Processing Intellectual Property Funds: (IP)

 

1. Deposit to Revenue Project (GL)

What

Who

When

How Do I

Receive cash &  initiate deposit to royalty income clearing revenue project

Vice President for Research office (924-3606)

Within 24 hours of receipt

 B.

 

Create manual journal entries

Vice President for Research office

Day of bank deposit

 

Calculate distribution of royalties to investigators, departments, schools, institutional reserve

Vice President for Research office

1-5 days after receipt

 

Create manual journal entries to distribute cash to school's intellectual property revenue project.

Vice President for Research office

1-5 days after receipt

 

 

 

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

What

Who

When

How Do I

Install amounts to the appropriate intellectual property awards.

Vice President for Research office

1-5 days after revenue deposit is confirmed VPR office notifies the administrator responsible for school's revenue project and the award manager responsible for each IP award installed.

 

 

3. Fund Projects (GA)

What

Who

When

How Do I

Fund projects

Award Manager

After Installment is confirmed.

Modify Budgets and Funding

  1. Increase or first time (Steps 1-10)
  2. Decrease (Steps 11-42)

 

 

4. Create Budgets (GA)

What

Who

When

How Do I

Budget award-project combination

Award Manager

After 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 (Steps 11-31)

 

5. Manage Accounts (GL & GA)

What

Who

When

How Do I

Monitor and reconcile expenditures

Project Manager

All projects and awards should be reviewed by the tenth (10) working day of each month for the previous month’s activity.


See Review Policy.
See GA Review Procedure.
For more information see:
Reconciliation Class.

FM Expenditure Detail by Project

Monitor Award Budget to actual and projected expenditures

Project Manager

All projects and awards should be reviewed by the tenth (10) working day of each month for the previous month’s activity.


See Review Policy.
See GA Review Procedure.
For more information see:
Reconciliation Class.

FM Project BBA by Expenditure Type

Monitor budget to actual and projected expenditures at the award level.

Award  Manager

All awards should be reviewed by the tenth (10) working day of each month for the previous month’s activity.


See Review Policy.
See GA Review Procedure.
For more information see:
Reconciliation Class.

FM Award BBA by Award Manager

OR

FM Award BBA by Expenditure Type

Review and reconcile gift deposits and other general ledger transactions such as: cash transfers, investment income, market gains & losses (quasi-endowment), etc.

Revenue Project Manager

All Revenue projects should be reviewed by the tenth (10) working 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

Monitor Cash Balance

Revenue Project Manager

All Revenue projects should be reviewed by the tenth (10) working day of each month for the previous month’s activity.


See Review Policy.
See GA Review Procedure.
For more information see:
Reconciliation Class.

UVA Cash Balance Report by Project

 

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

UVA PA Revenue vs Installment vs Funding vs Budget vs Expenditure Report