PRIORITIZED LIST (2 = HIGHEST PRIORITY)
GENERAL LEDGER TEAM
PRIORITIZED SCHEDULE OF EVENTS LIST
BY MAJOR CATEGORIES
OCTOBER 2, 2000
EVENTS OR ACTIVITY BY MAJOR CATEGORY
2 Bank accounts – 18 different accounts (includes 6 foreign bank accounts) – see attached notes
1 Petty Cash accounts – currently consist of 132 individual accounts
2 Cash Advances
2 Miscellaneous receivables – see attached notes
1 United Way Agencies receivables
Any agency in State of Delaware can purchase items through UD for the cheaper rate.
We retain their accounts in our 9-book fund group.
2 State accounts
3 types -- general appropriation, restricted appropriation, capital appropriation.
general = salaries, utilities, libraries -- restricted=for specific programs -- capital =
2 Investment accounts/WTC statements
Endowment accounts, non-endowment, or temporary investment accounts
2 Benefit accounts
Blue Cross/Shield, dental, etc -- monthly premiums
Benefits - but handled separately
2 Transfers and Allocations – see attached notes
2 Monthly G/L Trial Balance
Close and roll file to next month to prepare monthly statements - reconcile
1 Lease/Purchase payments – see attached notes
1 Equipment to PPR input
Oversight of PPR System to reconcile equipment entered in to system each month
2 Building and equipment depreciation
Have a program to automatically do depreciation monthly for buildings & equip.
2 FAMIS Data Warehouse
Reconcile the financial data warehouse
2 Inter-fund transfer account - see attached notes
2 Fringe benefits and State Payroll reimbursement
Cannot commingle state funds - when draw down state funds, put in different account
number. When we can prove that we have expenditures for these things, we can then
draw from that account and reimburse ourselves.
1 Accounting control account statements
Miscellaneous accounts for every fund group -- for default to cover errors.
1 Outstanding checks reserve account statements
to clear checks not cashed - put funds in reserve account after 120 days.
1 Instructional Television/Professional Development accounts
If faculty develops an instructional program, the faculty will get a certain amount
of money for the operating budget. (accounting for revenue earned through the
instructional TV/professional development account)
2 GUR –General University Research
UD gives faculty opportunity to do research. Faculty submit proposals for funding,
and GA monitors account according to UD rules about how funds need to be spent
and accounted for.
1 Material Gifts
Accounting for gifts given to UD -- art work, mineral, gems -- needing appraisal
non monetary gifts.
2 Bank loans
UD borrowed money that is reconciled and reported back to Treasurer’s Office.
2 Charitable gift annuities and Unitrust (Mellon Bank statements)
Part of endowment. We pay out monthly to annuitants. We have turned over to
Mellon Bank to make payments, and they give us a quarterly statement so we
can update books.
2 United Way
Reconciliation of all gifts to UW and report back to Maxine Colm.
REPORTING ACTIVITIES (PREPARE, SUBMIT, DISTRIBUTE OR GENERATE):
2 Federal tax returns (990 & Schedule A, 990-T, Genesis, and Library Associates)
2 Review and sign tax returns prepared by Mellon Bank for Unitrust
2 IPEDS – see attached bites
2 Unclaimed or abandoned property – Delaware State Escheator (outstanding checks)
2 Indirect Cost Proposal
Recovery of indirect costs for research
Research activity report.
2 Unidel Foundation
Report that gives them an account of all investment activity for year.
2 Cost Accounting Standards Board (CASB) Disclosure Statement
Federally required disclosure statement for cost accounting standards.
2 Annual Audit Workpapers
2 Annual Audit Schedules
2 Annual Financial Statements
2 Trustee meeting booklets (data and resolutions)
1 Annual record retention compliance
1 "Review Newspaper" financial statements (monthly)
2 Monthly accounting reports and statements
2 Monthly microfiche
1 Monthly Cash Report
2 Monthly check supply audit of used and unused checks
1 Quarterly bank loans report
1 Quarterly internal loan report
1 Quarterly bank analysis summary report
1 Quarterly credit card activity report
1 Semi-annual IBM project administrator’s report – see attached notes
1 Quarterly CPI report
2 Dean’s Report – Endowments (twice a year)
1 Summary budget for TII and Endowment Accounts – see attached notes
2 Month end and year end ad-hoc reports
DISBURSEMENT ACTIVITIES (PREPARE AND SUBMIT):
2 Interest earned on State Capital Bond funds (quarterly)
Return to the State interest on unused funds already drawn down
2 Unspent general and restricted State funds (annual)
Same as above, but for "general and restricted"
2 Monthly "Benefits" bills
Pay the bills for benefits
2 Annual check to the State Escheator for unclaimed checks
the outstanding checks accumulate for 5 years -- any check abandoned
going into the sixth year, must send check to state for that amount.
2 Monthly rental/lease payments
Property rental - monthly payments
2 Monthly City of Newark Subvention Payment
Subsidy-gift to City paid monthly
2 Monthly State Worker’s Compensation insurance payments
1 Reissue of A/P and P/R checks (lost or stale dated checks)
2 Wire transfers, domestic and international (in foreign currency)
for study abroad
2 Quarterly payments to charitable gift annuitants and Unitrust beneficiaries
2 Draw non-regular hand drawn checks
(not a/p or payroll generated) i.e., reimbursement of expenses from
2 Quarterly bank loan payments
2 Monthly draw down of State Appropriations and Capital Funds
For funds appropriated by state to UD, and put in special accounts
as described above.
2 Quarterly remittances from outside endowment managers
We send outside managers a bill quarterly for interest earned on
2 Daily batch processing of Electronic Journal Vouchers
2 Review, audit and batch processing of paper Journal Vouchers
2 Review, audit and batch processing of Blue and Gold Club Journal Vouchers
2 Review, audit and batch processing of Internal Charge forms (FAI’s)
2 Daily Cash Flow Projection – Cash Management
2 Verification and management of daily sub-system updates into the G/L - see attached notes
2 Verify daily G/L Trial Balance
2 Clear all suspense entries
2 UDRF Accounting
2 Investment Accounting (includes Unitrust and annuities)
2 Bond Accounting
2 Provide "Review" accountant support (90% time position)
2 Control the assignment of MINS level security in the GA Query system and Data Ware House
2 Perform stop payment on A/P and P/R checks
2 Perform blank P/R & A/P check inventory (check control – physical checks)
2 Compute Return of Overhead (twice a month) – see attached notes
2 Reimbursement of State and Ag Federal Funds
2 Perform G/L month end closing process – see attached notes
2 Monthly building and plant equipment depreciation
2 Clear WTC and PNC outstanding check list into reserve accounts
2 Perform an after-the-fact audit/review of Electronic Journal Vouchers
1 Process unemployment compensation charge backs
2 Update Description File for Facilities ids and for book value of capitalized property
1 Update prepaid tuition schedules (twice a year)
prepare updated report for parents who are paying in advance
1 Audit accounts for compliance
2 Update endowment portfolio files maintained on PC
2 Run Restatement program
restating activity from old account to a new accout
2 Calculate and distribute temporary investment income
Program distributes interest back to academic department accounts
on short term investment of operating or restricted gift funds.
2 Process Year End Closing Entries (Accruals, Receivables, Equity Adjustments, etc.)
2 Process 2-Book Close-out
2 Process P&L Close-out
2 Re-Set Endowment PC Lotus files
2 Perform G/L year end closing process
2 Send out and review year end confirmation of Petty Cash accounts
2 Coordinate and direct the activities of the annual financial audit
1 Enforce UD policy thru audit and review
1 Provide reports and analysis as needed
1 Audit accounts for compliance with restrictions, deficits, and use
1 Draft policies and procedures
1 Conduct campus training workshops (at least twice a year)
MAINTAIN CHART OF ACCOUNTS AND RELATED TABLES:
2 Add code with related attributes (i.e. Title/Description, Start Date, End Date, Pi, etc.)
2 Designate authorized signers
2 Designate authorized viewers (detail transaction activity) by code
2 Designate statement recipients
2 Point code to MINS
2 Flag for Temporary Investment Income distribution
2 Flag for Indirect Cost/Benefits charges
2 Flag for Restatement to Another Account
2 Attach attributes to facilitate special reports
2 Delete/temporarily freeze with balance/inactivate codes
2 Related database: MINS – assign and manage hierarchical structure to accumulate financial data
at all levels (i.e. total, V/P, dean, center, etc.)
2 For 21 related Central Tables, add, delete, change with required data input as needed
BUDGET OFFICE ACTIVITIES ASSOCIATED WITH GENERAL LEDGER:
2 Establish Basic, Self-Supporting, Allocated, and Construction Accounts
2 Establish and maintain budgets in G/L, both permanently and temporarily
2 Clear budget suspense
2 Review reports from online updating to G/L
2 Prepare budget for Board of Trustees
2 Provide Current Budget information, both basic and self-supporting, generated from G/L to all
departments, for them to submit budgets for the new fiscal year
2 Create budget planning file from G/L, obtaining only the permanent Basic & Self-Supporting
budgets plus the SSNs, job class numbers, FTEs, and budget notes associated with each of
those lines in G/L
2 Roll net permanent and temporary budgets into new fiscal year G/L
2 During the year, for subsequent mass salary budget changes, recreate budget planning file from
G/L obtaining both permanent & temporary budgets for all funds plus the SSNs, job class
numbers, FTEs, and budget notes associated with each of the those lines in G/L
2 Analyze and report differences between budget plan and actual budget to the Board of Trustees
2 Prepare budget projections
2 Forecast and budget expenditures
2 Prepare Quarterly Report to the Finance Committee and Board of Trustees
2 Monitor Construction Accounts
2 Ad-hoc reporting
INTERNAL AUDITORS OFFICE BUSINESS PROCESSES RELATED TO THE GENERAL LEDGER (On a Sample Basis as part of Individual Audits)
2 Prepare or review reconciliation of account detail, sub-ledgers, and reports to the G/L
2 Perform analytical review of relationships of balance sheet, revenue and expense items over
2 Summarize Srtmats and tie into General Ledger to ensure complete sample population
2 Summarize transactions by originating subsystem to analyze trends, highlight patterns and
2 Review detail of transactions to object codes within an account
2 Use the General Ledger as the "Audit Trail". Trace from the summaries to the detail and trace the detail back to the originating source and supporting documentation
General Accounting Notes:
1. Bank Acounts
18 bank accounts including 6 foreign accounts
Response: We do not store foreign currency values in General Accounting. UD reconciles the true value of US dollars sent versus what is spent based on the exchange rate. When transfers are made to IPSS, we use the exchange rate. General accounting controls transfers and accounting for differences in sent versus spent. The exchange rate fluctuates daily, so the buying power of US dollars sent to IPSS fluctuates with the exchange rates. (IPSS = International Programs Special Sessions)
2. Miscellaneous Receivables
What are they?
These are receivables that will not be paid off in a short period and for which we do not want bills sent through Accounts Receivable.
3. Transfers and Allocations
Types of Allocations
Response: A movement of monies between individual funds (equity accounts) that are neither a revenue nor an expense.
UD maintains 9 books, independently balanced. 1 and 2 books are unrestricted, and the rest are restricted.
Quest for Jerry – What PS account does PSFT use for movement between equity funds.
Transfers = taking monies from unrestricted operations and transferring to 8-book company for amortization of equipment replacement, maintenance, etc.
There are mandatory transfers for Debt Service = loans, bonds from bank, transfers from unrestricted operations to plant funds to pay debt.
Allocations = only to unrestricted fund group. Unrestricted fund groups are 1 and 2-books and they have revenue separate from expenses. When revenue comes in, we make allocations based on historical trends,etc. Allocations from previous year reserves are used to clear out yearend surplus or deficit. Surplus or deficit is allocated to 2-books (self-supporting).
How Many? What Kinds? Fixed? Variable?
There are two lease/purchase agreements currently on the books: one is the lease/purchase agreement for Peoplesoft Financials, and another for an IT Computer. Both leases are fixed.
How many? Restricted/Unrestricted? Transfers?
Interfund Transfer = JV shows two sides of transaction. There are actually four, and the current system automatically does the other two, which balance the cash side.
Reporting Activities, External
What is this?
IPEDS = Integrated Postsecondary Education Data System. It is a yearly report to the US commerce Department, and it is now manual.
What are we doing with this?
The NACUBO Report of Investment and Endowment Funds is a response to a survey and is done manually.
This is a report from Security & Access. GA maintains security for GA online query screens and access to the data warehouse.
What is this?
TII = Temporary Investment Income. The Budget Office is given information about what is expected to be generated over the next four years in temporary investment and endowment income. (Currently comes from Lotus files for Endowments)
Daily Accounting Activities
What are the subsystems?
This is overhead for research and contracts and grants. It is a 3-year rate negotiated with federal agencies.
What is the process? ( Peoplesoft provides for a multi-step soft close, but there is no "process" of closing for month-end – Only end-of-year closing.)
We close books monthly, but not every account is closed out. On a monthly basis, we stop processing and finalize for month to produce statements. Year-end we balance to zero. Currently there are three closes. Closes 1 and 2 are used by UD to finalize activity, and the 3rd is used by GA and Budget to finally close UD Books.
Do we zero-out Profit and Loss --- Yes from multiple account combos to multiple equity accts.
Pi = Principal Investigator (Research, Contracts and Grants)