Show class codes values for class category 2 based on the class code value of class category 1

Is it possible to configure project classification in such a way that one class category values are dependent on another class category?

Example - "Funding Source" is configured as class category with class codes options like "Federal," "State," and "Local". Then, a "Funding Type" class category could be dependent on the "Funding Source." If "Federal" is chosen for the "Funding Source," the "Funding Type" category would only show options specific to federal funding sources, such as "Grant" or "Contract?