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

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

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

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

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

Revenue Project Manager

 Or

Award Manager

As needed

Installment vs Funding vs Budget vs Expenditure Report

worksheet in the Discoverer workbook GA_ Analysis Reports

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

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

Award Manager

As needed

Installment vs Funding vs Budget vs Expenditure Report

worksheet in the Discoverer workbook GA_ Analysis Reports