Restricted Funds Budget Narrative

The Restricted Fund includes the Organized Activities Fund, the Auxiliary Enterprise Fund, the Current Restricted Fund and the Plant Fund and involves virtually every department on campus in revenue and expenditure planning.  The FY 2024 Restricted Fund budget is based upon revenue and expenditure projections for each of the funds.  Revenues are derived from federal and non-federal support for sponsored programs, sales and services, reimbursed indirect costs, tuition and fees, bond proceeds, transfers from current unrestricted funds, and appropriations.  The expenditure plan provides for salary adjustments, meets certain non-discretionary cost increases, reflects the University’s best efforts at planning to meet its most critical needs, and provides essential services within the limits of available resources.

The Organized Activities Fund includes Medicine and Dentistry Practice Plan funds, UI Pharmaceuticals, sports camp activities, and mandatory fees (partial).  It also includes various tuition and program specific fees, publications, and workshops related to academic departments. 

The Auxiliary Enterprise Fund includes Intercollegiate Athletics, University Residence System, Iowa Memorial Union operations, Student Health, Recreational Services, Hancher Auditorium, Parking and Transportation, Cambus, and various smaller enterprises serving faculty, staff, students and the public.

The Current Restricted Fund includes externally sponsored activities, predominately research and student financial aid funded from federal and non-federal sources. 


There are no new capital appropriations for the University of Iowa for the budget year FY2024.

Tuition Replacement

The budget contains $15 million for Tuition Replacement which has been appropriated to address the FY 2024 debt service on Academic Building Revenue Bond issues.

Regent Innovation Fund

The University of Iowa received a recurring allocation of $1.05 million from the Skilled Worker and Job Creation Fund for the development of technology commercialization, marketing and business development efforts in areas related to technology commercialization, entrepreneurship, and business growth.  

The University will leverage these funds from the Innovation Fund with matching funds dollar for dollar to:

  1. To support the development of innovations with commercial potential, with the result that more University of Iowa technology reaches the marketplace.
  1. Build effective partnerships for economic development between the private sector and the University of Iowa.
  1. To provide dry-lab and wet-lab space for researchers, and biomedical and electronics prototyping facilities for medical device and startup development.
  1. To increase the effectiveness of University of Iowa resources in aiding existing state and regional economic development initiatives.
  1. To facilitate broader entrepreneurial competence, leadership and support in non-medical areas of expertise on campus.

Iowa Regents Resource Centers

The FY 2024 budget includes approximately $0.3 million for the Iowa Regents Resource Centers.  These Centers serve the educational needs of students in western Iowa and the Quad-Cities.  The Centers are part of the Regent Enterprise and include the University of Iowa, Iowa State University, and the University of Northern Iowa.

Iowa Geological Survey

The University received a recurring allocation for the Iowa Geological Survey of $695,000.  Funding from the Environment First Fund will be used for operations and water resource management and will help provide Iowans with the knowledge to manage effectively natural resources for long-term sustainability and economic development.  The appropriation, along with additional grant funding from other sponsors, will provide support for staff, researchers, and students who dedicate their time to the mission and work of the Iowa Geological Survey. 

Strategic Initiatives Fund

The University received approval from the Board of Regents, State of Iowa, to enter into a 50-year partnership for management and operations of its utility system with ENGIE North America and Meridiam. The UI is one of the first universities in the country to engage in a utility public-private partnership (P3).  This partnership will allow the university to invest up to $15 million per fiscal year via grants dedicated to supporting the UI’s strategic plan and core missions of teaching, research, and scholarship.

The University has awarded the following seven projects for FY 2024 funding:

  • The Use and Impact of Targeted Need-Based Financial Assistance at the UI, $130,617
  • Increasing Access to Information and Supporting Interventions: A Full Function Mobile App for the UI, $1.7 million
  • Writing for the Public Good: Establishing Iowa as the Leading Institution Where Faculty Communicate Research and Scholarship with Our State, Nation, and World, $270,000
  • Recognizing, Recruiting, and Retaining Merit Staff, $520,000
  • High Impact Hiring Initiative, $5 million
  • Renovation of Performing Arts Annex for the Department of Dance, $3 million
  • Education Infrastructure Project, $2 million


Bond Sales/Master Lease/Debt Service

The Bonds and Loans line includes the following potential bond sales for FY 2024 subject to the refinement of schedules and final approval by the Board:

Bond Financings:

Health Sciences Academic Building                                                        $ 65 million

FY 2024 projected debt service on existing issues is $110.8 million for bonds, $ 1.8 million for existing notes payable. 

Breakdown of Other Income

Other income includes gifts of $109.2 million, non-federal grants and contracts of $84.6 million, and other miscellaneous revenue of $34.9 million.