Sales and Services Funds

1. Sales and Services Funds

2. What is a Sales and Services Fund? • “self – supporting”/non profit. • Hint: As a non-profit fund your goal is to have your recharges or revenue equal your expenses. “Must break even over a three-year period.” • Sales & Service Policy: UCLA Policy 340

3. Purpose • To provide support to academic units via recharges within the University or sales or products or services to multiple individuals or organizations outside the University at reasonable and equitable rates. • See the APB website (www.apb.ucla.edu) to ensure that the proposed activity qualifies as a S&S activity. (e.g., Instruction, Research, and Community Services activities)

4. Who qualifies to be a PI on a Sales and Service Fund? • A faculty member in the Professorial Series. (Must be a member of the Academic Senate.)

5. How to establish Sales and Service Fund • Submit an application to Office of Academic Budget and Planning through DOM’s liaison Marina Minasian. • All applications must be approved by PI, Dr. Fogelman as Department Chair, and Judith Rothman in the DGSOM Dean’s Office. • Please note, all S&S funds will be established as 6XXXX fund numbers.

6. Managing Sales and Service Funds • The role of a fund manager: • Reconciling the fund on a monthly basis to ensure that you are spending according to the approved application. • A fund manager needs to be aware that a revised application is required for rate changes, methodology, subcodes, classes of customers, responsible faculty member change and/or dept.

7. Managing Sales and Service Funds (continued) • If revenue is received (e.g. cash, checks, etc.), the fund manager is responsible for depositing it into the revenue account. (Hint: 2XXXXX-CC-6XXXX) • Once revenue appears on the ledger, the fund manager is responsible for transferring the funds into the expense account via TOF. (Hint: 4XXXXX-CC-6XXXX) • Work with DOM’s liaison, Marina Minasian, on the annual review process. (Hint: Justifying end of year balance, revise application if needed)

8. Managing Sales & Service Funds (Continue) Fund Managers Fiscal Closing responsibilities: • Must follow the June 1st letter guidelines issued by Accounting. • If applicable, prepare special reports to show the value of inventory and amount of accruals and deferrals of income and expenses that must berecorded in the June 30th General Ledger. • All special reports must be submitted via DOM liaison.

9. Key points about Sales and Service Funds • Keep in mind that at the beginning of each fiscal year this fund will be appropriated with the amount requested on the approved application.

10. Closing Sales and Service Funds • Why? PI is no longer providing the product or service. • If the fund is being transferred to another Department/Division. • Fund balance at closing must be zero. • Submit a memo addressed to Craig Gill via DOM liaison, Marina Minasian, requesting and justifying the account closure.

11. Contact Info: • Do not contact “APB” directly • For DOM: Assistance in completing the application and any questions on S&S funds contact Marina Minasian, x66495, or via email mminasian@mednet.ucla.edu • Office of Academic Planning and Budget Craig Gill X5-8470 email cgill@ponet.ucla.edu