IFR ACCOUNTING
Income Fund Reimbursable (IFR) accounts are self-supporting accounts that support activities related to the campus' mission. These accounts have clear and defined income/expenditure relationships. A unique aspect of IFR accounts is their ability to carry forward cash balances from one fiscal year to the next. An IFR account should have basically one purpose and one 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 questions about IFR accounts, please contact us.
In accordance with NYS Finance Law and SUNY Procedure 7553, NYS A/G and OSC approval are required for revenue contracts at $25,000.00 and above. Departments are required to aggregate revenue streams with individual vendors in order to adequately calculate the total contract value. Departments must be able to demonstrate to NYS that the revenue the University receives is fair and reasonable.
Questions in this regard should be directed to Mary La Corte in Procurement at 631-632-9849. See checklist for associated process and timeline.
IFR INFORMATION AND RESOURCES
ADDITIONAL MATERIAL AND CONTACT INFORMATION