NAVIGATING YOUR NEAG FINANCIAL ACCOUNTS Reviewing

Transcript:NAVIGATING YOUR NEAG FINANCIAL ACCOUNTS Reviewing:
NAVIGATING YOUR NEAG FINANCIAL ACCOUNTS Reviewing this information will be time well spent ~Created by Leah Ward 01 Account Overview “Lions and tigers and bears, oh my!” -Wizard of OZ 03 Reports “Did you see the memo about the TPS report?” -Office Space 02 Terminology ASAP - ICYMI - BRB… but not Neag 04 Tips for Success In epidemiology, the tipping point is that moment when a small change tips the balance of a system and brings about a large change Agenda 01 ACCOUNT OVERVIEW Varying Accounts Start Up Funds Funds* provided by the Dean and/or Dept to support new tenured or tenure track faculty *In some cases, the additional funds may be awarded by the provost which may be in a separate account. Fixed Price Residuals Residual funds after a grant is closed that does not have to be returned to the sponsor. Can be used to support ongoing research Grants Funds provided by a sponsor for a specific research purpose Salary Savings Portion of funds that a department receives for PI’s who have part of their salary charged to a grant Summer Revenues If a faculty member earns over their 12/12ths, funds will be transferred here for use **Form is required to be filled out PI Allotments Also known as Indirect Cost Return (IDC) accounts. PI’s and Depts each received 10% return on indirect costs earned on sponsored research grants Additional Accounts Foundation In some cases, Departments and individuals have access to accounts maintained by the UConn Foundation. Expenses are charged to a 6L foundation account and reimbursed throughout the year from the foundation fund Department Any non-faculty 2L account. Must receive approval to charge expenses other than pre-approved salary to these accounts Allowable & Prohibited Expenditures Contingent upon grant guidelines/sponsor approval Contingent upon grant guidelines/sponsor approval Should be research related Should be research related 02 TERMINOLOGY General Error Correction or General Ledger Transfer - Moving an expense on a grant to another account, <30 days GEC or GLT The financial year which runs from July 1 - June 30 BGC Funds that have hit the account; a place-holder Encumbered Funds When there isn’t enough money in the account; a negative balance Deficit Moving an expense on a grant to another account, <30 days Cost Transfer Business & Grant Management Center, Neag’s account management team Fiscal Year Fringe Additional costs beyond salary that relate to payroll and support