COA Definitions
Entity-An Entity segment is used to identify:
- A legal organizational unit
- A major institutional unit
Organization - The Organization Segment is used to identify units/departments that incur costs and/or generate revenue. Generally, Organizations have:
- An ongoing financial objective (i.e., distinct function)
- An established Budget
- Fiscal oversight by a responsible individual
- An identifiable group of positioned employees
- May occupy physical space
Account - The Account segment is used to record the nature of the transaction (“Natural Account”)
- Accounts are categorized as Assets, Liabilities, Equity, Revenues, and Expenses
Fund - The Fund segment is used to track pots of money that the institution chooses to account for separately; this includes general operating, institutionally designated, and restricted funds
Purpose -The Purpose segment is used to record the institutional function supported by the transaction
Program - Programs are formal, ongoing, sets of activities conducted by academic and administrative units
Activities - Activities are events, occurrences, initiatives, etc., that generate revenues and/or incur expenses.
- Activity segment values are used to “tag” revenues and expenses that are generated or incurred in connection with a specific undertaking or event.
Site -A Site represents an operational location.
- The Site segment is used to track financial activity (primarily revenues and expenses) to a specific operating location.