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COST SHARE

COST SHARE. Cost share is a part of the project expense NOT paid for by the Agency!. Cost Share on C&G Accounts. Cost Share is tracked using sub-accounts Sub-accounts can have one of two types: EX type = regular expense sub-accounts CS type = cost share sub-accounts

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COST SHARE

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  1. COST SHARE Cost share is a part of the project expense NOT paid for by the Agency!

  2. Cost Share on C&G Accounts • Cost Share is tracked using sub-accounts • Sub-accounts can have one of two types: • EX type = regular expense sub-accounts • CS type = cost share sub-accounts • CS sub-accounts need to have an associated departmental account • We call this the “source account” because it is the source of income to cover the cost share expenses.

  3. Cost Share – The Model Agency Funded Expenses Sub - Acct Expense Sub - Acct Expense GRANT ACCOUNT University Contribution (Cost Share) Departmental Account Sub - Acct Cost Share 3rd Party Contributions Cash – Dept. Source Acct

  4. COST SHARE – The Process Departmental Account GRANT ACCOUNT Sub - Acct Cost Share Expenses Income System ID’s new expenses… …and transfers income to offset the expenses.

  5. Departmental Account GRANT ACCOUNT Sub - Acct Cost Share Expenses Income Cost Share Object Codes The Transfer of Funds uses an expense transfer object code on the departmental account (9924, 9925, 9940, 9950, etc.). Expenses in the CS sub-account use regular expense object codes (2400, 2500, 4074, 4509, etc.). The TF uses an income transfer object code on the CS sub-account (9915).

  6. Cost Share Sub Account - FIS

  7. Cost Share Sub-AccountNormal expense booking - 2000 obj code

  8. Cost ShareTransfer Funds -9915 cover expense

  9. Cost ShareSource Account (level lookup)

  10. Cost Share Source Account (Object look-up)

  11. Cost Share Source Account (Actual booking)

  12. Cost ShareSource account (behind monthly bucket)

  13. Cost Share – Monthly Operating Statements • Cost share sub-accounts are listed separately from the main grant account and other expense sub-accounts. • Transfers are separated from revenue and expense. • Departmental “source” accounts show the expense transfers in the regular expense levels and consolidations (i.e., a transfer to cover cost-shared salaries will appear with other salaries paid directly from the departmental account).

  14. Timeliness of Cost Transfers to Cost Share Sub Accounts • Increasing Emphasis from Internal Audit and External Agency OIGs • Important Notice 03-2 • 90-Day limit for transferring costs • Special considerations: • End of a grant/contract period • End of the fiscal year • Salary Transfers & Effort Reports are especially important • http://www.fms.indiana.edu/cg/imp_notice/03-2.asp

  15. COST SHARE • Questions?

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