Administration and Finance

Tip of the Week - October 16, 2006

Processing Departmental Deposits

The Controller’s Office would like to remind all departments processing deposits to a General Revenue, or E & G Index Codes using fund code 110000, that “Revenue”  Account Codes beginning with a 5xxxxx may not be used.

All other Indexes and Fund codes may have revenue deposits with the exception of certain local fund department Index Codes, such as those for study abroad or other liability Index Codes, where the index only serves as a pass through of funds collected to pay expenditures on behalf of a third party.

Departments are also reminded that when processing deposits for expenditure refunds, that all Index Codes are restricted to having first incurred an expense before funds from outside sources, such as the UNF Foundation or a vendor are deposited into the department Index Code.  An example of a typical expenditure refund would be where a department purchased merchandise and paid for it and later found the merchandise to be defective or not suitable and returned it to the vendor for a refund.  Where the vendor refunds the purchase price paid, the department may deposit those funds into their department index into the account code used for the original expenditure.   Provided the refund meets the following criteria funds may be deposited into a departmental Index:

1)         A legitimate expense refund,
2)         The expenditures had been first incurred in the index and account, and
3)         Not a deposit that would supplement a department’s budget.   
4)         Departments and division budget officers will need to monitor indexes and accounts to insure that credit balances are not created. 

Questions concerning departmental deposits may be directed to Ellery Griffis.