3 different Control budgets with Different Budget Segments

Summary:

The current Business requirement is below,

Chart of Account segments COA > Entity- Dept- Account-Fund- Project-Intercompany-Future1-Future2

Entity Dept Account Fund Project Intercompany Future1 Future2.

Users wants to create 3 different Control budgets as below with budget segments as shown.

1) Operating budget – GL string including entity, cost center, account

2) Fund budget – fund segment only

3) Project budget – project segment only

Scenario1:

 If user picks 10U-3041-609001-1234 during transaction

Entity Dept Account Fund

10U 3041 609001 1234

which would represent (entity-cost center-account-fund) – can we have the budget control look to the fund budget? 

Scenario2:

But it user picked 10U-1600-609001-0000 (i.e. no fund),