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Account$$$$$$$$ - PowerPoint PPT Presentation

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Account$$$$$$$$. Fall 2012 training. ACCOUNTS/COST CENTERS. All clubs have two accounts: Agency (1102) – club dues & Revenue Income Events (RIE) Departmental (0112) – allocated funds All clubs may request a third account: University Foundation (0392) - donations. Agency account—1102.

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Fall 2012 training

accounts cost centers
  • All clubs have two accounts:
  • Agency (1102) – club dues & Revenue Income Events (RIE)
  • Departmental (0112) – allocated funds
  • All clubs may request a third account:
  • University Foundation (0392) - donations
dues revenue income events 1102
  • Dues:
  • Membership fees from club members
  • Not tax deductible
  • Revenue Income Events:
  • Revenue sanctioned club “fundraisers”
  • Club provides a good and/or service in exchange for payment
  • Taxed (both goods and services)
spending the 1102 account
Spending the 1102 account
  • Purchases must be consistent with the purpose of the club
  • Items may be kept by individual members or sold for profit
  • Account does not accrue interest and does not expire
allocated funds 0112
Allocated funds—0112
  • Funded by tuition dollars
  • Allocated by the Club Sports Advisory Council
  • Expires every year
        • MUST be spent by April 15th of each year
spending the 0112 account
  • Allowable purchases include:
        • Team equipment & uniforms
        • Travel-related purchases
        • Registration
        • League Dues
        • Officials
  • Non-allowable purchases include:
        • Personal items
        • RIE materials
foundation funds 0392
  • Funds housed with COHEP Foundation (GRD ED Bldg)
  • Funds come from persons/companies who give (donate/gift) without anything in exchange
  • Donors will receive recognition from University
  • Donors are eligible to receive tax credit
  • Funds accrue interest and never expire
spending the 0392 account
  • Allowable purchases include:
        • Supplies
        • Equipment
        • Promotional materials
        • Club-wide dinners/food
        • Travel-related purchases
  • Non-allowable purchases include:
        • Personal items
        • RIE materials
depositing funds

1102 & 0392

depositing funds into 1102 account
Depositing funds into 1102 account
  • UREC Main Office (HPER 225)
          • Open M-F 8am-8pm, Sat 9am-5pm, Sun 1-5pm
  • Complete the deposit form given by UREC office employee
  • Deposit must come within one business day of receiving the funds
  • If depositing dues, ensure you know the name & amount for the deposit form
  • Deposits can be made by anyone
          • If you choose to allow members to do this, ensure that they bring a copy of the deposit form & receipt to club officers
depositing funds into 0392 account
Depositing funds into 0392 account
  • If donations are mailed to UREC directly, Shannon and Griffin will deposit funds appropriately
  • If walking in donations, set up a meeting with Shannon to drop off
          • Shannon/Griffin will deposit funds appropriately
  • Deposits will show up in accounts viewed by Griffin at least one week after they are made
financial statements
  • Working to put financial statements on Google Docs
          • Only officers will be allowed to view statements
          • Updated monthly
  • Statements are available upon request
  • QuickBooks, the program used to for accounts, may not be up to date
          • Reconciled once a month by Griffin
  • Funds are encumbered to ensure that there is no over spending
  • If you every have any questions or concerns, contact Shannon immediately
budgeting hearings
Budgeting & hearings
  • Spring training will cover the budget hearing process
          • Budget templates available on website
          • Initial budgets due at the end of February
          • Budget hearings will occur in April
          • Allocations announced after July 1
  • Set up a meeting with Shannon/Mike to discuss budgets and budgeting for your club
purchasing process
          • If you’re purchasing a logo item (anything with the words “Arkansas”, “Razorback” or a hog) attach a proof in color
          • A fax number MUST be included for purchases that cannot be completed via credit card
  • Allow three business days for request to be processed
          • If purchase is under $300 and can be paid via credit card, the purchase will take only a few days
          • If purchase is over $300 and/or requires a check (purchase order), allow at least five business days for the process to be started
purchasing process credit card
Purchasing process – credit card
  • Items that may be purchased via credit card:
          • Equipment
          • Uniforms (sans logo)
          • Supplies
  • If you wish to purchase an allowable credit card purchase locally, submit purchase request and set up a time for Shannon/Mike to meet you at the business to make the purchase
  • Shannon’s credit card has a $2,500 limit. Plan accordingly.
purchasing process check po
Purchasing process – check (PO)
  • Goods/services that must be paid via check (purchase order):
          • Goods with Arkansas-related logos
          • Payment to persons (officials)
  • There is ONE purchaser for Club Sports (in ADM office) which may delay purchasing process
  • Try to pick a business that is familiar with the purchase order system with a university
          • Payment is made to the business AFTER goods are receiving
purchasing process bidding
  • If a purchase is over $5,000, the purchase must go to bid, ensuring that the best deal is acquired
          • Bid process includes at least three businesses that offer the same/similar item
  • See Shannon to complete bid process
  • Bid process will take weeks
  • Cannot bypass bid process by breaking up an order
purchasing licensing logo items
  • University Athletics must approve all logos with the words “Razorback” or the hog is used
  • University Relations must approve all logos with the word “Arkansas” in it
          • Shannon will acquire approval from Athletics/University Relations. Send her a colored proof of the items.
  • Vendors who are printing/supplying items/apparel MUST be licensed by the Collegiate Licensing Company (CLC).
          • Approval may be gained by Athletics in special circumstances. Shannon will help get this approval
  • Royalties must be paid for all items bearing University logos
          • 12% of the total cost of items purchased for resale
          • 10% of the total cost of items purchase for personal use
          • Many companies build royalty fees into cost of item