fund accounting
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Basic Fund Accounting
ACCOUNTING SERVICES TRAINING & OUTREACH
BPDP INTERMEDIATE LEVEL
Revised:
February 2014
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Class Objectives
Demonstrate knowledge of basic accounting terms
Explain how we use Fund Accounting with the Integrated System
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Class Benefits
What is a GL string and how is it different from my PTAEO?
How do my entries have an impact on the big picture?
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ACCOUNTING
System of recording financial transactions
Uses an organized method
Necessary for analysis, reporting, and decision making
FUND ACCOUNTING
Emphasizes accountability
Segregating resources
Used by non-profit orgs/governments, including Higher Ed
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Why Fund Accounting
Resources are from a variety of sources
Must be used appropriately and not comingled
Requires unique identification and reporting
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Chart of Accounts
Used for classification of financial transactions
Identifies the fund, function, and organizational unit
Critical for institutional and managerial reporting
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Integrated SystemGL Chart of Accounts
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EntityEntity Segment Values
State Agency Agency Code Local State Outside
UVA 207 10 20 80
MED CTR 209 15 25 85
UVA WISE 246 16 26 86
SWVA 948 17 27 87
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Depositing funds to projects for outside agencies or on behalf of non-UVA organizations Agencies outside UVA include:
Health Services Foundation Darden Foundation Law School Foundation Non-UVA groups or organizations whose money is held by UVA (for scholarships or other similar purposes):
Seven Society Colonnade Club ROTC Scholarships VA Museum of Natural History
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What is a Fund?Self-balancing set of accounts
Categorized for specific purposes
Fund Groups Current
Non Current
Agency
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Fund Groups Current Funds Operations
Noncurrent Funds Loan programs
Endowment activities
Capital outlay activities
Agency Funds Custodial
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Examples of Current Funds
Source Current Fund Description
State appropriations
Tuition and fees
State E&G funds
Federal/State/Local governments
Industry
Grants and contracts
Administrative distributions FA cost recoveries
Private donors Gifts
Endowment income
Revenue & cost recoveries Sales and services
Auxiliary enterprises
Royalties, licenses, etc. Intellectual property
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Examples of Noncurrent Funds
Source Noncurrent Fund Description
Federal government
Banks
Loan funds
Donors Endowment & similar funds (principal)
Donors, Auxiliary reserves, FA funds Capital outlay funds (construction, renovation)
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Student groups
Foundations
Agency funds
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UVa Fund Source Values
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Restricted? Unrestricted?
Restricted current funds Externally imposed stipulations on their use
Unrestricted current funds No external stipulations, but the University
may designate these funds for specific purposes
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Basic Financial Reports
Balance Sheet
Income Statement
Cash Flow
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Balance Sheet
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Assets Liabilities
Owners Equity
Assets liabilities = Owners Equity
Net Position
Net Position
Statement of Net Position
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Debits and Credits: Statement of Net Position (aka Balance Sheet)
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Assets
Cash
Accounts Receivable
Investments
Buildings/Equipment
Liabilities
Accounts Payable
Deferred Revenue
Long-term Debt
Debit (to increase) Credit (to increase)
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Income Statement
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Expenses
Revenues
Owners Equity
Revenue Expenses =
Owners Equity
Change in Net Position
Change in Net Position
Statement of Revenues, Expenses, and Changes in Net Position
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Debit (to increase)
Debits and Credits: SRECNP (aka Income Statement)
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Expenses Revenue
Credit (to increase)
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Recording Transactions
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0/
Debit
Credit
Journal Entry
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Fund Accounting at UVa
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Sources of Funds
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Sales and Services
Patient
Services
Gifts
Tuition
and Fees
Commonwealth
of Virginia
Investment
Income
Grants
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Sources of Funds and Award Prefix
Fund Source Award Prefix
State E&G State appropriation
Tuition and fees
SG
Grants and contracts Federal/State/Local governments
Industry
G_
FA cost recoveries Administrative distributions FA
Gifts
Endowment income
Donors DR, DU
EI, DI
Sales and services
Auxiliary enterprises
Revenue and cost recoveries SS, LS
SA, LA
Intellectual property Royalties, licenses, etc IP
Agency Student groups
Foundations
YY
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Academic and Medical Center Divisions Combined
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Academic Division
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Revenue Projects
Used to record funds received from our sources
Contain the cash that supports award installments
Transaction is recorded in the GL module using the GL String
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Uses of Funds
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Academic supportInstitutional supportStudent Services
Patient
ServicesInstruction
Public Service
Research
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Expenditure ProjectsUsed to record funds expended
Contain the budgets for the work that is being done
Transaction is recorded in the GA module using the PTAEO
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GA Charging Instructions
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PTAEO
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Integrated System
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GrantsAccounting
Deposits
(cash, checks,
credit cards)
Accounts
Receivable
Recharge
Centers
Labor
Distribution
Purchasing
Accounts
Payable
General Ledger
SIS
Summarize PTAEO to GL
String
Budgets
FixedAssets
detail summary
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Combining Sources and Uses
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GL String
GA PTAEO
one
to
one
one
to
one
Many
awards
to one
fund
source
Many
expend
types to
one object
code
Many awards to one entity
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P-A Mapping
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RP0027 100323 100301 100323 Revenue Projects
LA SA DR2DR1 Awards
100323 Expenditure Projects100272
General Ledger
Grants Accounting
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P1
GL
GA
Revenue
Expenditures
AER00083
P101395
P101395
FM Lewis Botanical Garden
FM Lewis Botanical Garden
FM Lewis Botanical Garden
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P11797
SA UCS Resume
Marathon
ADR01340
P102003GL
GA
Revenue
Expenditures
P102003 P107165 P117976P107168 P107173
SA UCS Gifts
SA UCS Gifts
SA UCS Employer Svc
SA UCS CLAS Svs
SA UCS Library
SA UCS NYRA
SA UCS Gifts
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GL
GA
Revenue
Expenditures
AT-State Rev Award
AT-State Revenue
AT-Suite LeaseAT-Ticket Sales AT-Concessions
ASA00001
P100256 P100262 P100264P100257 P100272
AT-Football AT-Mens Basketball
AT-Womens Basketball
AT-Mens & Womans Track
AT-Mens & Womens Swimming
P100254 P100248 P100245
RP0028
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GL
GA
Revenue
Expenditures
AT-
Womens Basketball
P100256 P100262P100286 P100257 P100272
AT-Football AT-Mens Basketball
AT-Mens & Womens Track
AT-
Womens Rowing
Ticket Sales Concessions Suite Lease
AT-State Rev Award
AT-State Revenue
ASA00001
P100254 P100248 P100245
RP0028
ADR00127
P100309
Restricted
General Gifts
AT-General Gifts
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GL
GA
Revenue
Expenditures
ASG00007
P101134
P999814 P103491 P103529
RP0001
ASG00001 ASG00010
FI-State Gen Funds FI-State Non-ed S&S Revenue FI-Gen Fund Appropriation
P101135 P100087 P100088P100146 P100147
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Processing Funds (link)
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Budgeting
In order to spend money allocated to your project, it must be funded, budgeted, and approved
The amount of the budget cannot exceed the amount of funding for the project
Budget at the resource group (high level) or resource (expenditure type)
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Cash vs. BudgetAward Prefix Cash Budget
SG/SR State funds No Yes
LG/LC
EI/DI
Institutional funds
No Yes
G_ Grants and contracts
No Yes
DU/DR Gifts Yes Yes
SA/LA
SS/LS
Sales and services Yes Yes
FA/IP/YY Various Yes Yes
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Training and Outreach http://www.virginia.edu/finance/
Contact info:
Lynn Galasso lcg8t@virginia.edu
Devin Herod jdh5w@virginia.edu
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