Establishing Equipment Replacement/Reserve Accounts

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Last Updated: June 2008    what's this?

Responsible University Officer:
  • Vice President and Chief Financial Officer

Procedure Contact:
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PROCEDURE

Note: Deciding to Participate
Except for sponsored accounts and ISO's this is a VOLUNTARY program. No DeptID or RRC is required to utilize this process to set aside funds for future equipment purchases. It is being offered to promote prudent financial management. In addition to the financial planning advantages, the University will be providing TIP earnings to funds placed into the plant funds, regardless of original fund source. These TIP earnings may not be transferred out of the plant funds. Purchases of equipment must take place from the plant funds.

Set up the Equipment Replacement/Reserve Strings
Account strings for recording the transfer-in can be set up in one of three University-wide funds within the Plant fund series. The fund used will depend upon the funding source. Account strings in the plant funds may be created at the DeptID level in the plant funds. A request form should be completed according to the form instructions and approved by the DeptID Manager. Colleges may require additional approval of RRC Managers and Deans.

Related Plant Funds

Transfers from these Funding Sources: Should be Transferred into these Plant Funds:
O&M - unrestricted 7401
Other unrestricted 7200
Restricted (non-sponsored) 7700

Account designations will be the same in these plant funds as in current funds. Organization numbers are selected by the requesting college or department, except all O&M funds will have the same organization designation (org 3097). For example, if area 558 transfers resources from fund 1003 into the equipment fund, the account string would be 7013-558-XXXX. If the transfer is from replacement/reserve fund 1198, the account string would be 7344-558-XXXX.

All account strings set up within these funds will be "FY" (fiscal-year) account strings rather than "MY" (multi-year) account strings that are typically used by the plant fund. This will ensure the receipt of all reports associated with fiscal year accounts.

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