General Purpose Funds

May 2012

Objectives

– Define General Purpose Funds– Explain reporting requirements– Identify rules that apply to General Purpose

Funds

• State Appropriations• Local Collections (Tuition & Fees)• Investment Income• General University Contingency Funds• Administrative Service Charge Funding• Facilities & Administrative revenue (Indirect Cost

Recovery

General Purpose Funds Consist of:

ABOR Reporting Requirements

• ASU is required to report to ABOR the revenue and expenses related to General Purpose Funds.

• To facilitate this reporting to ABOR all departmental accounts receiving General Purpose Funds must be set up in a General Purpose Fund Account.

Accounts and Funds

– Every account (agency/org) in Advantage is tied to a four digit fund code.

– A set of funds is now defined as General Purpose Funds

Identification of General Purpose Funds

FUND CODE

FUND NAME

1140 Downtown Phoenix Campus State Appropriations

1150 Tempe State Appropriations

1160 Polytechnic State Appropriations

1180 West State Appropriations

5116 Differential Tuition Tempe

5126 Differential Tuition West

5146 Differential Tuition Downtown Phoenix Campus

5166 Differential Tuition Polytechnic Campus

5130 EOSS Student Fees

Identification of General Purpose Funds

FUND CODE

FUND NAME

5134 EOSS Student Fees – Downtown Phoenix Campus

5135 EOSS Student Fees – West Campus

5137 EOSS Student Fees - Polytechnic

5170 Program Fees Tempe

5171 Program Fees West

5172 Program Fees Downtown Phoenix Campus

5173 Program Fees Polytechnic Campus

5300 Biodesign Institute Start Up

5310 Academic Start Up – Tempe (Engineering & Liberal Arts)

Identification of General Purpose Funds

FUND CODE

FUND NAME

5440 VPREA Programs and Support Tempe

5441 VPREA Prg/Sup-Conversion Clearing

5442 VPREA Tempe Research Incentive (IIA)

5443 VPREA West Research Incentive (IIA)

5444 VPREA Poly Research Incentive(IIA)

5445 VPREA DPC Research Incentive(IIA)

5450 Indirect Cost Recovery

5460 VPREA Programs and Support West

5470 VPREA Programs and Support Polytechnic

Identification of General Purpose Funds

FUND CODE

FUND NAME

5480 VPREA Programs and Support Downtown Phoenix Campus

5490 Research Incentive Distribution (RID) Tempe

5491 Research Incentive Distribution (RID) West

5492 Research Incentive Distribution (RID) Polytechnic

5494 Research Incentive Distribution (RID) Downtown Phoenix Campus

5510 Tempe Financial Aid

5520 West Campus Financial Aid

5530 Polytechnic Financial Aid

5540 Downtown Phoenix Campus Financial Aid Set Aside

Identification of General Purpose Funds

FUND CODE

FUND NAME

5820 SIS/HR Implementation Project

5910 Special Class Fees Tempe

5920 Special Class Fees West

5960 Special Class Fees Polytechnic

5940 Special Class Fees Downtown Phoenix Campus

ASC Accounts in fund 5110

ASC accounts in fund 5110

Attributes of General Purpose Accounts

• Funding sources are limited to transfer in from General Purpose Accounts.– Deposits of other revenue sources are not permitted.

• Transfer out are limited to other General Purpose Accounts (exceptions to follow)

• Expense transfers between General Purpose Accounts and non-general purpose accounts are permitted.

• General Purpose accounts must be budgeted.

Exceptions for Debt Service & Plant Project & Cost Share Transfers

• Transfers out of General Purpose accounts for Debt Service, Plant Projects and Sponsored Cost Share transactions are permitted.

Exception for Research Incentive Distribution (RID)Accounts

• Each college receives its RID distribution in a Dean’s Office account currently set up in a General Purpose Fund– 5490, Tempe RID– 5491, West RID– 5492, Polytechnic RID– 5493, Downtown Phoenix Campus RID

Exceptions for Research Incentive Distribution (RID)Accounts

• Most colleges make subsequent transfers from their central RID account to individual faculty member’s RID accounts. – These subsequent transfers are made to

Non-General Purpose Accounts.

Exceptions for Research Incentive Distribution (RID)Accounts

• Colleges were given the option of setting up new RID accounts for their faculty in a General Purpose Fund or use their existing accounts and utilize the transfer out code of 8001 55, RID Transfer Out and transfer in code of 6001 55 RID Transfer In to process the subsequent transfer of RID funding to non-general purpose accounts.

General Purpose Funding for Tuition Remission

• The College Dean’s Office currently receives general purpose funds to pay for research/teaching assistants tuition benefit.

• A new General Purpose account was set up to receive the tuition remission funding.

Funding Tuition Remission Accounts -Example

– College receives their annual funding in their new general purpose account. BB5 1001

– Tuition Remission expenses are incurred in the RA/TA Tuition Remission Accounts – BB5 1997 or BB5 1994 (non-general purpose accounts)

– College needs to fund BB51997 for $10,000 and BB51994 for $20,000 of tuition remission expense

Expense Transfer to Fund Tuition Remission Accounts

• BB51001 7200.40 $30,000 (DR)(BB51001 is the account that received the tuition remission

funding from General Purpose Funds)

– BB51997 7200.40 $10,000 (CR)

– BB51994 7200.440 $20,000 (CR)• The new expenditure code 7200.40 RA/TA General

Purpose Expense Transfer was set up to facilitate the funding of the tuition remission accounts.

Monitoring of Activity in General Purpose Funds

• Financial Services will monitor the transfers-in and transfers-out of General Purpose Funds to ensure the accounts are operating under the established processes.

General Purpose Fund Reference

• A write up on General Purpose funds may be found on the Financial Services Website:

• http://cfo.asu.edu/fs-references