1 / 10

PROPERTY and FUND MANAGEMENT

PROPERTY and FUND MANAGEMENT. SUBMISSION DEADLINES. Equipment Acquisitions, Deletions & Changes; including Fabrication in Progress 06/06/08 Installment Contracts Adjustment between Principle & Interest 06/23/08 Installment Contracts Payable 07/08/08

august-lester
Download Presentation

PROPERTY and FUND MANAGEMENT

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. PROPERTY and FUNDMANAGEMENT

  2. SUBMISSION DEADLINES • Equipment Acquisitions, Deletions & Changes; including Fabrication in Progress 06/06/08 • Installment Contracts Adjustment between Principle & Interest 06/23/08 • Installment Contracts Payable 07/08/08 • Library Books (Increase/Decrease) 07/14/08

  3. ON-LINE ACCESS Disable eInventory 06/30/08 Enable eInventory 07/23/08

  4. INVENTORY ISSUES • Fixed asset acquisitions and disposals have not been properly submitted in the year of occurrence. • Reclassification of RCUH advances (subcode 7232) involving fixed assets should be processed throughout the fiscal year.

  5. INSTALLMENT CONTRACTS • Installment contracts are defined as agreements to purchase or lease with option to purchase: • Involves a series of payments on a debt. • Each payment is specified as to principal and interest (i.e., existence of an amortization schedule). • Have specified due dates on the payments

  6. INSTALLMENT CONTRACTS • Assets and liabilities (installment contract) are recorded in the FMIS when the asset is first placed in-service • Principal payments that are coded with 5606 or 7706 reduce the installment contract liability • Subcodes 5606 and 7706 operate differently from “regular” expense subcodes. Do not include installment contract principal payment subcodes 5606 or 7706 on your AP listing because the subcodes are designed to reduce the liability rather that increase it.

  7. SUBCODE CORRECTIONS • Special requirements for ORS administered funds : • Three JVs will be required to correct subcode errors if corrections are made after July 1st: • One JV to correct the subcode error in the accrual period. • Second JV to correct the subcode error in the succeeding fiscal year. • Third JV to reverse the correction of the subcode error in prior fiscal year accrual period.

  8. Construction in Progress (CIP) Reclassification • CIP should be properly capitalized and depreciated in the year of completion. • Includes real property as well as equipment fabrication. • PFMO needs beneficial occupancy information within the applicable fiscal year for real property projects. • Ongoing requirement.

  9. Timeliness of Response • Prompt response needed to ensure proper recordation and/or adjustments • Includes requests for information for P- card purchases, purchase orders, gifts, and deposits • Timely processing of journal vouchers

  10. Questions/Discussion? • Please contact the Property Fund Management Office at 956-8735 if you have any questions or need assistance.

More Related