Processing Local Chair Funds: (LC)
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What |
Who |
When |
How Do I |
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Receive cash & initiate deposits to various revenue projects |
Various central offices |
Within 24 hours of receipt |
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Create manual journal entries |
Various central offices |
Day of bank deposit |
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Verify deposits have been posted to their respective revenue projects |
Various central offices |
Available day after journal entry has been processed. |
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What |
Who |
When |
How Do I |
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Install annual chaired professor research allocations to local chair fund awards in each school |
University Budget Office |
At the beginning of the fiscal year as part of the annual BOV approved budget load. |
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Analyze whether chaired professor research projects have carryover balances |
Award Manager |
At the beginning of each fiscal year |
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Submit ICOM to budget office to request any needed chaired professor research project carryover balances. |
Award Manager |
At the beginning of each fiscal year |
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Install carryover balances to the local chair fund awards in each school |
University Budget Office |
Upon receiving and approving ICOM request from the Award Manager |
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What |
Who |
When |
How Do I |
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Fund $2,000 annual installment to each chair project from LC award |
University Budget Office |
At the beginning of the fiscal year as part of the annual BOV approved budget load. |
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Award Manager |
After the beginning of the fiscal year, upon notification from the Budget Office that an ICOM has been processed. |
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What |
Who |
When |
How Do I |
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Budget award-project combination
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University Budget Office |
At the beginning of the fiscal year as part of the annual BOV approved budget load. |
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Award Manager or Project Manager (If the Award Manager so delegates.) |
After the beginning of the fiscal year, when funding is complete.
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A. For projects linked to an award for the first time. Creating Award Budgets Make sure award/project linkage has been approved before you create the award budget.
B. For all existing Award/Projects links: Modify Budgets and Funding (Steps 11-31) |
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What |
Who |
When |
How Do I |
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Monitor and reconcile expenditures |
Project Manager |
All projects should be reviewed by the tenth (10) working day of each month for the previous month’s activity.
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FM Expenditure Detail by Project
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Monitor budget to actual and projected expenditures at the award-project level |
Project Manager |
All projects should be reviewed by the tenth (10) working day of each month for the previous month’s activity.
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FM Project BBA by Expenditure Type
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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.
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OR |
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What |
Who |
When |
How Do I |
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To verify installment changes made via ICOM request or as part of the initial fiscal year approved BOV budget load. |
Award Manager |
As needed |
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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 |
UVA PA Installment vs Funding vs Budget vs Expenditure Report |
Periodic review to make sure no transactions are posting to your projects through GL |
Project Manager |
Periodically |