they do not linger within your 2N fund, and to ensure that your 2N funds never fall into a cash deficit.ContactFor further questions, please reach out to UAFR's applicable subject matter experts within the Student Deposits (Fund Type 2N) section of UAFR's Who to Ask list.