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The Color of Money at UF A Guide to How Moneys May Be Spent at UF

The Color of Money at UF A Guide to How Moneys May Be Spent at UF. Housekeeping. Name Plates. Cell Phones. Rest Rooms. Materials. Questions. Fire Drill. When Class is Complete. Class Completion. Please sign roster. Evaluation: Let us know what you think!. Today, We Will:.

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The Color of Money at UF A Guide to How Moneys May Be Spent at UF

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  1. The Color of Money at UFA Guide to How MoneysMay Be Spent at UF

  2. Housekeeping Name Plates Cell Phones Rest Rooms Materials Questions Fire Drill

  3. When Class is Complete • Class Completion Please sign roster. Evaluation: Let us know what you think!

  4. Today, We Will: • Introduce UF’s sources of funds • We’re a complex place • Your department or work unit’s moneys may come from a variety of sources • Link these sources of funds to “Fund Codes” • Which we will define and explain in a moment

  5. Today, We Will: • Describe how moneys can and cannot be used by reviewing spending “rules” • We’ll do this by exploring a general framework associated with the concept of “allowable expenditures” • Practice applying the rules, or directives, associated with these funding sources

  6. Today’s Overall Objective Our overall objective: • To ensure you understand how funding sources can be used when completing financial transactions Clarity + Compliance = Good Stewardship

  7. Our Agenda • Basic groundwork • Fund accounting: source of funds • Accounting system: myUFL, ChartFields, Fund Codes/funds/Source of Funds • Summary of general funding

  8. Our Agenda • Specific information about each funding source • Where it comes from • What we call it • How it’s reflected in the myUFL system • Some distinctions about the money • Budget-based and cash-based

  9. Our Agenda • Allowable expenditures • General • Fund specific • Other funding sources—FYI • So, let’s get started!

  10. Private Business: Emphasis on profit Return to investors Company relies on investors and revenue UF: Emphasis is on accountability—how moneys are spent Variety of funding sources—for ex.: State of Florida Sponsored Projects Component Units Auxiliaries The focus of today’s session! How is UF Different?

  11. Fund Accounting • UF uses “Fund Accounting” • Fund Accounting provides the understanding that our money comes from different sources and allows us to track the flow of the money separately

  12. Fund Accounting • Fund Accounting establishes accountability • With Fund Accounting: • Each transaction is placed in one of several funds that are identified by Fund Code • Each fund is a self-balancing set of accounts • In each fund, cash and other financial resources (what you have available to spend and deposits) are offset with all related liabilities (what you have spent)

  13. Fund Accounting • Separating transactions by fund allows for accountability to government, donor agencies, and other stakeholders • Type of fund used may determine spending controls and other rules associated with tracking and reporting

  14. Fund Code Fund Code Fund Code Fund Code Fund Code Conceptually … Moneys come to UFfrom a variety of sources These moneys are “deposited”into funds (identified bydifferent Fund Codes) depending on the source and how the funds can be used

  15. Conceptually … • Fund Accounting lets us track financial transactions per “bucket” • When your department spends from (or makes deposits to) these “buckets,” this financial transaction is linked to your department based on the Department ID ChartField used

  16. Other Key Concepts

  17. Key Concepts • myUFL/PeopleSoft • ChartFields • funds • Fund Codes • Source of Funds • Budget-based • Cash-based

  18. myUFL System myUFL System • University of Florida’s name for the PeopleSoft system (and related tools) that we use for financial, human resources, student financials, and reporting transactions

  19. my.ufl.edu

  20. ChartFields ChartFields • Standardized numbers that make up backbone of UF’s accounting system • Used for all financial transactions at UF • Must be used in proper combination (ChartField string) for revenue and expense transactions • The required and proper combination generally is based on the Fund Code

  21. ChartFields This is an example of how the ChartFields appear in a requisition

  22. “Funds” • Moving forward today, we will also reference these three concepts that are important to distinguish: • “funds” Vs. • Fund Code Vs. • Source of Funds

  23. “funds” • “funds” • Is the term we use generally to denote moneys or available resources that are to be spent in support of UF and its activities • Note the lowercase “f”

  24. Fund Code • “Fund Code” is a 3-digit number (or ChartField), which we use in the myUFL system, that identifies what type of moneys you are spending • It is a required field when completing financial transactions • This is how you distinguish whether you are spending State of Florida funding vs. Auxiliary funding vs. Sponsored Projects funding, etc.

  25. Source of Funds • “Source of Funds” is a 7-digit ChartField used in myUFL/PeopleSoft • Tracks revenue and expenditures from outside sources • Provides accountability to donor agencies • Is a required field for contracts and grants and for transfers from component units (DSOs/affiliates)

  26. Source of Funds • Identifies from what entity or agency the moneys are provided • For example, if a grant is from the US Department of Education, the required "Source of Funds" ChartField is G000020

  27. Conceptually … A particular Fund Code, then, may beassociated with many Sources of Funds so that we maykeep track of financial activities associated withspecific donors and funding agencies Fund Code Source of Funds WSource of Funds XSource of Funds YSource of Funds Z

  28. Why So Complex? • In combination, these concepts work together to provide accountability for how our moneys are spent

  29. To Learn More, Please Attend: • “Basic Accounting Concepts for UF Fiscal Administrators” (PRO304) • Includes an introduction to ChartFields • “Budget and Commitment Control” (PST050/PST950) • Introduces ledger groups (APPROP, CASH_BASED, etc.)

  30. To Learn More, Please Attend: • “Purchasing 101” (PRO305) • Provides additional guidelines related to purchasing transactions at UF • “UF Travel Directives Workshop” (PRO306) • Provides travel and expense guidelines for university travelers • “Post-Award Overview” (PRO323) • Introduces post-award grant functions

  31. General Funding Sources at UF

  32. FL CU SP AUX So, What’s the Color of Money? • Let’s begin by looking at four of UF’s funding sources: • State of Florida—Yellow • Sponsored Projects—Purple • Component Units—Green • Auxiliaries—Blue

  33. FL Funding Sources at UF

  34. SP Funding Sources at UF

  35. CU Funding Sources at UF

  36. AUX Funding Sources at UF

  37. UF’s Total Funding FY 2012-2013

  38. SP In Your Work Unit • Not all departments have all funding sources or have funding sources in the same amount as other departments • For example, some departments have a lot of Sponsored Project funding—while others have none Think about it: What are the funding sources for your department?

  39. State of Florida

  40. Fund Code 101 Fund Code 102 Fund Code 103 State Appropriation • State of Florida State Appropriation UF Chief Financial Officer (CFO) and Provost Office working with VPs, UF Deans, etc., decide how much of this “bucket” can be used by your department

  41. FL Funding Sources at UF

  42. FL Funding Sources at UF

  43. FL Funding Sources at UF If you work on main campus, youwill spend fromFund Code 101

  44. FL Funding Sources at UF If you work at the HSC, it’s possibleyou will spend from Fund Codes 101 and 102. If you’re at the Vet School, you also mightspend from Fund Code 103

  45. FL Funding Sources at UF If you work in IFAS, you might spend from Fund Codes 101 and 103

  46. FL Funding Sources at UF These FundCodes are used by the Office of the CFO throughoutthe year to makeadjustments astuition is collected in conjunctionwith FundCodes 101-103

  47. FL Funding Sources at UF These FundCodes are used by the Office of the CFO throughoutthe year to makeadjustments aslottery funds are provided in conjunctionwith FundCodes 101-103

  48. Sponsored Projects

  49. Fund Code 201 Fund Code 209 Sponsored Projects • Federal and non-federal funding agencies • Sponsored Project funding • Contracts, Grants,Coop Agreements Division ofSponsored Research

  50. SP Funding Sources at UF

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