Hip, Hip, Hooray!!!! - PowerPoint PPT Presentation

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Hip, Hip, Hooray!!!!

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  1. Hip, Hip, Hooray!!!! Stimulus Funds Are On The Way!!! Presented By,Annette Moore and Nancy YarbroughJuly 2009

  2. Topics • Understanding stimulus funds • Obtaining approval before spending • Initiating paperwork • Submitting paperwork • Following through • Q&A

  3. Understanding Stimulus Funds • Expenditures must be charged to the ARRA accounts. • Expenditures may not be posted to an ARRA account by transfer voucher except for service center charges. • Procurement cards may not be used for ARRA expenditures. • Stimulus funds cannot be used toward salary increases or bonuses. • Staff benefits must be paid from ARRA accounts. • Annual leave must be taken prior to June 30, 2011. • Staff computers will be funded in 2010 and 2011. • Faculty computer rotation will be funded in 2010 and 2011. • Unspent funds will notbe carried forward after June 30, 2011.

  4. Obtaining Approval For Expenditures • Get approval before you spend from your area vice chancellor • Get approval before you spend • Get approval before you spend • Al Hooten is the IRIS responsible person for all ARRA funds. • E-mail: ahooten@utm.edu • Allow time for processing

  5. Initiating Paperwork • Departments hiring employees paid by stimulus funds will be responsible for preparing all paperwork and for entering time and leave information in IRIS. • Departments purchasing items or services paid by stimulus funds will be responsible for initiating paperwork and for ensuring that policies and procedures are followed in the purchasing process. • If the purchase qualifies as an asset, the “Resp. cost center” field should have the departmental cost center account number. The “Fund” field is for the account number that is actually paying for the asset (ARRA).

  6. Submitting Paperwork (1) • Departments need to provide as much detail as possible on all paperwork due to strict reporting requirements. • Timesheets of approved stimulus-funded positions will be submitted to Al Hooten with the required employee and supervisor signatures. • Purchase requisitions will be entered by the departmental specialist and forwarded to the area vice chancellor for approval (Annette Moore for VCAA).

  7. Submitting Paperwork (2) • All invoices will be prepared for entry and verified for accuracy and receipt of goods in accordance with fiscal policy and then forwarded to the area Vice Chancellor for approval (Annette Moore for VCAA). • Departments should submit a Vendor Request in IRIS for any vendors not already in the system. • Finance and Administration will enter invoices and will retain all original paperwork related to stimulus expenditures. Invoices associated with contracts and other centrally processed invoices will be forwarded to the necessary department after Al Hooten’s approval has been obtained.

  8. Following Through • Inventory tags, etc. • ARRA government reports

  9. Questions?