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Designated Funds

Funds exist, which accumulate from year to year and which the department can build. These are the Designated Funds, so called because they do not follow the usual process of reverting back to the general fund at the end of the year. Departments can build these funds from gifts, especially from grants from federal agencies and other sources. Budgeted salaries for faculty members which are reimbursed through grants, indirect costs which are included in grants, returns from special initiatives, and gifts from benefactors are the principal sources of these Funds.

Savings often result from grants which reimburse all or part of the faculty member's salary already budgeted by the department. The contribution to a designated fund from faculty salaries is derived from this savings. If replacements are necessary to teach the courses intended for the faculty member who secured the grant, the difference between the salary reimbursement and the cost of the replacement is put into this departmental designated fund.

Departments may use these funds as they wish and at any time. They never lose them in any way other than by spending them. They can be used to support research, to purchase equipment, to augment special travel funds or the library holdings, or to provide student help for faculty. They may not be used, however, to provide faculty salary increases because this would affect the budget for future years.

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