FUND BALANCE / NEW REVENUE REQUEST PROCEDURES. 2 PURPOSE FUND BALANCE: 1)To budget prior year unbudgeted fund equity. 2)To budget current year equity.

FUND BALANCE / NEW

REVENUE REQUEST

PROCEDURES

2

PURPOSE

• FUND BALANCE:

1)To budget prior year unbudgeted fund equity.

2)To budget current year equity transfer.

• NEW REVENUE: To budget current year additional or new revenue received which has anticipated expenditures in current year.

3

PROCEDURES

• PRIOR YEAR FUND BALANCE – Pages 4 to 8

• NEW REVENUE – Pages 9 to 12

• CURRENT YEAR EQUITY – Pages 13 to 17

REQUIRED REPORTS

1074 Reports current date:

• Balance Sheet

• Budget Node Summary

4

FUND BALANCE REQUEST - BUDGET JOURNAL (REVEST)To Budget Prior Year Unbudgeted Fund Equity

• Received from Colleges / Divisions 2 forms of Journal: Revest and Org

• Revest budget node B4035 for budgeted fund balance

• Verify Budget Entry: “Adjustment”

• Verify amount Debit = Credit

• Verify Chartfiled Combo

5

BUDGET JOURNAL (ORG) To Budget Prior Year Unbudgeted Fund Equity

• Received from Colleges / Divisions 2 forms of Journal: Revest and Org

• Org budget node must be B5XXX

• Verify Budget Entry: “Adjustment”

• Verify amount Debit = Credit

• Verify Chartfiled Combo

6

1074 REPORT – PRIOR YEAR FUND BALANCE REQUEST To Budget Prior Year Unbudgeted Fund Equity

(example Equity > B4035)

• To verify the available amount to budget “Available Fund Equity” (Beginning Year Balance column) less Budgeted “Fund Balance / B4035” (Current Orig + Adj column)

7

1074 REPORT – PRIOR YEAR FUND BALANCE REQUEST To Budget Prior Year Unbudgeted Fund Equity

(example Equity < B4035)

• Equity is not available to budget in this example due to the fact that budgeted fund balance B4035 is greater than beginning year available fund equity.

8

APPROVAL HISTORY

• Verify for Certified Signature and proper path

9

NEW REVENUE REQUEST - BUDGET JOURNAL (REVEST)

• Received from Colleges /Divisions 2 forms of Journal: Revest and Org

• Verify Budget Entry: “Adjustment”

• Verify amount Debit = Credit

• Verify Chartfiled Combo

10

NEW REVENUE REQUEST - BUDGET JOURNAL (ORG)

• Received from Colleges / Divisions 2 forms of Journal: Revest and Org

• Verify Budget Entry: “Adjustment”

• Verify amount Debit = Credit

• Verify Chartfiled Combo

11

1074 REPORT – NEW REVENUE REQUEST

• To request New Revenue, verify “Budget Available” less “Soft Commitment” on 1074 report.

• Verify the “Available Fund Equity” to see if it supports the available budget

$ 25,331.00$ 14,938.00 –$ 10.393.00=========

12

APPROVAL HISTORY

• Verify for Certified Signature and proper path

13

FUND BALANCE REQUEST - BUDGET JOURNAL (REVEST)To Budget Current Year Equity Transfer

• Received from Colleges / Divisions 2 forms of Journal: Revest and Org

• Verify Budget Entry: “Adjustment”

• Verify amount Debit = Credit

• Verify Chartfiled Combo

14

FUND BALANCE REQUEST - BUDGET JOURNAL (ORG)To Budget Current Year Equity Transfer

• Received from Colleges / Divisions 2 forms of Journal: Revest and Org

• Verify Budget Entry: “Adjustment”

• Verify amount Debit = Credit

• Verify Chartfiled Combo

15

1074 REPORT – FUND BALANCE REQUEST To Budget Current Year Equity Transfer

• At the beginning of the year, Fund Balance was not budgeted. There was a transfer from another cost center to budget the Fund Balance in the amount of $ 10,000.00

• $ 10,000.00 was budgeted during the budget cycle

16

1074 REPORT – FUND BALANCE REQUEST (continue) To Budget Current Year Equity Transfer

• Run report to determine cost center from which equity was transferred

17

1074 REPORT – FUND BALANCE REQUEST (continue) To Budget Current Year Equity Transfer

• Cost center where $ 10,000.00 equity was transferred, supports the available budget