Understanding Key Accounting Issues. University Accounting & Financial Reporting
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1 Understanding Key Accounting Issues University Accounting & Financial Reporting
2 Workshop Presenters Timisha Luster Resource & Policy Analyst Roger Wade, CPA Business & Financial Coordinator Jason Bane Business & Financial Coordinator
3 Agenda Self-Supporting Funds Overview Excess Funds Sales Tax Overview Unrelated Business Income Tax (UBIT) Transfers Program Codes & NACUBO Function Codes Finding Your Accounting String Balance
4 Agenda Encumbrances Forgotten Funds OBFS website resources Questions Session Evaluations
5 Self-Supporting Funds Overview Fund Types Acceptable type of activity Restrictions Expenditures charged elsewhere Required reconciliation Fact Sheet & Accruals
6 Self-Supporting Funds Excess Funds State of Illinois Legislative Audit Commission University Guidelines 1982 Based on Entity totals, not individual Fund How to avoid excess funds
7 Self-Supporting Funds Sales Tax Overview General Information Section 18.6 OBFS Policy and Procedures Taxable Sales Sales of tangible personal property
8 Self-Supporting Funds Unrelated Business Income Tax (UBIT) University is EXEMPT, unless ALL these conditions are met Must be Trade or Business, a profit motive Must be regularly carried on Must not be substantially related to IRC section 501(c)(3) exempt purposes
9 Self-Supporting Funds UBIT Allowable Deductions Expenses directly related to production of UBI Expenses indirectly related to production of UBI
10 Self-Supporting Funds Resources OBFS Home >Accounting & Financial Reporting > FAQs web version OBFS Home >Accounting & Financial Reporting > Reference Materials > FAQs PDF Training OBFS Home>Training Center>Job Aids & Training Materials>Accounting & Financial Reporting Training Materials > Introduction to Self Supporting Funds
11 Self-Supporting Funds Accounting Reference Materials Benefit Assessments by Fund Type _by_fund_type.doc Fund Type Descriptions Allowable Fund Type & NACUBO Function Code Combinations http.// NACUBO-Function-Combinations.xls
12 Self-Supporting Funds Contacts Roger Wade Roger Fredenhagen Rich Rebot Linda McCaffrey
13 More Key Accounting Issues Transfers dependent upon fund type Budget Funds Expense NACUBO Functions: What it Means & How it Works Reporting Find Your Accounting String Balance
14 State/ICR/Admin Allowance Funds Budget Transfers Work with Campus Budget Office Budget Adjustment Request (BAR) form Avoid lump sum expense transfers (RC=100 or 170) Best Practices of Department and College Level Budgeting by Russ Biskup and Todd Van Neck OBFS Policy & Procedures Section 3 - Budget Budget policy updates
15 Self-Supporting Funds Funds or Expense Transfers Budget is a management tool Budget revisions, not transfers, are commonly done Does not affect General Ledger balances Funds transfers are limited Funds are not discretionary For specific activity Approval queue Expense transfers are used for specific transactions
16 Gift/Endowment Income Funds Funds or Expense Transfers Allowable non-mandatory transfers Gift Funds (4M) use account code Endowment Income Funds (4J) use code Rule code 104 Donor intent restrictions Ensure transfer to similar or less restrictive Approval queue No lump sum transfers on expense account codes Expense transfers are used for specific transactions
17 Understanding NACUBO Function Codes Relationship between NACUBO function codes and Banner program codes Identify unit s operational activities with multiple activities in single fund (e.g., State/ICR) Identify function of the activity National Association of College and University Business Officers (NACUBO)
18 NACUBO Functions Identify functional purpose of expenditures Instruction (10) Research (11) Public Service (12) Academic Support (13) Student Services (14) Banner Program Codes and NACUBO Function Assignment
19 NACUBO Functions Banner Program code segment Banner-FTIPRGH Level 1 hierarchy Reporting purposes Annual Audited Financial Statements State Comptroller reporting IPEDS Integrated Postsecondary Education Data System
20
21 NACUBO Functions Banner Program code segment Banner-FTIPRGH Level 1 hierarchy Reporting purposes Annual Audited Financial Statements State Comptroller reporting IPEDS Integrated Postsecondary Education Data System
22 Fund Type Discrepancy Report Updated monthly by UAFR Allowable Fund Type & NACUBO Function Critical to University financial reporting Report activities to funding entities Facilities and Administration rate calculations Audited annual financial statements
23 Your Accounting String Balance Dependent upon the Fund type Finding Your Accounting String Balance Expense Budget Funds Operating Ledger (Detailed Operating Ledger) FGIBDST Revenue Funds General Ledger (Detailed General Ledger) FGITBSR
24 Encumbrances FGIENCD Job Aid-Banner Encumbrances FAQ Purchasing Office Requisitions (R) Purchase Orders (P) Reducing Standing Purchase Orders Ozie Williams at Nancy Reynolds at
25 Encumbrances General Encumbrances (E) Departmental responsibility Labor or Fringe (PR) ViewDirect HRPAY00102 person specific C-FOAP and personnel information Indirect Cost (ID) Grants & Contracts Office
26 Forgotten Funds Finding those unused Funds Inactive since July 1, 2009 Misclassified FOAPAL Terminating Gift and Endowment Income Clean up account then UAS and UIF Terminating Self-Supporting Clean up account then UAS
27 Final Notes OBFS website Conference website Ask the Experts table
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