Introduction To Trust Fund/Special Projects Management Laleh Graylee Cecilia Patz Financial Services Division of Administration & Finance © 2008 California State University, Fullerton Agenda 1. CSU Funds Categories & Types 2. Characteristics of Trust Funds/Projects 3. Process of creating new Special Trust Fund Projects. 4. Required roles and responsibilities related to the on-going account management of Trust. CSU Fund Categories & Types Authority Section 89721 of the Education Code & Executive Order 1000 Fund Types 1. Enterprise Funds 2. Internal Service Funds 3. Investment Trust Funds 4. Private Purpose Trust Funds 5. Agency Funds Characteristics of Trust Funds 1. Sources of Trust Fund/Special Projects • Federal Trust Funds • Self Supporting Operations Trust • Special Projects/Other Trust 2. Unique CMS Fund Code 3. Beginning & End Dates 4. Interest Allocation 5. Management Fee Sources of Funds/Deposits Type Federal Trust Fund Example Scholarships and loan programs Advance Payments under Federal Contracts or Grants Self Supporting Funds/Specific Programs Fees and other revenues from instructionally related activities (IRA). Fees for Parking, Health Facilities or Health Services, and for Extension Programs, Special Sessions, and other self-supporting Instructional Programs. Lottery Fund Special Projects/Other Trust Gifts, bequests, donations, etc. Fees and charges for optional use of Services, Materials or Facilities Money received for research, workshops, conferences, institutes, and special projects List of Trust Funds By Department Creating New Trust Projects Required Forms Trust Fund Agreement/Trust Fund Annual Budget Management Approvals Division Head/Project Coordinator AVP of Finance or University Controller Department’s Financial Management Responsibility Required Forms Trust Fund Agreement Form Ongoing Account Management For Trust/Special Projects • Trust Agreement Renewals – Annual Deadline – May 1st • Reporting & Inquiry – Budget Allocation – Expenditure Tracking & Reconciliations • Year End Closing and Carry-Forward Fund Balances • Closing Existing CMS Trust Funds Chart of Accounts & Definition of Cost Center Review From Account Management Workshop • Chart of Accounts – What is a Chartfield String? – – – Differences Between Various Types of Chart Fields Organizational Structure Department Tree Structure Chart of Accounts Review From Account Management Workshop Chartfields – Account (6 characters numeric) – Fund (5 characters alphanumeric) – Department ID (5 characters numeric) – Program (4 numeric) – Class (5 alphanumeric) – Project (8 numeric) Chartfield String Chartfield String = Account + Fund + Department + Program + Class + Project Differences Between Various Chart Fields • Mandatory chartfields – Account (6 characters numeric) – Fund (5 characters alphanumeric) – Department ID (5 characters numeric) • Optional chartfields – Program (4 numeric) – Leave Blank – Class (5 alphanumeric) – Extension of Dept – Project (8 numeric) Departmental Financial Management Responsibility: Balancing at Department + CMS Fund Accounting Entries & Adjustments Review From Account Management Workshop Accounting Process – Requesting New/Existing Funds/Accounts/Projects – Expenditure Adjustments/Corrections/Transfers – Recharges Reporting Tools Accessing Financial Information – Reporting Tools • Monthly Standard Reports Monthly Standard Reports CMS Training Documentation and Tutorials http://www.fullerton.edu/cms/Training/docs/finance.html List of Distributed Reports – – – – Budget Balance Available Report Requisitions/P.O. Report Expenditure Summary & Detail Open Commitments Access to Distributed Reports Portal Log In e-Content Tab Access to Distributed Reports Distributed Reports Select Report Encumbrance/Expenditure Report Sort: By Fund Select Report Expenditure Summary Report Sort: By Fund Select Report Budget Balance Available Report Sort: By Fund Budget Balance Available Report – Revenue & Expense Reference • Website address for Trust Agreement http://finance.fullerton.edu/Controller/Accounting/TrustFunds.aspx Questions & Answers Contact Information – Felicity Tan ([email protected]) Thank You!