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Lapse Guidelines for Fiscal Year End Balances

Lapse Guidelines for Fiscal Year End Balances. Lapse Guidelines – Educational & General Funds (14 – Accounts). Deficits not cleared prior to year end will be cleared during the lapse process. Most E & G budget balances lapse at fiscal year end and are allocated:

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Lapse Guidelines for Fiscal Year End Balances

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  1. Lapse Guidelines for Fiscal Year End Balances

  2. Lapse Guidelines –Educational & General Funds (14 – Accounts) • Deficits not cleared prior to year end will be cleared during the lapse process. • Most E & G budget balances lapse at fiscal year end and are allocated: • 50% to appropriate VP’s Reserve Fund • 50% for deferred maintenance

  3. E & G Funds (14 – Accounts) Exceptions to Lapse Guidelines The following E&G balances are not subject to lapse (carry forward 100%): • President/Vice President Reserve Accounts • GIT Accounts • Lab Fee Accounts • Research Development & Special Item Appropriations (to the amount in the GAA) • Facilities & Administration (F & A) 14-7 accounts with balances from FY 2007 (no transfers in to these accounts!) • Balances under $100 will be swept to Dean / VP account

  4. Lapse Guidelines (19 – Accounts) Designated Funds • Deficits not cleared prior to year end will be cleared during the lapse process. • M & O 19-7 accounts will lapse at fiscal year end and are allocated: • 50% to VP’s Reserve Fund • 50% for Deferred Maintenance

  5. Designated Funds (19 – Accounts) Exceptions to Lapse Guidelines The following Designated 19- Accounts are not subject to lapse (carry forward 100%): • Most 19- accounts sourced from fees - other than 19-7 • 19-79 Graduate Program Support • Official Occasions Accounts • Facilities & Administration (F & A) 19-8 accounts - • F&A balances under $100 will be swept to Dean / VP Account

  6. Designated Funds (19 – Accounts) Lapse Restrictions • Transfers from an account that will lapse to an account that does not lapse may be disallowed • Detailed explanations are required • Questionable transfers subject to approval by AVP-Financial Affairs • No exceptions.

  7. Lapse Guidelines – Service Centers (18- Accounts) • Not subject to lapse (carry forward 100%) • Any Surplus/Deficit exceeding 10% requires special exception and approval of AVP-Financial Affairs or University Controller • Subject to new Service Center policy for compliance with OMB Circular A-21. • Contact Carol Hollingsworth with questions at x4229

  8. Lapse Guidelines – Other Fund Groups • Year end balances in the following funds are not subject to lapse (carry forward 100%) • Grant and Contracts (26 Accounts) • Auxiliary Enterprise (29 Accounts) • Gift/Restricted Funds (30 Accounts) • Plant Funds (36 Accounts)

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