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Chartfield Foundations- Fund-Deep Dive

Chartfield Foundations- Fund-Deep Dive. This is a 5-unit module that explores the new ConnectCarolina chartfield structure . Note: this presentation is designed for ConnectCarolina users in SPH only as it is customized for SPH-specific chartfields .

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Chartfield Foundations- Fund-Deep Dive

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  1. Chartfield Foundations- Fund-Deep Dive This is a 5-unit module that explores the new ConnectCarolinachartfield structure. Note: this presentation is designed for ConnectCarolina users in SPH only as it is customized for SPH-specific chartfields. This presentation is best viewed on a device with a screen resolution of at least 1280x960.

  2. #2. Fund – A Deeper Dive After completing this unit, learners will: Understand the two components of the Fund chartfield: major fund group and purpose Understand that major fund groups are similar to existing fund types (e.g. state, F&A) Understand that in ConnectCarolina the user must select the appropriate purpose code for each transaction Understand where to find information about purpose code options

  3. Core Chartfields – Fund Fund • Fund is one of the five core chartfields required on all transactions. • For every transaction, you’ll need to answer two questions: • What major fund group will be supporting the transaction? • What is the purpose of the transaction? • Fundchartfield is a single 5-digit code capturing both major fund group (3 digits) and purpose (2 digits). 2XX XX Major Fund Group supporting transaction Purpose of transaction • We will go over the major fund groups and then the purpose codes. Business Unit Department Source Account

  4. Old Environment (FRS) • ConnectCarolina has the same fund types that were grouped in the old FRS ledgers. • The old FRS ledger grouped many different types of funds in one ledger. • ConnectCarolina reorganizes these groups into unique fund types.

  5. Below is a listing of major fund groups applicable to SPH. 2XXXX Major Fund Group supporting transaction • State funds includesall state sources (appropriations, SBTI, receipts) using three fund numbers to distinguish between academic affairs or health affairs or AHEC. • Educational and Self-Supporting funds includes revenue and spending from student fees, grant fund residuals, workshops / conferences. • Contracts & Grants includes all OSR-managed projects. Purpose of transaction

  6. Below is a listing of major fund groups applicable to SPH. 2XXXX Major Fund Group supporting transaction Purpose of transaction • F&A includes all F&A activity in a single fund. • University Endowments includes the income in a new fund grouping. • University Trusts includes gifts, contractual trusts (non-OSR) and foundation allocations. • Auxiliary includes recharges and service centers.

  7. Fund chartfield is 5 digits. • This table shows the first 3 digits of the fund. • These 3 digits represent the major fund groups. 2XXXX Major Fund Group supporting transaction Purpose of transaction

  8. The Fund is a 5-digit code. The first 3 digits represent the major fund type. • The final 2 digits represent the purpose – why the transaction is being made. • While many Purpose codes are available, only a handful will be directly applicable to SPH on a daily basis. • These are shown in the table along with guidance for their use. 2XXXX Purpose of transaction Major Fund Group supporting transaction

  9. Purpose must be determined for each transaction, including payroll actions. • The nature of funding, for example trust funds restricted for specific uses, might inform the purpose of the transaction. • The primary duties of a position may also inform the purpose in determining salary sources. 2XXXX Purpose of transaction Major Fund Group supporting transaction

  10. Fund – Putting it Together • This table summarizes the relevant major fund groups and purposes, which come together to form the Fund. Combinedwith Fund Group Code PurposeCode

  11. Searching in ConnectCarolina • There is no need to memorize codes. ConnectCarolina allows for searching by the fund description which captures both the major fund group and the purpose components. • For example, a search on health affairs (state funding) brings up the following results for you to select the appropriate Fund:

  12. Searching in ConnectCarolina • Alternatively, if you are trying to search the appropriate Fund given the purpose of regular term instruction, a search on the descriptions that contain “reg” brings up the following results for you to choose the appropriate Fund:

  13. Core Chartfields • Congratulations! You’ve completed the second unit of Chartfield Foundations. • The new chartfields will require time to digest. Don’t worry about memorizing codes. Resources will be provided to facilitate your work. • Don’t forget – A list of purpose code definitions can be found on the SPH website! • Please continue the presentation to take the summary test. Your answers will be kept anonymous and only reviewed in aggregate to see which areas may need additional training. Business Unit Department Fund Source Account

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