transfers - Transfers made between different funds.
transfers cannot be made to or from the Restricted fund,
Investment in Plant fund, or Agency fund.
must be entered with an account code on each side.
transfer entries are to be submitted to the Budget Office
account codes to be utilized are as follows:
to Public Service
to Other Area
Cost Recovery (IDC) Transfer (used by the Budget
account corrections or expense account corrections are
to be made on the revenue or expense account, not with
a transfer account codes.
construction, improvement, renovation, repair or wiring
project with a cost $10,000 or greater. These projects
should be charged to a plant fund account.
all capital projects are capitalizable projects. They
must meet the criteria as set forth in the following
a Project means:
costs incurred by the University on a project to the value
of the associated physical plant assets.
a project meets the criteria for capitalization, account
codes used should be in the 782xxx or 783xxx series; otherwise
account codes in the 75xxxx series should be used.
Accounting & Financial Reporting with specific questions
relating to whether projects are capitalizable and/or to
determine which account codes to use.
Purchasing Office (CPO) handles all Insurance Claims.
For instructions on how to handle the claims visit the
for Insurance Proceeds: For large claims, a separate
Index (FOPAL) should be established to account for expenses incurred
to "fix" the loss. This amount is typically
reimbursed by the insurance company. Smaller claims can
also be set up in a separate Index (FOPAL).
proceeds do not represent revenue, they are credited
against the expense incurred to bring the University up
to it's pre-loss position.
If the damage is not fixed, proceeds should be reported
as revenue. For example, if we receive insurance proceeds
to replace a stolen computer, but decide not to replace
the computer, the insurance proceeds represent revenue
to the University.
purposes of this section, no distinction is being made between
the term leases and the term rentals. The word leases will
be used throughout this summary.
furniture and equipment with a lease period
of less than 45 months.
leases of real property
Property Office may apply a property tag to
leased furniture and equipment and record the
items as private equipment.
equipment and furniture with a lease period
greater than 45 months. (Computers leased from
Hewlett-Packard are treated as capital
leases even though lease period may be less
than 45 months.)
and equipment on capital leases will be tagged
as University property by the Property Office
and will be included on the department's equipment
Accounting and Financial Reporting Office will
determine if a lease is a capital lease or an
That Can Be Leased
Property( e.g. Land, Buildings, Storage Units, Billboards)
from temporary employment agencies, security agencies
and paging services are not considered leases. Account
codes 754xxx or 761xxx should be used for such services.
Leases - 753xxx
Leases - 7809xx
account code 753100 is used for real property
operating leases and account code 753200 is
used for equipment and furniture.
code 780910 is most often used for capital leases.
following is an excerpt from the Purchasing section
of the Business
Prodedure Manual as it relates to Leases:
Lease or Lease/Purchase of Equipment and Lease/Buy
originator must provide the following information
on all PRs for the lease or lease/purchase of any
type of equipment:
cost of the item, if it were to be purchased instead
interest rate, number of payments, amount of down
payment, and any other significant terms of the
date of the first payment to be made, if known.
total amount to be paid over the term of the lease,
including both principal and interest.
costs included in the monthly payment.
the amount calculated under point (4) exceeds that
under (1), a justification for leasing versus direct
purchase must be submitted to CPO.