Transcript Payment net website defining types of accounts defining

Funding Sources and Coding
Items to be covered
DEFINING TYPES AND SOURCES OF ACCOUNTS
DEFINING PURPOSE AND USE OF FUNDS
PAYMENT NET WEBSITE
ACCOUNT CODING
SPECIFIC EXAMPLES
Defining Account Types
•State Appropriations (Educational & General
(E&G) Funds) (01xxxx)
•Cash Accounts (02xxx)
•Hospitality Accounts (02xxx)
•Development Accounts (02xxx)
•Student Activity Accounts (Sxxxx)
•Course Fees (01xxx)
•Agency Funds (Axxxx)
•Grant Funds (02xxx)
State Appropriations
•State appropriated funds are an
allocation of state revenues by the
legislature to the University
•State appropriations must be spent in
the year they are allocated
•Can’t pay for future year items
State Appropriations
•State appropriations are received by the
university on a monthly basis
•The funds are pooled into one large account at
the state – 290 funds (bank account #)
•Organization numbers typically begin with
01xxx.
•The university assigns these funds to
departments using budgets.
Cash Accounts
All of the following are cash accounts:
•Hospitality Funds
•Development Funds
•Student Activity Funds
•Agency Funds
•Grant Funds
Cash Accounts
•The state defines cash accounts as Agency Special
Accounts
•Cash Accounts are 702 (bank #) funds at the state
•Cash Account Balances roll forward at year end
•Cash organization codes typically start with 02xxx
Hospitality Funds
•Source - Funds generated by the Great
Plains Contract
•Amounts designated by the President for
the Vice Presidents use
•Controversial to say the least.
Development Funds
•Source is usually donated funds
•Must follow the donor purpose in
spending the funds, can’t violate
state purchasing regulations.
Student Activity Funds
•Source of revenue is fees collected
from the students of the University
•The University handles these funds
like appropriations - meaning UCO
assigns them through budgets
Course Fees
•Funds collected from the students to
enhance their classroom experience
•Purchases must meet purpose of course
fees (Facility/Equipment, Lab/Materials,
Special Instruction)
•Spending must directly benefit the student
Agency funds
•Source of funds are usually student club
membership dues or club fund raisers
•These are funds held in trust by the university
•The state does not guarantee payment from these
funds – this is why procard can’t be used with
agency funds
•Funds deposited as Agency funds don’t qualify for
UCO’s tax deduction benefit
Grant Funds
•Sources – Federal money (430 funds) State
Money (702 funds)
•Use of grant funds must follow the purpose of
the grant and state purchasing guidelines
•Verify the ending date of the grant before
using Procard to pay for items – timing delays
can cause grant funds to be overspent
State Regulations
155 RECEIPT OF MONIES BY STATE AGENCIES
Monies received by a state agency, regardless of
revenue source must be deposited in state
treasury funds. No monies will be deposited in
banks or other depositories unless such bank
account is maintained by the State Treasurer.
A.G. Opinion 82-71, - - This opinion further
addresses that state funds must be used for public
purposes.
OSF Procedure Manual Chapter 300 – Section 318
State Prohibited Purchases
•Items for personal use or consumption e.g.
coffee/water for employee consumption in the
office (Allowed for business purposes, meeting
refreshments, visitors, events etc.)
•Gift cards, flowers for birthdays/condolence,
birthday cakes, cards, retirement gifts
•Donations by gift
OSF Procedure Manual Chapter 300 Section 318
What do these mean to me?
•All funds at the treasurers office are funds that belong
to the state
•The check that is written to pay the bill says University
of Central Oklahoma regardless of the source
•All purchases must meet the public purpose criteria
•Agency funds are specifically excluded by the state
Purpose of different types of
cash accounts
Purpose is the key.
Development Funds – to be spent on
developing the department.
•Training for faculty/staff
•Departmental Equipment/Supplies
Ask the question: Does this purchase
further development of the
department?
Purpose of Funds
Hospitality Funds –
•Meal for guest speaker as a courtesy
that would not otherwise be allowed.
•Must follow state purchasing policies
Student Activity Funds - purchases for
UCOSA approved activities
Purpose of Funds
E.g. Flowers for a pageant that is held every year for
the students is allowable
•Student Activity Fund Spending must be approved in
advance by Student Activity Budget Manager
Course Fees - Does the purchase directly benefit the
student?
Agency Funds - State does not impose spending
guidelines on agency funds
Purpose of Funds
Grant funds – must meet grant requirements
and grant dates
•Usually reporting back to the granting agency
is required – all grant spending is audited
•Special permission required from grant agency
to spend outside of specified requirements
Summary
Ask these questions before the money is
spent:
Does the purchase meet the criteria for the
source of funds?
Can I justify to the donor/student/state the
public use of the purchase?
References
http://administration.uco.edu/
Purchasing Website
http://www.ok.gov/OSF/documents/300.pdf
Link to OSF Procedure Manual chapter 300
PaymentNet Website for Procard
Charges
https:\\www5.paymentnet.com
Account Coding
Ask the question: What is the
item to be used for not what
is the item.
Administration Portal
http://administration.uco.edu/
Instructions on how to log on to Portal:
Departments > General Accounting >
Documents & Forms > DOCX - Financial
Security Instructions Update
Then open portal under Applications
Select Finance Account Codes on the left
State Defined Expenditure Codes
State of Oklahoma has many agencies
underneath it’s umbrella – Tourism, Corrections,
Education
State codes have a broader scope than just
Higher Education
The state compiles all agencies financial data at
year end into one report (CAFR)
Overarching Principal
•Account code 73719 - Laboratory & Medical
Supplies
•Assumption would be to code lab supplies to
this account number
Further defined by state as Payments for purchase of
supplies, materials, etc. used in diagnostic laboratory and
medical testing and other testing when a service is not
provided (e.g., reagents, glassware, x-ray film, laboratory
animals, etc.). (UCO e.g. student health center supplies.
Educational labs see 73619 Educational supplies)
Specific Examples
Toner Cartridges – What or who are they
being used for?
Used in office – 73614 Office supplies
expendable
Used for computer lab – 73619 Educational
Supplies
73615 Data Processing Supplies – NOTE: Does
not include data processing supplies utilized
strictly within a standard office
Specific Examples
73117 Information Services - Payments for services
and products used in collection and dissemination of
information to the general public and for informational
purposes within an agency, such as clipping service,
newsletters, newspaper/magazine subscriptions,
subscriptions for Internet service, etc. (UCO e.g. - Wall
Street Journal, Survey Monkey, for Library subscriptions see
74212.)
71538 OTHER COMPUTER RELATED SERVICES Computer & Software Mgt. Payments for services
providing computer related services (except custom
programming, systems integration design, and facilities
management). Examples are computer disaster recovery
services and software installation services.
Specific Examples
Scantron Forms – What are they being used for?
73619 Educational Supplies - Payment for
purchase of supplies used for education and
training conducted in a classroom or other
organized instructional setting. (NCS and
Scantron forms, test booklets for classroom
purposes that includes service for scoring)
Educational Testing
Specific Examples
73623 EXAMINATIONS
Payments for purchase of examination and test materials (e.g.,
applicant employment tests, employee promotional tests,
certification tests administered by controlling boards, licensing
examinations, etc.). May also include the payment of fees
associated with administering tests and/or examinations by a
third party. (UCO e.g. Exams for acceptance, test booklets for
assessment that include service for scoring, counseling and career service assessment testing, on-line examinations)
Assessment Testing
Specific Examples
UCO Fixed Asset Capitalization Policy – Any
single item $2,500.00 or greater, includes the
cost of shipping and installation – code to
741xx account codes
73613 Office Supplies Non Expendable has a
state requirement of $500 or less. If greater
use 741xxx account codes.
Specific Examples
Purchase of Refrigerator – This is not an office
supply (73613)
The amount is less than $2,500.00 for
capitalization
Still code it to 74115 – Equipment & Furniture
– Residential, Educational and Institutional
Commodity Codes
Commodity Codes are required for
requisitions
•Commodity Codes are directly tied to the
account number you are going to charge to
•Work backwards to get your commodity
code – First define what you are purchasing
and what account number it should be
charged to, then find the commodity code
associated with the account number
Summary
Remember to ask the question – What is
the item to be used for, not what is the
item.
Use the tools that have been provided to
make your job easier.
Random Thoughts
Is your procard default account number set to
73614 office supplies? Is this what you purchase
the most?
Are you depositing your revenues using the correct
revenue account codes?
Are donations being recorded as donations, are
sales of items being recorded as sales income?
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This is a shot of your brain before
and after this class.
Questions
Contact Information
Lisa Harper, x2753 [email protected]
Kathy Constien x2598 [email protected]
Cindy Guthrie x 2497 [email protected]
Terrie Silvers X 2398 [email protected]
Thank you.