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Presented by: Kathleen Sobie Budgets & Grants

University of Manitoba General Operating Fund Hierarchy, Predecessors, and Revenue Sources February 20 th , 2008. Presented by: Kathleen Sobie Budgets & Grants. General Operating Fund

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Presented by: Kathleen Sobie Budgets & Grants

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  1. University of ManitobaGeneral Operating FundHierarchy, Predecessors, and Revenue SourcesFebruary 20th, 2008 Presented by: Kathleen Sobie Budgets & Grants

  2. General Operating Fund • The General Operating Fund supports expenditures that are incurred to continue normal operations of the university. • Fundamental Elements: • Revenue Sources • Fund Organization Method

  3. General Operating Fund • Revenue Sources: Two Primary Sources: • COPSE* 56% • Tuition 25% Secondary sources (multiple): • Other 19% • *Council on Post Secondary Education • Fund Organization Method: • Hierarchy • Segregated into two main categories: • Unrestricted Operating Funds • Internally Restricted Operating Funds

  4. General Operating Fund Hierarchy

  5. Hierarchy Characteristics • Six Levels • Top two levels identify Fund Type • Bottom level (6 digits) data entry level Unrestricted Operating Fund Internally Restricted Operating Fund

  6. Unrestricted Operating Fund Hierarchy Levels 1 to 5

  7. Startup Research – Fund Type 01 General Funds Type 10 Level 1 Predecessor Level Unrestricted Funds Type 01 Level 2 Predecessor Level Unrestricted Operating Funds 110 Level 3 Predecessor Level Individual Allocation Funds 1240 Level 4 Predecessor Level Start Up Research 12400 Level 5 Predecessor Level “Startup – Example” 12xxxx Level 6 Data Entry Level

  8. Internally Restricted Operating Fund Hierarchy Levels 1 to 5

  9. Income Funded Projects – Fund Type 11 General Funds Type 10 Level 1 Predecessor Level Internally Restricted Funds Type 11 Level 2 Predecessor Level Internally Restricted 120 Level 3 Predecessor Level Income Funded Projects 1220 Level 4 Predecessor Level Income Funded Projects 12200 Level 5 Predecessor Level “Income Fund Example” 12xxxx Level 6 Data Entry Level

  10. Purpose of Different Operating Fund Types: • Identify the funding source • Identify the intended purpose of the revenue • Ensure proper allocation of primary revenue sources • Revenue and expenditure matching • Reporting and compliance purposes • (See Annual Financial Report in Related Links) • Carryover allocation purposes

  11. General Operating Fund Sources Revenue Sources

  12. Primary Revenue Source • Unrestricted Operating Fund – Type 01 • Identifying Features: • Centrally funded and administered by VP(Admin), Budgets & Grants, and RCGA • Allocated to units and faculties in their expenditure budgets (no revenue Accounts in Type 01 operating FOAPS) • Main Operating Budget Striking Phase II • Central reserve transfers for: • Baseline funded salary increases* • Moving allowances, RSL, etc. • *Annual increments, step increases, merit increases, anomalies, etc.

  13. Unrestricted Operating Fund - Predecessor & Revenue Source

  14. Secondary Revenue Source • Internally Restricted Operating Fund – Type 11 • Identifying Features: • Externally funded and administered by faculties, units, and Budgets & Grants via: • - Sales & Service Budget Striking Phase I • - Income Budget Adjustments • Allocated to units and faculties in their revenue* and expenditure budgets • Revenue source determines fund predecessor and revenue Account type • Self-sustaining *Exceptions: Indirect costs of research & Transfers from Trust

  15. Internally Restricted Operating Fund - Predecessor & Revenue Source

  16. Summary of differences between Unrestricted and Internally Restricted Operating Funds

  17. Related Topics – FYI • Restricted Fund with multiple revenue sources: • Allowable under 12200 – Income Funded Projects • (Ideal for projects with multiple funding sources – i.e. fundraisers.) • Fund number is not an indicator of Fund type: • Six digit fund number that starts with 12 may belong to Fund type 01 OR 11 • Determine Fund type using the chart of accounts found at:http://umanitoba.ca/computing/renewal/aurora/finance/aca/coa.html • Budget Transfers between Fund type 01 and 11 • Intra-Fund transfers – Accounts 810035 & 820035 • (ideal for contributions from unrestricted operating to special projects in internally restricted funds) • Your Financial Services Budget Accountant can process

  18. Related Links • Budget adjustment reference sheet • Provides information on financial services processes for intra and inter fund budget transfers, and income budget adjustments. • http://umanitoba.ca/computing/renewal/fm/media/Budget_Adjustment_Reference.pdf • Control and administration of operating funds • Guidelines for unit responsibility on restricted and unrestricted operating fund administration. • http://www.umanitoba.ca/admin/financial_services/media/2007-08_Operating_Budget_Guidelines.pdf • Budget preparation rules • Provides information on main operating budget striking phase II. • http://umanitoba.ca/computing/renewal/fm/media/Budget-Prep-Rules_2007-2008.pdf • Annual Financial Report • See pie chart on General Operating Revenue Sources Sec2:9 • http://umanitoba.ca/admin/financial_services/media/Annual_Report_2007.pdf

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