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:
- General Income Fund Reimbursable (IFR)
- 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. - 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.
Opening an IFR Account
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 the expenses (budget) be?
a. If the IFR account will be used to record fiscal activity for a service supported by a user fee, that fee must first be authorized and approved by the Chief Financial Officer. Please see University Fees.
b. When setting up a new line of business, users must obtain a New Merchant approval. Please review Becoming a Campus Merchant and be sure to follow the instructions on how to submit a New Merchant Request e-form.
2. Submit the New Account Request E-form.
3. The submission will be reviewed by the Financial Manager, Divisional Vice President, Business Office, and CFO.
4. 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.
5. Once set up is complete, all interested parties (Requesting Department, Business Affairs, Human Resources) will be notified the account has been created.
