Institutional Trust Funds
Amanda Robinson
737-1141
Types of Institutional Trust Funds
• Overhead/Indirect Cost Funds
• Institutional Trust Funds
• Auxiliary Funds
• Gift Funds
Overhead/Indirect Cost
• Begin with 120xxx
• Indirect cost earned from grants
• No other funding should be deposited or transferred into
these funds
• Expenditures must be research related
• Established at college or division level
Institutional Trust
• Begin with 141xxx or 143xxx
• 141xxx must be expended in accordance
with approved fund authority form
Institutional Trust
• 143xxx are residual balances transferred from
grants
• No other funding should be deposited or
transferred into these funds
• Expenditures must be research related
• Established at college or division level unless a
large dollar amount
Auxiliary
• Begin with 31xxxx
• Self supporting entities
• Examples
– Parking and Transportation
– Student Health Center
– Housing and Dining
– Student Stores
Gift
• Begin with 23, 24, 27, 2E, 6C, 6R
• Restricted for Specific Purposes
– Scholarships
– Distinguished Professorships
– Support for specific departmental use
Gift
• The University and the Foundations have
endowments
• University endowments are in funds that begin
with 6C
• Excess earnings are in funds that begin with 6R
• Both 6C and 6R funds are nonexpendable
Gift
• The Board determines the percentage of
earnings that is transferred to the 2E funds
annually
• Funds that begin with 2E are the
expendable funds
• Must use the money as determined by the
donor
• Contact Cathy Laney @ 737-1138
UNC Fit
• Erskine Bowles, President of the UNC
System
• New guidelines for University
processes
UNC Fit
Journal Entries/Interdepartmental Transfers
• Documentation that supports the transaction
• Must verify the amount and have a valid
business purpose
• Examples include a copy of an invoice, a report,
an email, or Banner screen prints
• Accounting staff and/or auditors should be able
to clearly understand the purpose of the
transaction
UNC Fit
Journal Entries/Interdepartmental Transfers
• Preparer must sign or type his/her name and
initial beside it
• Approver must sign his/her full name
• Preparer cannot be the approver
• Preparer cannot sign as the approver on behalf
of someone else
UNC Fit
Create a Fund
• Submit a trust fund request form and a fund
authority form to ITF Office with the appropriate
signature approvals
• If prompted, complete a sales activity
questionnaire
• A letter along with a copy of the approved fund
authority form will be sent to the person
responsible for the fund once the ITF Office has
set up the fund
UNC Fit
Update a Fund
• Submit a fund authority form with the
changes and appropriate signature
approvals to the ITF Office
• A copy of the approved fund authority form
will be sent to the person responsible for
the fund once the ITF Office has made the
changes
Auxiliary Overhead Charges
• Often referred to as an administrative fee
• Consistently applied since FY 1995-96
• Areas receive considerable services from
Materials Mgmt, HR, ITCS, and Financial
Services beyond which the University
receives State appropriations
Auxiliary Overhead Charges
Rates
Auxiliaries
Institutional Trust Funds
1.25%
1.75%
Based on prior year’s expenses,
excluding transfers
Charge posts in the Fall of every year
Auxiliary Overhead Charges
ORGN Name
Fund Name
Prog Name
Auxiliary Overhead Charges
Total Expenses
Less Transfers
Expenses
Auxiliary OH Rate
Auxiliary OH Charge
$17,278.63
(4,108.01)
13,170.62
X .0175
$230.49
Auxiliary Overhead Charges
Worker’s Compensation Fee
• University maintains a pool account for
supporting non-state worker’s
compensation claims
• Charge is based on the amount of prior
year’s salary expenditures (not including
benefits)
• FY 2009-10 rate is .2%
Worker’s Compensation Fee
ORGN Name
Fund Name
Prog Name
Worker’s Compensation Fee
Total Salary
Worker’s Comp Rate
Worker’s Comp Charge
$1,281.03
X .002
$2.56
Fees Collected
• Fees (excluding student) collected that are not a
part of a contract or gift activity should be
processed through State funds-111103
• Extension instruction and public service activities
• Includes fees for conferences, workshops, and
training courses
Fees Collected
• Fees should be deposited as a revenue
(account begins with 5)
• Defray costs of event
• Goal should be to break even not to make
a profit
Matching Concept
Revenues generated by an activity and the
expenses associated with the activity
should be within the same fund.
Revenues must be matched with the
associated expenses.
Scholarships
• Deadline for submitting Fall 2010
scholarships is JUNE 1
• Deadline for submitting Spring
scholarships is OCTOBER 1
• Payments to students should typically be
payroll or scholarships
• Contact Cathy Laney @ 737-1138 with
ITF scholarship questions
Salary and Benefit Budgets
• Loaded into Banner Finance beginning of
fiscal year by ITF Office
• Budgets should include all positions
whether filled or vacant
• Appropriate matching benefits should be
budgeted
Salary and Benefit Budgets
• Budget change forms should be prepared
throughout the year as position budgets are
updated
• All EPAF’s and PCF’s with positions funded by
ITF and Payroll Redistributions that the expense
is being moved to an ITF fund (debit) should be
sent to Stephanie Mele for approval
• Contact Stephanie Mele @ 737-1143 regarding
positions funded by Institutional Trust Funds
Cash Balance
Fund Name
Cash Balance
• Should ALWAYS have a positive balance
• Does not include payments in process or
deposits in transit
Cash Balance
ORGN Name
Fund Name
Prog Name
Cash Balance
Cash Balance using
73800
73800 Balance
Salary/Benefit
Budget
Expenses
176,554.00
(612,382.22)
Cash Balance
543,066.43
Cash Balance per
FGITBAL
978,894.65
543,066.43
Contacts
Amanda Robinson
737-1141
Cathy Laney
737-1138
Stephanie Mele
737-1143
Fees
Presented by
Stephanie Coleman
ANY CHARGES TO STUDENTS SHOULD
FOLLOW THIS PROCESS
Four Types of Fees
• Application Fee
• General Fee
• Fees Related to Debt
• Special Fees
Special Fees
• Students engaged in a particular activity or
course of study
• Should not be used to provide general
academic revenues
• Board of Governors has not approved any
since 2006
Miscellaneous Charges
•
•
•
•
•
•
Transcripts
Caps and Gowns for Graduation
Special Examinations
Late registrations
Insurance
Travel related to course
Process for Requesting a Fee
•
•
•
•
Obtain Provost or Vice Chancellor Approval
Fees are submitted one year in advance
Submit request to divisional representative in Fall
Division representative submits to Stephanie
Coleman
• Requests are submitted through the Tuition and
Fee Committee, Chancellor’s Executive Council,
and Board of Trustees, General Administration
and Board of Governors(BOG)
• BOG votes in February for upcoming Fall
Semester
Process for Miscellaneous Charges
• Obtain Provost or Vice Chancellor Approval
• Miscellaneous Charges are submitted one year
in advance
• Submit request to divisional representative in
Fall
• Division representative submits to Stephanie
Coleman
• Requests are submitted through the Tuition and
Fee Committee, Chancellor’s Executive Council,
and Board of Trustees
• ECU notifies General Administration of the new
Timeline
• September- Division representative needs to be
notified of fee request
• October- Request is submitted to Stephanie
Coleman
• November- Tuition and Fee Committee,
Chancellor’s Executive Council and Board of
Trustees review and vote
• December- Information is submitted to General
Administration
• February- Board of Governors votes
• July- Fee can be implemented if successfully
Any Charges Currently Being
Collected in Department?
• Send Stephanie Coleman
colemans@ecu.edu an email with the
following:
• Department name
• Purpose for Collecting
• Who are you charging
• Dollar amount being charged
• FOAP using