Lapse Guidelines for Fiscal Year End Balances

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Presentation transcript:

Lapse Guidelines for Fiscal Year End Balances

Lapse Guidelines – Educational & General Funds (14 – Accounts) Deficits not cleared prior to year end will be cleared during the lapse process. Most E & G budget balances lapse at fiscal year end and are allocated: 50% to appropriate VP’s Reserve Fund 50% for deferred maintenance

E & G Funds (14 – Accounts) Exceptions to Lapse Guidelines The following E&G balances are not subject to lapse (carry forward 100%): President/Vice President Reserve Accounts GIT Accounts Lab Fee Accounts Research Development & Special Item Appropriations (to the amount in the GAA) Facilities & Administration (F & A) 14-7 accounts with balances from FY 2007 (no transfers in to these accounts!) Balances under $100 will be swept to Dean / VP account

Lapse Guidelines (19 – Accounts) Designated Funds Deficits not cleared prior to year end will be cleared during the lapse process. M & O 19-7 accounts will lapse at fiscal year end and are allocated: 50% to VP’s Reserve Fund 50% for Deferred Maintenance

Designated Funds (19 – Accounts) Exceptions to Lapse Guidelines The following Designated 19- Accounts are not subject to lapse (carry forward 100%): Most 19- accounts sourced from fees - other than 19-7 19-79 Graduate Program Support Official Occasions Accounts Facilities & Administration (F & A) 19-8 accounts - F&A balances under $100 will be swept to Dean / VP Account

Designated Funds (19 – Accounts) Lapse Restrictions Transfers from an account that will lapse to an account that does not lapse may be disallowed Detailed explanations are required Questionable transfers subject to approval by AVP-Financial Affairs No exceptions.

Lapse Guidelines – Service Centers (18- Accounts) Not subject to lapse (carry forward 100%) Any Surplus/Deficit exceeding 10% requires special exception and approval of AVP-Financial Affairs or University Controller Subject to new Service Center policy for compliance with OMB Circular A-21. Contact Carol Hollingsworth with questions at x4229

Lapse Guidelines – Other Fund Groups Year end balances in the following funds are not subject to lapse (carry forward 100%) Grant and Contracts (26 Accounts) Auxiliary Enterprise (29 Accounts) Gift/Restricted Funds (30 Accounts) Plant Funds (36 Accounts)