What the heck is
Download
1 / 17

so what is cwip - PowerPoint PPT Presentation


  • 171 Views
  • Uploaded on

What the heck is C-W-I-P and Why should I care?. So what is CWIP, anyway?. C W I P = Construction Work in Progress. More About CWIP. Accounting process Holding account for property costs not yet ready to be placed in service Completion Asset placed in service

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'so what is cwip' - daniel_millan


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Slide1 l.jpg

What the heck is

C-W-I-P

and

Why should I care?


So what is cwip anyway l.jpg
So what is CWIP, anyway?

C W I P =

Construction Work in Progress


More about cwip l.jpg
More About CWIP

  • Accounting process

    • Holding account for property costs not yet ready to be placed in service

    • Completion

      • Asset placed in service

      • Transferred from CWIP account to an Asset account

      • Inventory procedures are applied

        • Tagging, depreciation, annual inventory, loans, borrows, transfers, etc.

  • Larger context

    • Proper use of fund types for activities of creating or enhancing assets


And why should i care l.jpg
And Why Should I Care?

  • Timely closeout matters!

    • Compliance with DOE accounting procedures

    • Visible to regulatory and auditing agencies

    • Can impact life cycle/funding of projects

    • Appropriate use of funds (“color of money”)

  • Responsibility

    • Belongs to research program/Principal Investigator

    • Financial management community supports research program

    • Policy and processes are Lab checks & balances for accountability


Cwip policy l.jpg
CWIP Policy

CWIP

  • Formalized and published August 2005

  • CFO website URL:

    http://www.lbl.gov/Workplace/CFO/co/ga/pa/cwip.html

  • Describes roles and responsibilities

    • Divisions

    • Property Accounting

    • Budget Office

    • Property Management


Cwip policy cont l.jpg
CWIP Policy (cont.)

  • Flow chart of project accounting procedures

  • Table - Plant and Capital Equipment (PACE) criteria, guidelines and procedures

  • PACE Project Life Cycle Form


What s new l.jpg
What’s New?

  • PACE Life Cycle Form (electronic)

    • Improve work flow

    • Track progress

  • Role of Property Accounting

    • One clear process “owner”

    • Uses PACE form for processing

    • Reviews proper use of funds (aka “color of money”)

    • Dedicated staff to process CWIP

    • Property Management

  • Additional Processes

    • CWIP Project Log on website

    • Follow up on status of closed project IDs

    • Follow up on project IDs with no recent activity



Pace project life cycle form cont l.jpg

PACE PROJECT

LIFE CYCLE

FORM

PACE ProjectLife Cycle Form (cont.)

  • Submission through project life cycle

    • New project opening

    • Partial completion or capitalization

    • Completion or closeout

  • Critical information

    • Description of asset (including location)

      • Sufficiently detailed for assessing proper use of funds

    • Estimated useful life

    • Estimated completion date

    • Who to contact for additional information


What is the color of money l.jpg
What is the “Color of Money”?

  • The proper use of funds

    • Impacts

      • Project opening

      • Requisitions

      • Final processing by Property Accounting

  • Approval processes addressing “color of money” for requisitions are currently being implemented



Resource analysts tasks l.jpg
Resource Analysts’ Tasks

  • Confirm availability of funds, including “color of money” issues

  • Obtain and document descriptive information from PI

  • Complete and submit Pace Life Cycle form at appropriate times in project life cycle

    • Open

    • Partial capitalization

    • Abandonment

    • Updated cost or completion date estimates

    • Completion

  • Document “color of money” considerations


Resource analysts tasks cont l.jpg
Resource Analysts’Tasks (cont.)

  • Work with property accounting to review exception or issues reports

    • Closed project IDs

    • VWIP

    • Inactive project IDs

    • Requisition exceptions

  • Review and approve purchase requisitions over $50,000


Slide14 l.jpg
VWIP

  • Phrase coined by CWIP working group

  • VALID work in progress

  • Identify when work is still in progress (probably at higher project ID hierarchy level) examples:

    • Work orders

    • Complex Work Breakdown Structure (WBS)

  • Provide comment for CWIP log, identify parent project, estimated completion date


Your input matters l.jpg
Your Input Matters

  • We need your help to make this work in support of the scientific programs

  • How can we effectively propagate this policy to the Principal Investigators?

  • Suggestions (venues, exercises, examples)



Contact us l.jpg
Contact Us…

  • Lesta Nadel x 4670

  • Tim Young x 4832

  • Michele Mock x 2415

  • Anil More x 5254