RESEARCH FOUNDATION SYSTEMS UPDATE
Monthly Reports
The Old Dominion University Research Foundation converted to a new general ledger and project accounting platform effective September 1, 2014. This update is to provide faculty, principal investigators and administrative personnel responsible for managing sponsored program and discretionary accounts information regarding the new monthly financial reports.
A monthly closing process is a standard process for most business or other operating entity. This process entails assuring that all required transactions are recorded in the appropriate accounting period. At the Research Foundation this process typically takes 5 to 6 business days to accomplish. Once the books are closed monthly financial reports are distributed to PI’s, Co-PI’s and other designated parties. The new accounting system has afforded us the opportunity to revise the formats of the standard reports that will be distributed for each active sponsored project, cost center and discretionary account. The following is a brief description of each of the new reports.
Sponsored Project Accounts – Three reports will be provided as follows:
· Project to Date Summary Report – This report is a summary of activity by general ledger object code covering the period from project inception to the current period month-end. The information will be reflected in four columns:
- Revised Budget reflecting the current total authorized budget for the project.
- Actual expenditures incurred and charged to the project from inception.
- Encumbrance reflecting amounts obligated but not yet incurred and charged as expenditure.
- This will included authorized payroll, fringe benefits, supplies, general expenses and equipment.
- Available Budget reflecting the net available funds at the end of the period in each object code.
· Summary Encumbrance Ledger – This report is a summary of outstanding encumbrances as of the month-end. This reports is also by general ledger object code and provide information as to the composition of the total encumbrances reflected on the Project to Date Summary Report
· Project Detail with Encumbrances – This reports is prepared with the same lay-out as the Project to Date Summary Report described above. The information in this report reflects the detail of transactions that were posted during the current month of the report by object code and effective date of the transaction. The report reflects the name of the individual or vendor paid and a brief description of the purpose of the expenditure.
Discretionary, Department Accounts and Cost Centers – Three reports will be provided as follows:
· Discretionary to Date Summary Report – Unlike sponsored project accounts, these accounts typically do not have established budgets and must reflect recorded revenues to provide accurate information. This report is a summary of activity by general ledger object code covering the period from project inception to the current period month-end. The information will be reflected in three columns:
- Actual expenditures incurred and charged to the project from inception.
- Encumbrance reflecting amounts obligated but not yet incurred and charged as expenditure. This will included authorized payroll, fringe benefits, supplies, general expenses and equipment.
- Available Budget reflecting the total funds received or expended, or encumbered at the end of the period for each object code. The net total amount of the Available Budget Column reflects the actual amount of funds available in the account. A negative total amount in this column indicates the account is over expended.
· Summary Encumbrance Ledger – This report is a summary of outstanding encumbrances as of the month-end. This reports is also by general ledger object code and provide information as to the composition of the total encumbrances reflected on the Discretionary to Date Summary Report
· Expanded General Ledger – This is a detail general ledger report that reflects only the actual charges that were posted to the account during the current month. This report is provided to assist the users that wish to research or identify specific charges posted. Debit transactions typically reflect the expenditure of funds. Credit transactions typically reflect revenue received transfers of funds into the account or refunds of previous expenditures.
The new accounting system provides significantly enhanced reporting capabilities. The reports above are the standard monthly reports that will be issued. There are multiple additional reports or special reports that can be provided upon request. This is the very beginning of implementing a reporting system that will enable you to effectively manage your funds. Your feedback on these reports both positive and negative is very important to us.
Please do not hesitate to any member of the accounting team or your grant and contract administrator with any concerns or suggestions for enhancements you may have.
