Chart Field Combinations

1. Chart Field Combinations

2. Purpose This session is designed to provide an overview of Fund Accounting and its application at Georgia Regents University using Chart Field Combinations.

3. Objectives • Learn the basics of Fund Accounting • Learn about GRU Funds • Learn about Chart Field Combinations • Learn the basics of accounting entries

4. Agenda • Overview of Fund Accounting • GRU Funds • The concept of Chart Field Combinations and their purpose • Basic accounting entries using funds and chart field combinations

5. Basics of Fund Accounting • Governmental focus • Self-balancing set of accounts per fund • The basic accounting equation: Assets = Liabilities + Owner’s Equity +(Revenue-Expenses)

6. Fund Accounting and the Board of Regents Example:

7. GRU Funds • Unlimited number may be used; however, limited by practicality • Other Chart Field Identifiers are used for reporting/further definition

8. What Are Chart Fields? • The Chart Field Combination (CFC) is composed of: • Account Code • Fund • Department • Program • Class • Budget Period • Project/grant ID (if necessary) • The term “Chart Field Combination” (CFC) is a standard PeopleSoft term.

9. What does the CFC tell us? • The Chart Field Combination (CFC) are numerical characters that tell us: • What the funds were used for • Where the funds came from • Who (i.e. what school) the funds belong to

10. Account Codes • The “What” • Descriptor of the nature of the revenue, expense, asset, liability or net asset (fund balance) accounts

11. Account Codes • 1XXXX – Assets • 2XXXX – Liabilities • 3XXXX – Net Assets, Reserves • 4XXXX – Revenues • 5XXXX thru 8XXXX – Expenses • 9XXXX – Allocation Transfers

12. Fund Code • The “Where” part I • The source or nature of the item

13. Fund Groups Unrestricted – Operating (1XXXX) Restricted Purpose (2XXXX) Loan Funds (3XXXX) Endowment (4XXXX) Plant (5XXXX) Agency (funds held for others) (6XXXX)

14. Department Code • The “Who” • First 2 digits represent a School or admin unit • The next four digits are dept defined – generally a dept or program with the first 2 digits • If the first of last digit is an “A”, it is an agency code

15. Program Code • The “How” the funds are to be used • Defined by the BOR • Based on the NACUBO (National Association of College and University Business Officers) “functional” area

16. Program Code Overview • Education & General - 1XXXX • Auxiliary Enterprises - 2XXXX • Other - 3XXXX

17. Program Code DetailEducation and General • Instruction 11XXX • Research 12XXX • Public service 13XXX • Academic support 14XXX • Student services 15XXX • Institutional Support 16XXX • Plant Operations 17XXX • Scholarships and Fellowships 18XXX

18. Program Code DetailAuxiliary Enterprises • Housing 21XXX • Food services 22XXX • Stores 23XXX • Health services 24XXX • Transportation and Parking 25XXX • Auxiliary Plant 26XXX • Other Organizations 27XXX

19. Program Code DetailOther • Patient care 32XXX

20. Class Code • The “Where” part II • Generally correlates with the Fund • Gives a more detailed “Where” than the Fund • Detailed Source/Use of funds • Used for both revenues and expenditures • Unique to the State of Georgia

21. Class Code Examples: • 11000 General Operations • 19000 Dept Sales • 41100 Dept Sales • 61000 Sponsored Federal • 61031 Federal Work Study • 64060 Clinical Trials

22. Project/Grant ID • Identifies a specific Sponsored agreement or a project • Up to 15 digits in length • Generally, if code starts with Alpha, it is a grant • If it starts with numbers, generally it is a project

23. Project/Grant ID Examples: • MERCK00001 – A Merck Pharmaceuticals Clinical Trial • NHLBI0001 – An (NIH) National Heart, Lung and Blood Institute Grant • VAMC0001 – A Veterans Affairs Medical Center IPA for Dr. Smith • 0044008 – 28th Annual Opthal Symposium

24. Budget Period The Year in which revenues, expenses, encumbrances originated

25. Basics of Accounting Entries • Double entry • Use two columns and amounts are not distinguished by + or – • Ex. Cost Transfer Form • Debits and Credits • Whether a debit or credit increases or decreases a balance depends on the type of account

26. More Debits and Credits • Example • Dividend, Expense, Assets, and Losses (DEAL): Debits increase while credits decrease the balance • Gains, Income, Revenues, Liabilities, and Stockholder’s Equity (GIRLS): Debits decrease while credits increase the balance.

27. Questions/Answers

28. References • Websites • GRU Controllers Office http://www.georgiahealth.edu/finance/controller/ • USG BOR Policy Manual http://www.usg.edu/business_procedures_manual/

29. Conclusion • This concludes Chart Field Combinations • If you have any questions, you may contact • Laura Craft – lcraft@gru.edu, 706-721-6235 • Karen Castleberry – kcastleberry@gru.edu, 706-721-2135 • Barandy Brock – bbrock@gru.edu, 706-721-2903 • Andrea Buchanan – abuchanan@gru.edu, 706-721-2136 • Julie Wilson – jwilson@gru.edu, 706-721-9179 • Thank you