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Policy Training Program for the Lifecycle of an Account Account Lifecycle: The Beginning Session 1 Account Establishment January 2010 Mary Bell, Computer Science Stacy Brown, Discovery Park Angie Delworth, Consumer and Family Sciences Christy Haddock, Vice President for Research
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of an Account
Account Lifecycle: The Beginning
Stacy Brown, Discovery Park
Angie Delworth, Consumer and Family Sciences
Christy Haddock, Vice President for Research
Samantha Reece, Physical Facilities Business Office
Katie Stair, Budget and Fiscal Planning
Patti Vostry, Electrical and Computer Engineering
Becky White, Sponsored Program ServicesTeam Members
Section 1 - Fund Set up
Section 2 – Payroll Set up
Section 3 – Cost Sharing
Identify policies guiding classification of accounts
Identify overall account management issues
Explain commonalities and differences in sources and establishment of funds
Discuss activities associated with new accounts such as payroll set up and sponsored program cost sharing
Know who to call with questions and be able to ask appropriate questions
As specified by donors
By regulations, restrictions, or limitations set by sources outside the university
By directions issued by the university’s Board of Trustees or upper managementFund AccountingWhat Is It?
http://www.purdue.edu/comptrlr/pdf/AccountManagementGuidelines.pdfAccount Set up
https://www.purdue.edu/account/BPM/OnePurdue/FinalFundListing.xlsAccount Set up
Ensure funds are appropriately classified
Stewardship of funds
Record RetentionAccount Set up
Why should you review your accounts once they have been established?
Why is it important to establish funds in a timely manner?
A department receives a check and a letter that indicates the donor wants to support a scholarship for undergraduates in your department. The administrative assistant who brings it to the business office states that it should be deposited in the department’s general gift account. What action should you take? What fund do you think should receive the check?
A recharge activity in your department is overdrafted. The department head would like to subsidize the activity with funds in their general departmental gift account. Is that allowable?
Yes, this is allowable. Since the funds held in the gift account were given to the department for unrestricted departmental use, the department head can allocate them to subsidize the recharge activity. Notify Costing to revise the recharge rate.
A department wants to transfer funds from their general fund account into a sponsored program account that is over drafted. The rationale is that both funds are budgeted and the department wishes to use general funds to cover the overdraft. Is this an allowable transfer?
No. The correct method to resolve the overdraft is to move the expenses off of the sponsored program account and onto the general fund as voluntary cost sharing.
All staff can ensure that payroll is properly posted and recorded
PAR’s for sponsored research accountsPayroll Set up
Why is it important to communicate deviations in effort?
Why is it important to review the summer payroll calendar for AY staff (i.e.: faculty, staff and graduate students)?
Why do we document cost share commitments not captured in the University accounting system such as donated items, volunteer services or from non-federal restricted funds?
Why is it necessary to track voluntary cost sharing when no effort for the Principal Investigator is included in the budget to the sponsor?
Why are there separate cost sharing IO’s set up at the beginning of the grant?
Commitment included fringes from the university central pool.
Faculty salary budgeted on general funds at budget time.
The Head needs to approve the change as it increases the overall departmental cost sharing commitment.
Is the scope of the project changing in any way by adding this consultant to the project?Example #5 – Fiscal Impacts
In this situation, the business office raised the concerns to the department head who determined that the original plan as approved on the Form 32 should be followed.Example #5 – Solution
Sponsored Programs http://www.purdue.edu/sps/