Maintain Account Budgets

• Cash driven accounts are accounts established that are self-supporting and receive revenues to support expenses.
• It is recommended that balances are reviewed regularly to ensure that expense/revenue ratio is close to equal at the close of each fiscal year. As the Research Foundation is a not-for-profit entity.
• Yearly reviews are conducted by the Research Foundation (RF) central office staff and wide ratios require justification.
• Throughout the fiscal year, expenses may exceed the available balance only if anticipated revenue is expected.
• Periodic yearly deficits will result in suspension and/or closure of account.
   

Accounts funded by a pool of existing funds, such as Facility and Administrative Cost Recovery accounts, receive funding from various different sources. The largest pool consists of the yearly funded Indirect Cost pool, which is facilitated by the University’s internal financial plan process. The funding is divided out and used to support various administrative accounts for the Provost, academic Deans, and academic support units; organized research units; research support units; and research incentive programs authorized by the Provost and/or VP for Research.

• The Master Awards are initially set up for a one year period (in order to control any payroll encumbrances) and receive funding as they are established.
• Functional projects are then established for each unit receiving RF funding from the University’s internal financial plan.
• Units may sub-allocate their funds by sending requests to the Non-Sponsored Group Mailbox, requesting the establishment of additional projects to be funded by their approved allocation. The time period for each project is determined at the discretion of the awarding unit.
• A project’s end date may be requested to run beyond the initial one year period, however, since the initial award period is only for one year, any payroll commitments beyond the one-year period will not appear on the project during the first year.
• At the conclusion of the initial year, the Master Award will be extended and the future commitments will then appear against the project.
• Requests for project extensions beyond the initially designated funding period must be submitted by the awarding unit to the Non-Sponsored Group Mailbox .

• Monitoring occurs at the project level, where expenditures may not exceed the budgeted amount.
• An annual review of project balances should be performed by the awarding units. Upon reaching the designated termination date, projects with remaining balances of less than $100 will be automatically closed by , and the balance returned to the awarding unit’s functional project.