Basic Fund Accounting

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1 Basic Fund Accounting ACCOUNTING SERVICES TRAINING & OUTREACH BPDP INTERMEDIATE LEVEL Revised: February 2014

2 Class Objectives Demonstrate knowledge of basic accounting terms Explain how we use Fund Accounting with the Integrated System 2

3 Class Benefits What is a GL string and how is it different from my PTAEO? How do my entries have an impact on the big picture? 3

4 ACCOUNTING FUND ACCOUNTING System of recording financial transactions Uses an organized method Necessary for analysis, reporting, and decision making Emphasizes accountability Segregating resources Used by non-profit orgs/governments, including Higher Ed 4

5 Why Fund Accounting Resources are from a variety of sources Must be used appropriately and not comingled Requires unique identification and reporting 5

6 Chart of Accounts Used for classification of financial transactions Identifies the fund, function, and organizational unit Critical for institutional and managerial reporting 6

7 Integrated System GL Chart of Accounts

8 Entity Entity Segment Values State Agency Agency Code Local State Outside UVA MED CTR UVA WISE SWVA

9 Depositing funds to projects for outside agencies or on behalf of non-uva organizations Agencies outside UVA include: Health Services Foundation Darden Foundation Law School Foundation Non-UVA groups or organizations whose money is held by UVA (for scholarships or other similar purposes): Seven Society Colonnade Club ROTC Scholarships VA Museum of Natural History

10 What is a Fund? Self-balancing set of accounts Categorized for specific purposes Fund Groups Current Non Current Agency 11

11 Fund Groups Current Funds Operations Noncurrent Funds Loan programs Endowment activities Capital outlay activities Agency Funds Custodial 12

12 Examples of Current Funds Source Current Fund Description State appropriations Tuition and fees Federal/State/Local governments Industry Administrative distributions Private donors Revenue & cost recoveries Royalties, licenses, etc. State E&G funds Grants and contracts FA cost recoveries Gifts Endowment income Sales and services Auxiliary enterprises Intellectual property 13

13 Examples of Noncurrent Funds Source Noncurrent Fund Description Federal government Banks Donors Loan funds Endowment & similar funds (principal) Donors, Auxiliary reserves, FA funds Capital outlay funds (construction, renovation) Student groups Foundations Agency funds 14

14 UVa Fund Source Values 15

15 Restricted? Unrestricted? Restricted current funds Externally imposed stipulations on their use Unrestricted current funds No external stipulations, but the University may designate these funds for specific purposes 16

16 Basic Financial Reports Balance Sheet Income Statement Cash Flow 17

17 Balance Sheet Statement of Net Position Assets liabilities = Owner s Net Position Equity Assets Liabilities Net Owner s Position Equity 18

18 Debits and Credits: Statement of Net Position (aka Balance Sheet) Debit (to increase) Credit (to increase) Assets Cash Accounts Receivable Investments Buildings/Equipme nt Liabilities Accounts Payable Deferred Revenue Long-term Debt 19

19 Statement of Revenues, Expenses, and Changes in Net Position Income Statement Revenue Expenses = Owner s Change in Equity Net Position Expenses Revenues Change Owner s in Net Position Equity 20

20 Debits and Credits: SRECNP (aka Income Statement) Debit (to increase) Credit (to increase) Expenses Revenue 21

21 Recording Transactions Journal Entry Debit Credit 0/ 22

22 Fund Accounting at UVa 23

23 Sources of Funds Tuition and Fees Patient Services Commonwealth of Virginia Gifts Grants Sales and Services Investment Income 24

24 Sources of Funds and Award Prefix Fund Source Award Prefix State E&G Grants and contracts State appropriation Tuition and fees Federal/State/Local governments Industry SG G_ FA cost recoveries Administrative distributions FA Gifts Endowment income Sales and services Auxiliary enterprises Donors Revenue and cost recoveries DR, DU EI, DI SS, LS SA, LA Intellectual property Royalties, licenses, etc IP Agency Student groups Foundations YY 25

25 Academic and Medical Center Divisions Combined 26

26 Academic Division 27

27 Revenue Projects Used to record funds received from our sources Contain the cash that supports award installments Transaction is recorded in the GL module using the GL String 28

28 Uses of Funds Instruction Patient Services Research Public Service Academic support Institutional support Student Services 29

29 Expenditure Projects Used to record funds expended Contain the budgets for the work that is being done Transaction is recorded in the GA module using the PTAEO 30

30 GA Charging Instructions PTAEO 31

31 Integrated System Accounts Payable Budgets Accounts Receivable Deposits (cash, checks, credit cards) Purchasing Grants Accounting Summarize PTAEO to GL String General Ledger Labor Distribution Fixed Assets Recharge Centers SIS detail summary 32

32 Combining Sources and Uses GL String one to one Many awards to one fund source Many expend types to one object code one to one Many awards to one entity GA PTAEO 33

33 P-A Mapping General Ledger RP Revenue Projects LA DR1 SA DR2 Awards Expenditure Projects Grants Accounting 34

34 GL Revenue P FM Lewis Botanical Garden P1 A ER00083 FM Lewis Botanical Garden GA Expenditures P FM Lewis Botanical Garden 35

35 GL Revenue P SA UCS Gifts GA Expenditures A DR01340 SA UCS Gifts P P P P P P SA UCS Gifts SA UCS Employer Svc SA UCS CLAS Svs SA UCS Library SA UCS NYRA SA UCS Resume Marathon 36

36 AT-Ticket Sales AT-Concessions AT-Suite Lease GL Revenue P P P RP 0028 AT-State Revenue GA Expenditures AT-State Rev Award A SA00001 P P P P P AT-Football AT-Men s Basketball AT-Women s Basketball AT-Men s & Woman s Track AT-Men s & Women s Swimming 37

37 GL Revenue Restricted General Gifts P Ticket Sales Concessions Suite Lease P P P RP 0028 AT-State Revenue GA Expenditures A DR00127 AT-General Gifts A SA00001 AT-State Rev Award P P P P P AT-Football AT- Women s Rowing AT-Men s & Women s Track AT-Men s Basketball AT- Women s Basketball 38

38 FI-State Gen Funds FI-State Non-ed S&S Revenue FI-Gen Fund Appropriation GL Revenue P P P RP 0001 A SG00001 A SG00007 A SG00010 GA P P Expenditures P P P P

39 Processing Funds (link) 40

40 Budgeting In order to spend money allocated to your project, it must be funded, budgeted, and approved The amount of the budget cannot exceed the amount of funding for the project Budget at the resource group (high level) or resource (expenditure type) 41

41 Cash vs. Budget Award Prefix Cash Budget SG/SR State funds No Yes LG/LC EI/DI G_ Institutional funds Grants and contracts No No Yes Yes DU/DR Gifts Yes Yes SA/LA SS/LS Sales and services Yes Yes FA/IP/YY Various Yes Yes 42

42 Training and Outreach Contact info: Lynn Galasso Devin Herod 1 43

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