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OUS Fiscal Policy Manual Summary of Changes

Summary of Changes to OUS Fiscal Policy Manual

FY 2013

ACCOUNTING & FINANCIAL REPORTING

05.713  FISCAL OPERATIONS OF SERVICE CENTERS

This update has an effective date of 7/1/2012 and has been approved by the Associate Vice Chancellor for Finance and Administration/Controller.

Please share this information with others on your campus. 

Major Revisions:

  • Focus of the revised policy is on Fiscal Operations of Service Centers and not just working capital.
  • Incorporates IMD 6.350 – reserves
  • Incorporates IMD 6.520 (4) elimination of negative balances, Section .180 in revised policy
  • Places Institution responsibilities with both VP for Finance & Admin. and VP for Research, Section .160
  • No longer required to submit report or rate plans to Controller’s Division
  • Timeframe for rate review can be determined by the institution, no longer has to be completed at same time as other year end processes
  • Extends time frame to resolve negative working capital, cash overdrafts, and negative net asset balances to 1-5 years
  • Changes exceptions to provisions for negative balances from Vice President for Finance and Administration to Vice Chancellor for Finance and Administration.  This is because the Vice Chancellor is the person with ultimate responsibility as outlined in IMD 6.520, this policy allows for submission of budgets and rate reduction plans to eliminate negative balances to the VP for F&A with exceptions at the Vice Chancellor level.

ACCOUNTING & FINANCIAL REPORTING

05.780  ACCOUNTING FOR CAPITAL PROJECTS

This update has an effective date of 7/1/2012 and has been approved by the Associate Vice Chancellor for Finance and Administration/Controller.

Please share this information with others on your campus. 

Major Revisions:

  • Removed all reference to “Legislative Expenditure Limitations”
  • Updated COPs to XI-Q Bonds
  • .200 Legislative Expenditure Limitation section replaced with “Capital Project Approval and Management”
  • Add Sections
    • .210 Bond Funding
    • .375 Capital Support Assessment (was just in appendix)
    • .475 Retainage Processing (was just in appendix)
  • Removed sections in appendix
    • .715 Legislative Expenditure Limitation
    • .740 Monitoring – this is in policy
    • .741 Monthly Monitoring Process
    • .742 and .743 FWRBDPJ and FWRBDLR reports (no longer valid, these reports were designed to monitor Legislative expenditure limitations, we will determine at a later date if new reports should be developed)
  • Revised naming convention for project (grant) codes
  • Moves responsibility for setting up and closing out project funds and budgets entirely to the University.
  • Moves responsibility for setting up University specific project (grant) codes to the University.  System codes will still be set up by Controller’s Division
  • Capitalizable projects no longer set up in 004000 – Repair & Remodeling.  Projects have to be in a plant fund if they will be capitalized
  • Retainage section has been expanded to provide better guidance, a standard escrow agreement will be added to the policy as soon as the legal review is completed.

 

ACCOUNTING & FINANCIAL REPORTING

05.110 Chart of Account Administration

9/19/12 - This policy has been updated to agree with OUS Baseline Chart Advisory Committee Charter that was finalized in January, 2012.  Major revisions include:

  • Added new Process Flow Chart that includes the new expedited Account Level 3 and 4 request process
  • Added new COAS Element request form for the Account Level 3 and 4 request process
  • Revised the COAS Element request form to include the data dictionary definition

 

FRINGE BENEFITS

66.200 Moving Expenses

1/1/13 - Effective January 1, 2013 for moves over 50 miles, the first 24 cents per mile (no longer 23 cents per mile) are non-taxable for private vehicle mileage reimbursement.

 

TRAVEL

95.100 Travel and Transportation Administration and Expenses

01/01/13 - This update changes the private vehicle rate that is effective for travel on or after January 1, 2013. The private vehicle mileage rate has increased from 55.5 to 56.5 cents/mile. This update has been made within the OUS Fiscal Policy Manual on the "Travel and Transportation Administration and Expenses" 95.100. You will see a new link under .710 with this date listed.


Prior Year Summary of Changes

  • Changes Made During FY 2012
  • Changes Made During FY 2011
  • Changes Made During FY 2010
  • Changes Made During FY 2009
  • Changes Made During FY 2008
  • Changes Made During FY 2007
  • Changes Made During FY 2006
  • Changes Made During FY 2005
  • Changes Made During FY 2004
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