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FUND BALANCE / NEW REVENUE REQUEST PROCEDURES. 2 PURPOSE FUND BALANCE: 1)To budget prior year unbudgeted fund equity. 2)To budget current year equity.

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Presentation on theme: "FUND BALANCE / NEW REVENUE REQUEST PROCEDURES. 2 PURPOSE FUND BALANCE: 1)To budget prior year unbudgeted fund equity. 2)To budget current year equity."— Presentation transcript:

1 FUND BALANCE / NEW REVENUE REQUEST PROCEDURES

2 2 PURPOSE FUND BALANCE: 1)To budget prior year unbudgeted fund equity. 2)To budget current year equity transfer. NEW REVENUE: To budget current year additional or new revenue received which has anticipated expenditures in current year.

3 3 PROCEDURES PRIOR YEAR FUND BALANCE – Pages 4 to 8 NEW REVENUE – Pages 9 to 12 CURRENT YEAR EQUITY – Pages 13 to 17 REQUIRED REPORTS 1074 Reports current date: Balance Sheet Budget Node Summary

4 4 FUND BALANCE REQUEST - BUDGET JOURNAL (REVEST) To Budget Prior Year Unbudgeted Fund Equity Received from Colleges / Divisions 2 forms of Journal: Revest and Org Revest budget node B4035 for budgeted fund balance Verify Budget Entry: “Adjustment” Verify amount Debit = Credit Verify Chartfiled Combo

5 5 BUDGET JOURNAL (ORG) To Budget Prior Year Unbudgeted Fund Equity Received from Colleges / Divisions 2 forms of Journal: Revest and Org Org budget node must be B5XXX Verify Budget Entry: “Adjustment” Verify amount Debit = Credit Verify Chartfiled Combo

6 REPORT – PRIOR YEAR FUND BALANCE REQUEST To Budget Prior Year Unbudgeted Fund Equity (example Equity > B4035) To verify the available amount to budget “Available Fund Equity” (Beginning Year Balance column) less Budgeted “Fund Balance / B4035” (Current Orig + Adj column)

7 REPORT – PRIOR YEAR FUND BALANCE REQUEST To Budget Prior Year Unbudgeted Fund Equity (example Equity < B4035) Equity is not available to budget in this example due to the fact that budgeted fund balance B4035 is greater than beginning year available fund equity.

8 8 APPROVAL HISTORY Verify for Certified Signature and proper path

9 9 NEW REVENUE REQUEST - BUDGET JOURNAL (REVEST) Received from Colleges /Divisions 2 forms of Journal: Revest and Org Verify Budget Entry: “Adjustment” Verify amount Debit = Credit Verify Chartfiled Combo

10 10 NEW REVENUE REQUEST - BUDGET JOURNAL (ORG) Received from Colleges / Divisions 2 forms of Journal: Revest and Org Verify Budget Entry: “Adjustment” Verify amount Debit = Credit Verify Chartfiled Combo

11 REPORT – NEW REVENUE REQUEST To request New Revenue, verify “Budget Available” less “Soft Commitment” on 1074 report. Verify the “Available Fund Equity” to see if it supports the available budget $ 25, $ 14, – $ =========

12 12 APPROVAL HISTORY Verify for Certified Signature and proper path

13 13 FUND BALANCE REQUEST - BUDGET JOURNAL (REVEST) To Budget Current Year Equity Transfer Received from Colleges / Divisions 2 forms of Journal: Revest and Org Verify Budget Entry: “Adjustment” Verify amount Debit = Credit Verify Chartfiled Combo

14 14 FUND BALANCE REQUEST - BUDGET JOURNAL (ORG) To Budget Current Year Equity Transfer Received from Colleges / Divisions 2 forms of Journal: Revest and Org Verify Budget Entry: “Adjustment” Verify amount Debit = Credit Verify Chartfiled Combo

15 REPORT – FUND BALANCE REQUEST To Budget Current Year Equity Transfer At the beginning of the year, Fund Balance was not budgeted. There was a transfer from another cost center to budget the Fund Balance in the amount of $ 10, $ 10, was budgeted during the budget cycle

16 REPORT – FUND BALANCE REQUEST (continue) To Budget Current Year Equity Transfer Run report to determine cost center from which equity was transferred

17 REPORT – FUND BALANCE REQUEST (continue) To Budget Current Year Equity Transfer Cost center where $ 10, equity was transferred, supports the available budget


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