Presentation on theme: "General Purpose Funds May 2012. Objectives –Define General Purpose Funds –Explain reporting requirements –Identify rules that apply to General Purpose."— Presentation transcript:
Objectives –Define General Purpose Funds –Explain reporting requirements –Identify rules that apply to General Purpose Funds
State Appropriations Local Collections (Tuition & Fees) Investment Income General University Contingency Funds Administrative Service Charge Funding Facilities & Administrative revenue (Indirect Cost Recovery General Purpose Funds Consist of:
ABOR Reporting Requirements ASU is required to report to ABOR the revenue and expenses related to General Purpose Funds. To facilitate this reporting to ABOR all departmental accounts receiving General Purpose Funds must be set up in a General Purpose Fund Account.
Accounts and Funds –Every account (agency/org) in Advantage is tied to a four digit fund code. –A set of funds is now defined as General Purpose Funds
Identification of General Purpose Funds FUND CODE FUND NAME 1140Downtown Phoenix Campus State Appropriations 1150Tempe State Appropriations 1160Polytechnic State Appropriations 1180West State Appropriations 5116Differential Tuition Tempe 5126Differential Tuition West 5146Differential Tuition Downtown Phoenix Campus 5166Differential Tuition Polytechnic Campus 5130EOSS Student Fees
Identification of General Purpose Funds FUND CODE FUND NAME 5134EOSS Student Fees – Downtown Phoenix Campus 5135EOSS Student Fees – West Campus 5137EOSS Student Fees - Polytechnic 5170Program Fees Tempe 5171Program Fees West 5172Program Fees Downtown Phoenix Campus 5173Program Fees Polytechnic Campus 5300Biodesign Institute Start Up 5310Academic Start Up – Tempe (Engineering & Liberal Arts)
Identification of General Purpose Funds FUND CODE FUND NAME 5440VPREA Programs and Support Tempe 5441VPREA Prg/Sup-Conversion Clearing 5442VPREA Tempe Research Incentive (IIA) 5443VPREA West Research Incentive (IIA) 5444VPREA Poly Research Incentive(IIA) 5445VPREA DPC Research Incentive(IIA) 5450Indirect Cost Recovery 5460VPREA Programs and Support West 5470VPREA Programs and Support Polytechnic
Identification of General Purpose Funds FUND CODE FUND NAME 5480VPREA Programs and Support Downtown Phoenix Campus 5490Research Incentive Distribution (RID) Tempe 5491Research Incentive Distribution (RID) West 5492Research Incentive Distribution (RID) Polytechnic 5494Research Incentive Distribution (RID) Downtown Phoenix Campus 5510Tempe Financial Aid 5520West Campus Financial Aid 5530Polytechnic Financial Aid 5540Downtown Phoenix Campus Financial Aid Set Aside
Identification of General Purpose Funds FUND CODE FUND NAME 5820SIS/HR Implementation Project 5910Special Class Fees Tempe 5920Special Class Fees West 5960Special Class Fees Polytechnic 5940Special Class Fees Downtown Phoenix Campus ASC Accounts in fund 5110 ASC accounts in fund 5110
Attributes of General Purpose Accounts Funding sources are limited to transfer in from General Purpose Accounts. –Deposits of other revenue sources are not permitted. Transfer out are limited to other General Purpose Accounts (exceptions to follow) Expense transfers between General Purpose Accounts and non-general purpose accounts are permitted. General Purpose accounts must be budgeted.
Exceptions for Debt Service & Plant Project & Cost Share Transfers Transfers out of General Purpose accounts for Debt Service, Plant Projects and Sponsored Cost Share transactions are permitted.
Exception for Research Incentive Distribution (RID)Accounts Each college receives its RID distribution in a Dean’s Office account currently set up in a General Purpose Fund –5490, Tempe RID –5491, West RID –5492, Polytechnic RID –5493, Downtown Phoenix Campus RID
Exceptions for Research Incentive Distribution (RID)Accounts Most colleges make subsequent transfers from their central RID account to individual faculty member’s RID accounts. –These subsequent transfers are made to Non-General Purpose Accounts.
Exceptions for Research Incentive Distribution (RID)Accounts Colleges were given the option of setting up new RID accounts for their faculty in a General Purpose Fund or use their existing accounts and utilize the transfer out code of 8001 55, RID Transfer Out and transfer in code of 6001 55 RID Transfer In to process the subsequent transfer of RID funding to non-general purpose accounts.
General Purpose Funding for Tuition Remission The College Dean’s Office currently receives general purpose funds to pay for research/teaching assistants tuition benefit. A new General Purpose account was set up to receive the tuition remission funding.
Funding Tuition Remission Accounts - Example –College receives their annual funding in their new general purpose account. BB5 1001 –Tuition Remission expenses are incurred in the RA/TA Tuition Remission Accounts – BB5 1997 or BB5 1994 (non-general purpose accounts) –College needs to fund BB51997 for $10,000 and BB51994 for $20,000 of tuition remission expense
Expense Transfer to Fund Tuition Remission Accounts BB51001 7200.40$30,000 (DR) (BB51001 is the account that received the tuition remission funding from General Purpose Funds) – BB51997 7200.40$10,000 (CR) –BB51994 7200.440$20,000 (CR) The new expenditure code 7200.40 RA/TA General Purpose Expense Transfer was set up to facilitate the funding of the tuition remission accounts.
Monitoring of Activity in General Purpose Funds Financial Services will monitor the transfers-in and transfers-out of General Purpose Funds to ensure the accounts are operating under the established processes.
General Purpose Fund Reference A write up on General Purpose funds may be found on the Financial Services Website: http://cfo.asu.edu/fs-references