Overview of a Department Budget Fund Accounting Transaction System is PeopleSoft Financials “Sources and Uses” Example
EFS ChartfieldStructureFund-DeptID-Program/Project Fund: A 4-digit number that answers the question, “What broad restrictions or reporting requirements have been imposed on these funds?” It is the first four digits of a chartfield. Examples: 1000 General Operations and Maintenance 1701 U of MN Foundation
Fund Groups Restricted (external constraints) Gifts Endowment Income Sponsored Projects
Unrestricted (internal constraints)
O&M (General Operations and Maintenance) Indirect Cost Recovery (ICR) Internal Service Organizations (ISO)
EFS Chartfield Structure Fund-DeptID-Program/Project Deptid: A 5-digit number that tells us the level of responsibility activity resides at. It is the second part of a chartfield. Examples: 11264 Accounting 11278 Accounting Research Center
EFS Chartfield Structure Fund-DeptID-Program/Project Program/Project: A 5 to 8-digit number that identifies the sponsored project or the activity funds are spent on Examples: 20524 Credit Field Trips 56768559 Regulation of Deep Geological Systems
EFS Chartfield StructureFund-DeptID-Program/Project 1000 - 11264 - 20000, translated, means: O&M funds in the department of Accounting, used for general departmental administration.
What to Expect from Your Financial Staff Regular reports on the status of departmental finances Projections for the next fiscal year Preparation of annual budget in the spring for the next fiscal year Assistance with locating and interpreting financial policies Knowledge of all departmental accounts and foundation fund accounts Pro-active approach in bringing issues of concern to your attention Avoid deficits, but be clear what resources are available Any sponsored project issues
Grants Management Role of Department Head in Approval Process the applicant is eligible to be a principal investigator, the categorical budget is adequate relative to project scope and its justification is appropriate, on-campus space is available or off-campus space is available if necessary, cost sharing is appropriate or matching is available, and conflict on interest issues have been addressed.
Grants Management Certified Approver Someone who, based on their proven understanding of the complexity of sponsored funding regulations and University policies and procedures, has the expertise and authority to review and approve a wide variety of financial transactions on sponsored accounts.
Tools and Resources Financial Oversight Reports for Grants PeopleSoft Financials Management Reports for Budgets, HR, Enrollment Data www.umreports.umn.edu Data www.irr.umn.edu
A Few Final Suggestions Build relationships Create a departmental fact sheet Student Profile Undergrads/Masters/PhD Credit Hours in your courses Financial Profile Sponsored Grant Activity Gift Income