Fund Accounting Cycle

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Fund Accounting Cycle The University Pittsburg Medical Center (UPMC) is a nonprofit global corporation with 20 hospitals, 400 outpatient sites, and a health insurance division (UPMC Fact and Stats). Being a nonprofit corporation, it uses fund accounting placing revenue and expenses into funds, or programs. UPMC provides healthcare services that include transplantation, cancer, neurosurgery, psychiatry, rehabilitation, geriatrics, children's, and women's health services, as well as a health insurance division. It also maintains an International and Commercial Services Division that includes clinical services, infracture consultation, strategic and commercial product development partnerships, translational sciences, national security, and public health, as well as a biomedical research center in Italy and a medical diagnostic lab in China. In the accounting system, each of the facilities has general funds for each of the individual services (Fund Accounting Course). Any infractures are set up in capital funds for each infracture. Depending on the stipulations with grant and donation funds, accounts can be set up as restricted and unrestricted funds under the Special Fund categories. Fund accounting tracks what funds were actually received and what money was actually spent on expenditures. As transactions occur, they are recorded by Staff Accountants into the system at the facility levels in the fund they are attended for. For example, if a transaction occurs for services
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