Accounting and financial services ppt

What does the Office of Accounting and Financial Services do?.  Approving financial transactions and making deposits for restricted funds..  Ensure that all expenditures and any adj

Accounting and Financial Services

207 Howell-McDowell Administration Building

Chelsa Hamilton: cshamilton@moreheadstate.edu (606) 783-9049 Penny Hamilton: p.hamilton@moreheadstate.edu (606) 783-9524 Shana Savard-Hogge s.savard@moreheadstate.edu (606) 783-2132

What do you mean by the

term “restricted”?

-External funding which is limited in usage.

-A separate account must be

maintained in MSU’s financial system -Financial reports must be made to

outside organizations.

What does the Office of

Accounting and Financial

Services do?

 Establishing new restricted grants/contracts accounts

 Reviewing proposal budgets for financial accuracy and

compliance with University policies.

 Enforcing policies and procedures consistent with federal, state, sponsor, and university regulations.

 Approving financial transactions and making deposits for

restricted funds.

 Preparing and submitting financial reports and invoices.

 Providing assistance to project director’s and their personnel

 Closing out restricted projects.

What does the Project

Director do?

 Ensure that all expenditures and any adjustment to expenditures, are reasonable, allowable, allocable, timely and non-personal;

 Submit adequate documentation with all requests for payment, including

reimbursements to the home or other departments;

 Ensure compliance with required cost sharing commitments, and provide timely documentation of all cost-sharing;

 Monitor and maintain the committed level of effort on behalf of the restricted

Delegating any duties related to the restricted project to other

personnel does not relieve the PI of his/her

responsibilities.

When and how do I get account numbers to begin spending?

-Research and Sponsored Programs sends out award packets

-The Office of Accounting and Financial

Services sends out an email to the Project Director and to the Dean that includes the name and the account number of the grant.-The account cannot be established before the start date of the award

Your Account Number

 The account number assigned to a specific

grant/contract is unique

XX-XXXXXXXX-XXXXXXX

 First set of numbers are the FUND.

 Second set of numbers are the UNIT.

 Third set of numbers are the OBJECT CODE.

How do I see my account?

 How do I see my account?

-In order to get access to view your account you must:

Complete the online FERPA workshop.

Complete the online Purchase Requisition and

Budget Viewing workshop.

-Available on Administrative Computer

Applications website.

-Contact ACA for support 606-783-2009.

How do I pay for things?

 Personnel Action Request (PAR)

 Procurement Credit Card “Pro-Card”

 Purchase Requisition

 On-Campus Transaction

 Travel Request

 Check Requests

How do I pay salaries?

 Personnel Action Request (PAR)

If an employee/employer relationship can be established.

 Personal Services Contract (PSC)

For individuals who are non-employees,

consultants, or professional service (catering, speakers, entertainment, etc.

 Check Request

MUST have subcontract on file!

How do I get a work-study?

 All work-study awards are made in

conjunction with the Financial Aid Office

– Do NOT work students before they have been

approved by Financial Aid Department, the Office of Accounting and Financial Services, and Payroll

– Student Employee Supervisor handbook.

How do I buy materials, supplies from external sources?

 Procurement Credit Card

-Limited to $500 per day per vendor

-Limited to a maximum of 80% of current budget

 Purchase Requisition

-On-line

How do I buy items from MSU’s bookstore, printing office, testing center, etc.?

 On-Campus Transaction form

Bring the form to the Office of Accounting & Financial Services.

– We encumber the funds and send the request

to the bookstore, printing, etc.

– After the purchase is complete that

department will send the completed order to the Office of Accounting & Financial

Services and the expense will be charged to your restricted project.

How do I pay for travel?

 Complete a “Travel Request” before you travel

 Complete a “Travel Expense Voucher” after the trip is complete

-Forms are available on the Office of

Accounting and Financial Services

Website

-MSU’s travel manual is also available Includes mileage rate link

What do Check Requests pay for?

May I purchase items with

personal funds then get

reimbursed?

 Yes, but it is strongly discouraged and

should be kept to a minimum

 To get a reimbursement, prepare a “Check Request” payable to yourself and attach all original receipts

When will I get my check for

travel or personal

reimbursement?

 The A/P department prints checks twice a week – on Tuesday and Friday

What are basic spending

What are basic spending

guidelines? (cont.)

 All expenses must have been:

DO NOT WAIT UNTIL TWO WEEKS BEFORE YOUR GRANT ENDS TO SPEND FUNDS!!!

I tried to purchase an item but

was told I did not have enough

money.

It is against university policy to have "red“ or negative

accounts

 All transfers must be allowed by the funding agency.

 All transfers must be within the same FUND.

 Transfers cannot credit or decrease a line item more than what remains

Credit the object code you are taking money FROM Debit the object code the money is going TO.

 Use On-Campus Transaction form PLEASE MARK

BUDGET ADJUSTMENT!

I need to travel but I do not see

that object code in WebAdvisor.

 You are strongly encouraged to budget and code your expenses within these categories at the

tracked throughout the life of your project.

 If you decide after the grant award has been

approved that you need to make changes to your budget work with Research and Sponsored

programs.

My department paid for supplies for my grant—what do I do to

pay them?

number which should be paying for the expense and crediting the account number that was originally charged.

number Attach documentation.

restricted account.

My project crosses fiscal years

How soon after July 1st will my

funds be available for spending?

time-consuming manual process

official cut-off for old year transactions

In anticipation of this delay, please try to order sufficient supplies or materials prior to MSU's fiscal year to cover your needs for several

weeks.

I did not spend all of my

budgeted funds Will the money

-Funding Agency written approval

-Projects that have a life span of more than a year

The paperwork I received from R&SP has cost-share What is that? Does it matter?

 Yes!!!

 Federal regulations require all costs

associated with a particular externally

funded grant/contract must be properly

documented

– without regard to which entity is paying for

them (MSU or the agency)

Why do I get these emails about Time and Effort Certification?

– Any employee (full time or part time) paid from a grant or listed

under cost share of a grant must complete This procedure is

commonly known as time and effort

This is a federal regulation in OMB A-21.

 Exempt employees (salaried) are to complete a report for each of the 4

academic terms listed

 Non-exempt (hourly) employees are to complete a report for each calendar month.

All reports are due within 10 days following the

close of the applicable period.

Things to Remember:

– What is your project period?

– Do you have a cost share commitment?

– What expense lines do you have?

– Does the funding agency allow budget transfers?

Things to Remember:

 All expenses must be DOCUMENTED

– keep for 3 years

– with proper documentation

– before the end date

Things to Remember:

 Time and Effort

– Time and Effort reports are

MANDATORY!

– Without them we are NOT IN

COMPLIANCE with federal regulations!

In the end…

 Restricted Fund Accounting requires special attention and work—but these projects help support the research, instruction and outreach activities of Morehead State University