Finance

Accounting and Financial Oversight

• Accounting for Compensated Absences
  • Accounting for Various Paid Leaves
  • Accounting for Vacation
  • Accounting for Payouts under Termination and Severance Agreements
• Approvals and Routing
• Charging of Direct and Facilities and Administrative/Indirect Costs
  • Charging Direct Costs to Sponsored Projects
  • Charging Facilities and Administrative (Indirect) Costs to Sponsored Projects
  • Requesting Facilities and Administrative (Indirect) Cost Reductions
  • Sharing Indirect Cost Recovery Among Collaborating Collegiate Units
• Documenting Financial/Accounting Transactions For All Non-Sponsored and Sponsored Transactions
• Effort Certification
  • Using the Effort Certification and Reporting Tool (ECRT)
  • Documenting Effort Outside of ECRT
• Establishment and Use of Agency Funds
  • Establishment and Use of Agency Funds
• Fixed Price Contracts, Including Clinical Trials
  • Fixed Price and Fixed Fee Contract - Closeouts
  • Clinical Trial (Industry-Sponsored) Research Agreements and Payments
• General Accounting
• Guiding Principles
• Managing Billings and Receivables Using the Enterprise Financial System (EFS)
• Managing Nonsponsored Billings and Receivables Using Approved Departmental Systems
• Managing Program Income Earned on Sponsored Projects
  • Handling Program Income at Proposal Time
  • Handling Program Income During the Project Period
  • Handling Program Income at Final Project Termination
• Managing Uncollectible Costs Charged to Sponsored Projects
  • Establishing Nonsponsored Programs for Uncollectible Costs on Sponsored Projects
  • Moving Uncollectible Costs to Non-Sponsored Accounts
• Offering Cost Sharing, Matching, and In-Kind Contributions on Sponsored Projects
  • Handling Cost Sharing, Matching and In-Kind Contributions After Award Acceptance
  • Including Cost Sharing, Matching, and In-Kind Contributions in Proposals
• Payroll
• Processing Internal Accounting Transactions
• Reconciling and Verifying General Ledger Accounts and Other Financial Information
  • Reviewing and Verifying Revenue, Expenditures, and other Financial Reports
  • Reconciliation of Balance Sheet Accounts
• Selling Goods and Services to External Customers
  • Obtaining Approval to Conduct External Sales Activity
  • Establishing a Sales Accounting Structure
  • Establishing External Sales Rates
  • Establishing External Sales Agreements (Contracts)
  • Unrelated Business Income Tax Procedures, and Collecting and Remitting Minnesota Sales Tax on External Sales Transactions
• Selling Goods and Services to University Departments
  • Obtaining Approval to Conduct Internal Sales Activity
  • Establishing an Internal Sales Accounting Structure
  • Establishing Internal Sales Rates
  • Reviewing Internal Sales Activity Annually
  • Establishing Internal Sales Capital Equipment Funds and Recording Depreciation
• Utilizing University of Minnesota Bank Accounts
  • Utilizing a University of Minnesota Bank Account
  • Discontinuing Use of a University of Minnesota Bank Account
  • Opening an International Bank Account
  • Closing an International Bank Account

• Allocating Temporary Investment Pool Income
  • Determining TIP Allocation
• Assessing Units for Institutional Business Systems
  • Planning and Charging of the Enterprise Assessment
• Budget Development for Non-Sponsored Funds
• Budget Oversight for Non-Sponsored Funds
  • Procedures for Budget Adjustments
• Budgeting for Capital Improvements
  • Submitting a Project for the Capital Budget
• Building Reserves for Capital Equipment Replacement
  • Planning and Budgeting for Equipment Replacement
  • Establishing Equipment Replacement/Reserve Accounts
  • Transferring Resources to Equipment Reserve Accounts
  • Purchasing From Equipment Reserve Accounts
• Financing Capital Projects
  • Financing Capital Projects

• Accepting and Depositing University Revenue
  • Preparing the Deposit
  • Preparing the Deposit - Check graphic
  • Preparing the Deposit - Check graphic with notes
  • Preparing the Deposit - Strapped currency example
  • Making a Deposit at a Bursars office
  • Making a Deposit at a Bank
  • Making a Deposit at a Depository Drop Box
  • Making a Deposit Using Courier Pick-up
  • Making a Foreign Currency Check Deposit at a Bursars office
  • Bank Lockbox Deposits
  • EFT Deposits denominated in US Dollars
  • EFT Deposits denominated in a Foreign Currency
• Accessing UWide Banking Services
  • Establishing a Payment Card Merchant Account
  • Documenting and Depositing Sales
• Establishing Change and Miscellaneous Payment Funds
• Participating in the Group Income Pool (GIP)
• Selecting Investment Options for University Funds
  • Choosing an Investment Pool
  • Establishing an Endowment
  • Changing an Endowment's Income Distribution Allocation
  • Depositing Funds to an Endowment
  • Withdrawing Funds from an Endowment
• Utilizing University of Minnesota Bank Accounts
  • Utilizing a University of Minnesota Bank Account
  • Discontinuing Use of a University of Minnesota Bank Account
  • Opening an International Bank Account
  • Closing an International Bank Account

• Managing University Capital Equipment
  • Acquiring Capital Equipment
  • Recording and Maintaining University Equipment
  • Disposing of University Equipment
  • Safeguarding Capital Equipment Assets
  • Federal Reporting and Compliance for Capital Equipment
  • Equipment Bought on Fellowships

• Accounts Payable: Paying Non-Payroll Expenses
  • Requesting a New Vendor or Changing an Existing Vendor
  • Depositing Vendor Checks (sponsored and non-sponsored accounts) and Depositing Refunds of Sponsored Employee Expense Overpayments
  • Making Payments Using Single Payment Vendor Numbers
• Cellular Device Business Expenses
  • Establishing and Paying for Cellular Device Business Expenses
• Leasing and Financing Equipment
  • Deciding to Lease or Buy Equipment
• Managing University Records and Information
  • Retention of University Records
  • Disposing of University Records
• Paying Human Subjects and Maintaining Confidentiality and 1099 Reporting
  • Paying Human Subjects Directly
  • Making Payments to a Third Party
• Purchasing a Professional Service
  • Purchasing a Professional Service
  • Establishing a Basis for Contractor Selection and Price, and Assuring a Reasonable Price
  • Administering Contracts for the Purchase of Goods and Services
• Purchasing from Targeted Group Businesses
  • Purchasing Goods and Services from Targeted Group Businesses
• Purchasing Goods and Services
  • Planning Purchases
  • Purchasing Goods and Services
  • Receiving Purchases
• Using the University Procurement Card
  • Applying for the Procurement Card
  • Reconciling Procurement Card Activity
  • Change Procurement Card Status
  • Dispute Process

• Accrual and Use of Frequent Flyer Miles
• Relocating New Employees
• Traveling on University Business
  • Arranging Travel
  • Applying for Travel Expense Reimbursement
  • Requesting and Reconciling a Cash Advance
• Using Automotive Vehicles for University Business
  • Renting a Vehicle
• Using the University Corporate Travel Card
  • Applying for the Card
  • Paying for the Expenses Incurred
  • Changes to Corporate Travel Card Status

Miscellaneous