1 / 12

Deposits to University Accounts

Deposits to University Accounts. Selecting the correct object code. SOM Business Managers’ Meeting April 28, 2010 Patsy Oliver, Asst. Dean Finance & Business Operations. Object Code Restrictions. Contract Trust deposits may use only 41XX A service contract for example

naasir
Download Presentation

Deposits to University Accounts

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. Deposits to University Accounts Selecting the correct object code SOM Business Managers’ MeetingApril 28, 2010 Patsy Oliver, Asst. Dean Finance & Business Operations

  2. Object Code Restrictions • Contract Trust deposits may use only 41XX • A service contract for example • Gift deposits may use only 42XX • Investment/Other Income deposits may use only 43XX Before making a deposit, ask yourself, “Is this a gift? A contract & grant? A contract trust?”

  3. Object Codes – Contract Trusts

  4. Object Codes – Gifts

  5. Object Codes – Investment/Other Income • SOM uses only object code 4390. You may see other 43xx • codes in fund additions from the investment office.

  6. Gifts – What is a gift? • The term “gifts” refers exclusively to private contributions given for the benefit of the University even though such contributions are sometimes called “grants” by foundations and corporations. A gift is an outright or deferred contribution received from an individual, foundation, or corporation (the “donor”) for which no goods or services are expected, implied or forthcoming for the donor. In their discretion, the University, the Foundation or any University-associated entity may decline to accept a proposed gift from an individual, corporate or foundation donor.

  7. Gifts – What does/does not belong in a gift account? • What does belong in a gift account? • A gift! See previous slide for definition. • What does not belong in a gift account? • Registration fees • Conference fees • Service contracts • Etc. • It’s not a gift if the donor has control of or signatory authority on the account. • It’s not a gift if a faculty member contributes monies, with the intention of using the monies.

  8. Gifts – Where does the gift go? • UNC Policy • “Only gifts from University-related foundations may be deposited through the Cashier's Office. All other gifts must be deposited through the Development Office,” https://financepolicy.unc.edu/302_1 • Or in the case of SOM, the Medical Foundation (accompanied by a Gift Transmittal Form).

  9. 4390, Other Income • Under no circumstances should gifts be deposited into object code 4390 • 4390 is not a “catch all” • 4390 is a flag for auditors

  10. Other items to consider • Conflict of interest • Contributor cannot be the approver • A faculty member who contributes monies, or designates his/her consultant monies as a gift cannot be the “Approved by” signature on the account. • Generic gift account • In general, a department should have one gift account to receive the majority of gifts to the department. However, a gift with restrictions may need a separate gift account. • Financial reporting requirements • Often, due to financial reporting requirements, a unique account must be issued for gifts, scholarships, etc.

  11. UNC Policies on Gifts, Contributions, & Solicitations http://giving.unc.edu/documents/policy/documents/Gift_Accpt_Policy.pdf

  12. Selected Expense by Fund Group “Quick Reference Grid” (Revision effective 4/1/03)

More Related