Basic Fund Accounting

ACCOUNTING SERVICES TRAINING & OUTREACH

BPDP INTERMEDIATE LEVEL

Revised:
February 2014

Class Objectives

Demonstrate knowledge of basic accounting terms

Explain how we use Fund Accounting with the Integrated System

Class Benefits
What is a GL string and how is it different from my
PTAEO?

How do my entries have an impact on the big picture?

ACCOUNTING

System of recording financial

transactions
Uses an organized method

Necessary for analysis,

reporting, and decision
making

FUND ACCOUNTING

Emphasizes accountability
Segregating resources
Used by non-profit
orgs/governments, including
Higher Ed

Why Fund Accounting

Resources are from a variety of sources
Must be used appropriately and not comingled

Requires unique identification and reporting

Chart of Accounts
Used for classification of financial transactions
Identifies the fund, function, and organizational
unit
Critical for institutional and managerial reporting

Integrated System
GL Chart of Accounts

Entity
Entity Segment Values
State Agency

Agency Code

Local

State

Outside

UVA

207

10

20

80

MED CTR

209

15

25

85

UVA WISE

246

16

26

86

SWVA

948

17

27

87

Depositing funds to projects for outside

agencies or on behalf of non-UVA
organizations
Agencies outside UVA include:
Health Services Foundation
Darden Foundation
Law School Foundation
Non-UVA groups or organizations whose money is held
by UVA (for scholarships or other similar purposes):
Seven Society
Colonnade Club
ROTC Scholarships
VA Museum of Natural History

What is a Fund?
Self-balancing set of accounts
Categorized for specific purposes

Fund Groups

Current
Non Current
Agency

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Fund Groups
Current Funds
Operations

Noncurrent Funds
Loan programs
Endowment activities
Capital outlay activities

Agency Funds
Custodial

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Examples of Current
Funds
Source

Current Fund Description

State appropriations
Tuition and fees

State E&G funds

Federal/State/Local governments
Industry

Grants and contracts

Administrative distributions

FA cost recoveries

Private donors

Gifts
Endowment income

Revenue & cost recoveries

Sales and services

Auxiliary enterprises

Royalties, licenses, etc.

Intellectual property

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Examples of Noncurrent
Funds
Source

Noncurrent Fund Description

Federal government
Banks

Loan funds

Donors

Endowment & similar funds (principal)

Donors, Auxiliary reserves, FA funds

Capital outlay funds (construction, renovation)

Student groups
Foundations

Agency funds

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UVa Fund Source Values

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Restricted?
Unrestricted?
Restricted current funds
Externally imposed stipulations on their use
Unrestricted current funds
No external stipulations, but the University
may designate these funds for specific
purposes

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Basic Financial Reports

Balance Sheet
Income Statement

Cash Flow

17

Statement
of Net Position
Balance Sheet
Assets liabilities
= Owners
Equity
Net Position
Assets

Liabilities
Net
Owners
Position
Equity

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Debits and Credits: Statement of

Net Position (aka Balance Sheet)
Debit (to increase)
Assets

Credit (to increase)

Liabilities

Cash

Accounts Payable

Accounts
Receivable

Deferred Revenue
Long-term Debt

Investments

Buildings/Equipme
nt

19

Statement of Revenues, Expenses, and

Changes in Net Position

Income Statement

Revenue Expenses =
Owners
Equity
Change in
Net
Position
Expenses
Revenues

Change
in Net
Owners
Position
Equity

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Debits and Credits: SRECNP

(aka Income Statement)
Debit (to increase)
Expenses

Credit (to increase)

Revenue

21

Recording Transactions
Journal Entry

Debit
Credit

0
/

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Fund
Accounting at
UVa
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Sources of Funds
Tuition
and Fees

Patient
Services

Commonwealth
of Virginia

Gifts

Grants

Sales and Services

Investment
Income

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Sources of Funds and

Award Prefix
Fund

Source

Award Prefix

State E&G

State appropriation
Tuition and fees

SG

Grants and contracts

Federal/State/Local governments
Industry

G_

FA cost recoveries

Administrative distributions

FA

Gifts
Endowment income

Donors

DR, DU
EI, DI

Sales and services

Auxiliary enterprises

Revenue and cost recoveries

SS, LS
SA, LA

Intellectual property

Royalties, licenses, etc

IP

Agency

Student groups
Foundations

YY

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Academic and Medical

Center Divisions
Combined

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Academic Division

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Revenue Projects
Used to record funds received from our sources
Contain the cash that supports award installments

Transaction is recorded in the GL module using the GL String

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Uses of Funds
Instruction

Patient
Services

Research

Public Service

Academic support
Institutional support
Student Services

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Expenditure Projects
Used to record funds expended

Contain the budgets for the work that is

being done

Transaction is recorded in the GA module using the PTAEO

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GA Charging
Instructions
PTAEO

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Integrated System
Deposits
Accounts
Receivable

Budgets

Accounts
Payable

Purchasing

Grants
Accounting

Summarize
PTAEO to GL
String

(cash, checks,
credit cards)

General
Ledger

Labor
Distribution

Fixed
Assets

Recharge
Centers

detail

SIS

summary
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Combining Sources and

Uses
GL String
one
to
one

Many
awards
to one
fund
source

Many
expend
types to
one object
code

one
to
one

Many awards to one entity

GA PTAEO
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P-A Mapping

General Ledger

100323

RP0027

LA

DR1

100272

100301

SA

100323

100323

DR2

Revenue Projects

Awards

Expenditure Projects

Grants Accounting
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GL

P101395

FM Lewis Botanical Garden

Revenue
P1

AER00083

GA
Expenditures

P101395

FM Lewis Botanical Garden

FM Lewis Botanical Garden

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GL

P102003

Revenue

ADR01340

GA

SA UCS Gifts

SA UCS Gifts

Expenditures

P102003
SA UCS
Gifts

P107165

P107168

SA UCS
SA UCS
Employer Svc CLAS Svs

P107173
SA UCS
Library

P117976

P11797

SA UCS
NYRA

SA UCS
Resume
Marathon

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AT-Ticket Sales

AT-Concessions

P100254

GL

P100248

AT-Suite Lease

P100245

Revenue

RP0028

GA

AT-State Revenue

AT-State Rev Award

Expenditures

ASA00001

P100256

P100257

AT-Football

AT-Mens
Basketball

P100272
AT-Womens
Basketball

P100262
AT-Mens &
Womans
Track

P100264
AT-Mens &
Womens
Swimming
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GL
Revenue

Restricted
General Gifts

Ticket Sales

Concessions

P100254

P100309

Suite Lease

P100248

P100245

RP0028

AT-State Revenue

GA
Expenditures

ADR00127

AT-General Gifts

P100256
AT-Football

P100286

ASA00001

P100262

AT-State Rev Award

P100257

ATAT-Mens &
AT-Mens
Womens Womens
Basketball
Rowing
Track

P100272
ATWomens
Basketball
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FI-State Gen Funds

FI-State Non-ed S&S Revenue FI-Gen Fund Appropriation

P999814

GL

P103491

P103529

Revenue

RP0001

ASG00001

P100146

P100147

ASG00007

P101134

P101135

ASG00010

P100087

P100088

GA
Expenditures

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Processing Funds (link)

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Budgeting
In order to spend money allocated to your project,
it must be funded, budgeted, and approved
The amount of the budget cannot exceed the
amount of funding for the project

Budget at the resource group (high level) or

resource (expenditure type)

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Cash vs. Budget

Award Prefix

Cash

Budget

SG/SR

State funds

No

Yes

LG/LC
EI/DI

Institutional
funds

No

Yes

G_

Grants and
contracts

No

Yes

DU/DR

Gifts

Yes

Yes

SA/LA
SS/LS

Sales and
services

Yes

Yes

FA/IP/YY

Various

Yes

Yes

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Training and Outreach http://www.virginia.edu/finance/

Contact info:
Lynn Galasso lcg8t@virginia.edu
Devin Herod jdh5w@virginia.edu

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