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Why Use Proper Subcodes?

Why Use Proper Subcodes?. Rochelle Williams, Accounting Specialist Email: rochelle@andromeda.rutgers.edu Phone: 973-353-1540. The Use of Proper Subcodes.

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Why Use Proper Subcodes?

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  1. Why Use Proper Subcodes? Rochelle Williams, Accounting Specialist Email: rochelle@andromeda.rutgers.edu Phone: 973-353-1540

  2. The Use of Proper Subcodes • Federal Cost AccountingStandards require uniformity and consistency in budgeting, accumulating and reporting financial information on Federal Grants and Contracts. • Many of the grants and contracts administered by the Newark Grants Office are directly or indirectly paid for with Federal funds.

  3. The Use of Proper Subcodes • In response to Federal Cost Accounting Standards the 4-2Subsidiary Ledger Subcode Listing was developed. The listing shows the OFFICIAL subcodes and their definitions for use with 4-2XXXX accounts. • No other subcodes should be used on 4-2XXXX accounts without prior approval from the Newark GrantsOffice.

  4. New Capitalization Limit • On July 1, 2003, the University raised the limit for the Quick Order from $1,000 to $5,000. • The University also raised the capitalization limit of equipment from $1,000 to $5,000.

  5. New Capitalization Limit • There are only three officialsubcodes for charging items of capital equipment to 4-2XXXX accounts. • 2240 – Permanent Equipment $5,000 or less. • 7050 – Additions & Improvement of Building and Grounds • 7260 – Permanent Equipment more than $5,000.

  6. For more information and the Official Listing of Subcodes and their definitions, go to: • http://postaward.rutgers.edu/42sub.html

  7. Questions?

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