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The official UN definition for pooled funds was adopted by the Financing and Budgeting Network in June 2015. This has since been integrated into UNSDG guidelines and UN data standards for system-wide financial reporting.

A UN inter-agency pooled fund is a mechanism that has three distinct functional areas.

Design and administration: A pooled fund is designed to support a clearly defined programmatic purpose and results framework through contributions received from more than one contributor. Financing is co-mingled, not earmarked, to a specific UN organization and held by a UN fund administrator.

Joint governance and/or fund operations: Decisions on project/programmatic allocations are made by a UN-led governance mechanism, taking into account the programmatic purpose and results framework of the fund.

Fund implementation: The implementation of fund activities is (fully or largely) entrusted to UN organizations that assume programmatic and financial accountability for resources received.