Skip to main content
Documentation
Documentation
Administrator Guide
Last Updated: 2023-06-23
Create Fund Types

Create Fund Types

Security:
Set Up: Fund
 domain in the Common Financial Management functional area.
You can create fund types to define how you want to restrict and pay for funds. Workday uses the fund type of the fund associated with an award line to determine whether to calculate award costs for spending on the award line.
  1. Access the
    Create Fund Type
     task.
  2. As you complete the task, consider:
    Option Description
    Fund Restriction
    Select
    Unrestricted
     for funds that you want to use to pay for any type of spending, such as general funds.
    Select
    Temporarily Restricted
     for funds that you want to designate for specific programs or periods, such as funds for specific awards.
    Select
    Restricted
     for funds that you want to restrict from spend permanently, such as endowment funds.
    Funded By
    Select
    Sponsor
     to enable award costs processing. Workday calculates facilitation and administration and award revenue when you spend against funds of this fund type. You can only bill the sponsor for award costs when the grant on the award line is associated with a sponsored fund.
    Select
    Cost Share
     when you don't want to bill your sponsor for the award expenditures. You can still generate the operational transactions for facilities and administration costs for accounting purposes, without generating the revenue recognition lines, when you associate your award line with a:
    • Cost-shared fund.
    • Facilities and administration revenue allocation profile that has the
      Generate Facilities and Administration Cost Share
       check box selected.
You can now create funds of different spend restrictions and funding sources.