FUND BALANCE /
NEW REVENUE
REQUEST
PROCEDURES
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.
2
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
3
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
4
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
5
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)
6
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.
7
APPROVAL HISTORY
•
Verify for
Certified
Signature
and
proper
path
8
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
9
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
10
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
=========
11
APPROVAL HISTORY
•
Verify for
Certified
Signature
and proper
path
12
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
13
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
14
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
15
1074 REPORT – FUND BALANCE REQUEST (continue)
To Budget Current Year Equity Transfer
•
Run report
to
determine
cost center
from which
equity was
transferred
16
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
17