Income Fund Reimbursable (IFR) accounts are self-sustaining accounts that support activities related to the campus' mission. These accounts have clear and defined income/expenditure relationships. IFR accounts are unique in their ability to carry forward cash balances from one fiscal year to the next. An IFR account typically has one purpose and one continuous revenue source. Each IFR account should maintain a positive cash balance. The expenses charged to the account should be covered by the revenue which the account generates. For additional information and requirements please refer to Binghamton IFR Management Procedure 205.
There are three types of Income Fund Reimbursable accounts on campus:
1. General Income Fund Reimbursable (IFR)
2. State University Tuition Reimbursable Account (SUTRA)
These accounts were established to provide the ability to retain a limited amount of tuition revenue generated in excess of targeted levels and create entrepreneurial incentives for campuses to expand enrollment and programs.
3. Dormitory Income Fund Reimbursable (DIFR - IFR)
IFR, SUTRA, and DIFR fund sources operate in a manner similar to that of a checking account. Revenue is deposited into the account and expenditures are processed from the account in accordance with the purpose of the account as stated when it was established. All deposits to campus IFR accounts are processed through the Student Accounts office and are credited to individual units by the Accounting office. Access the Campus Account Policy for more information.
Opening an IFR Account
(NOTE: If the IFR account will be for a service supported by a user fee, that fee must first be approved and established by the Senior Vice Provost.)
The following are the steps you should use when requesting an IFR account:
1) Determine what the account is to be used for. How much revenue will this account generate? What will your expenses (budget) be? This information should be shown on the below “Departmental Request Form for IFR Account”.
2) Once you have determined this information you should then receive approval from your Vice President.
3) Along with the Dean’s or VP approval, submit your request to Scott Hatch in Accounting who will check the form for completeness and accuracy. In the event you'd like to request a State Purpose account please contact Scott since the form is slightly different.
4) Accounting will then submit the form to the Senior Associate Vice Provost for Budget and Business affairs for approval.
5) If approved, Accounting will submit the request to SUNY System Administration to create the account and will perform the required set ups in Banner and SUNY.
6.) Accounting will inform the requester and all interested parties once the account has been created (Business Affairs, Budget Office.)