It is an obligation of the Board to ensure the continued fiscal responsibility of Union WELL Inc. This Reserve Policy provides criteria for the Management and Board of Union WELL Inc. and the staff of the university to measure the adequacy of the Union WELL Inc. reserves, fee rates and to guide in allocation from Union WELL Inc. Reserves for repair, replacement, facility modification and other projects.
Reserves - financial resources set aside for future or potential use.
Revenue Fund – a trust fund, administered by the campus on behalf of Union WELL Inc. It is used to deposit, transfer, and/or expend specifically defined monies such as student fees. The monies are maintained at the University with regular accounting reports, or access through Campus systems made available to Union WELL Inc.
Operating Fund – a fund administered directly by Union WELL Inc. A portion of the Revenue Fund is transferred each fiscal year in order to fund Union WELL Inc.'s operating budget. All operating fund accounting transactions are recorded on the books of Union WELL Inc.