Processing Facilities & Administrative (F&A) Funds: (FA)

 

1. Deposit to Revenue Project (GL)

What 

Who

When

How  Do I

Distribution of sponsored programs F&A recoveries to departments and schools via Mass Allocation journal entries in OGL.

UVA Financial Analysis

Monthly

 

 

2. Install (allocate funds to) Awards (GA)

What 

Who

When

How  Do I

Install amounts to the appropriate F&A awards.

Initial installment at the beginning of the fiscal year/ mid-July. Installment amount is generally 85% of the prior year’s distribution. For the school departments, the installment amount is generally 70%.

UVA Financial Analysis

(1) July  -  initial installment, new year; (2) May - adjustment for actual F&A   through April;

(3) July - final adjustment for previous fiscal year

 

Award Manager

Request adjustments throughout the year based on analysis of F&A actuals reported by UVA Financial Analysis.

Email UVA Financial Analysis: st5h@virginia.edu

3. Fund Projects (GA)

What 

Who

When

How  Do I

Fund projects

Award Manager

After installment has been made, at the discretion of the Award manager according to the departmental process.

Modify Budgets and Funding

4. Create Budgets (GA)

What 

Who

When

How  Do I

Budget award-project combination

Award Manager

         or

Project Manager

(If the Award Manager so delegates.)

After the funding is complete.

A.   For projects linked to an award for the first time. Creating Award Budgets 

B.     For all existing Award/Projects links:

Modify Budgets and Funding

5. Manage Accounts (GL & GA)

What 

Who

When

How  Do I

Monitor and reconcile expenditures

Preparer

All projects should be reviewed by the 15th calendar day of each month for the previous month’s activity, or as detailed in an alternate schedule approved by the University Comptroller and the Chief Audit Executive.

See Review Policy.

See GA Review Procedure.

For more information see Reconciliation Class.

Recon@

Or

Expenditure Detail by Project worksheet in the Discoverer workbook GA_Project Reconciliation Reports

Monitor budget to actual and projected expenditures at the award-project level

Preparer or

Examiner or

Approver

All projects should be reviewed by the 15th calendar day of each month for the previous month’s activity, or as detailed in an alternate schedule approved by the University Comptroller and the Chief Audit Executive.

See Review Policy.

See GA Review Procedure.

For more information see Reconciliation Class.

Recon@

Or

Expenditure Detail by Project worksheet in the Discoverer workbook GA_Project Reconciliation Reports

Monitor budget to actual and projected expenditures at the award level

Award  Manager

All awards should be reviewed by the 15th calendar day of each month for the previous month’s activity.

See Review Policy.

See GA Review Procedure.

For more information see Reconciliation Class.

Award BBA by Award Manager worksheet in the Discoverer workbook GA_Award Review Reports

OR

Award BBA by Expenditure Type worksheet in the Discoverer workbook GA_ Award Review Reports

Review and reconcile revenue deposits, revenue clearing and other general ledger transactions such as: AR, wire payments, cash transfers, ISIS collections, imputed interest postings, etc.

Revenue Project Manager

All Revenue projects should be reviewed by the 15th calendar day of each month for the previous month’s activity.

See Review Policy.

See GA Review Procedure.

For more information see Reconciliation Class.

GL Only Project Activity Detail

worksheet in the Discoverer workbook GL_Revenue Reconciliation Reports

Monitor Cash Balance

Revenue Project Manager

All Revenue projects should be reviewed by the 15th calendar day of each month for the previous month’s activity.

See Review Policy.

See GA Review Procedure.

For more information see Reconciliation Class.

GL_Cash Balance by Project

worksheet in the Discoverer workbook

GL_Revenue Reconciliation Reports

Verify and Troubleshoot as Needed (GL & GA)

What 

Who

When

How Do I

1.     To determine if additional revenue is available to install on awards.

2.     To confirm award installments are fully funded and budgeted.

3.     To determine budget, expenses, and encumbrances for each award summarized by project.

4.     To determine cash balance for a revenue project with expenditures summarized by project.

Revenue Project Manager

 Or

Award Manager

As needed

Revenue vs Installment vs Funding worksheet in the Discoverer workbook GA_ Analysis Reports