FRS WebFocus Statements

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FRS WebFocus Statements

• Presented for Sponsored Programs

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Overview

• This presentation is developed to assist
  Principal Investigators in understanding the
  financial statements available through the use of
  the FRS WebFocus software in conjunction with the
  quarterly certification of expenditures and
  includes discussion of the following topics
• Potential Users.
• Authorized Access.
• Reports available to users.
• Components of each report.
• Income Recognition.

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Potential Users

• Potential Users of WebFocus Statements include
• Principal Investigators
• Business Managers
• Department Administrative Assistants
• WebFocus Statements should be used to review
  accounts for accuracy of charges and to compare
  labor charges to position budgets. WebFocus
  statements may also be used to determine if the
  amount of effort expended is commensurate with
  the salary charged to the project.

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Authorized Access to System

• Must currently have access to account activity in
  FRS in order to create WebFocus Reports.
• Access is granted by the approval of the
  Department head.
• May only create reports for accounts that user
  has FRS access. In other words, access is
  granted for your accounts only.

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Reports Available

• This Presentation is limited to the Month End
  Reports only. We have provided examples of the
  Account Summary and the Report of Transactions
  along with a brief description of each. The
  numbers appearing on each report correspond to
  the description of each section provided
  afterward. The example reports should be opened
  in Adobe Acrobat Reader.
• Statement of Account - Statement of Revenues and
  Expenditures summarizes transactions posted to
  the account and compares that to the Revised
  Budget Amounts.
• Report of Transactions Provides a detailed
  listing of all transactions processed against an
  account in the current month. Provides the
  detail supporting the Account Summary.

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Other Reports Available

• Salary and Wage Report 102 Lists FRS Revised
  Budget, YTD Actual, Encumbrances and YTD
  ActualEncumbrances with a Budget Variance for
  salaries and wages by object code and individual.
• UMG Responsibility and Revenue/Expense by
  Category Statements UMG formatted financial
  statements, for Medical Group only
• Labor Distribution Reports Listing of Labor
  Distribution by Object Code and Individual.
• A multitude of other reports are available
  depending on the users needs.
• Encumbrance Summary-provides detail of commitment
  of budget funds resulting from a personnel
  position or purchase order.

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Example of Account Summary
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Statement of Account

• 1. Header information is established by an
  Account Request Form (ARF). Account start date,
  end date, PI, PI address, description of account
  and account number. To change, must submit a new
  ARF together with supporting documents
  substantiating the change, including sponsor
  approval, if applicable. Communication with
  Sponsored Programs Department is critical for
  changes to any of the heading information listed
  above. If you dont provide indication of a
  change, it will not be posted to the account.

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Statement of Account (Continued)

• 2. Revised Budget Column The latest approved
  budget as established by the Notice of Grant
  Award or contract and submitted on a Request for
  Budget form. Changes are accomplished by a
  Request for Budget Revision form. Object codes
  are also established on Request for Budget forms.
  
• 3. Actual amounts posted to the account for the
  Current Month, Fiscal Year and Project Year. The
  quarterly certifications relate to these amounts
  only. Project Year numbers represent those
  amounts recorded from the inception of the
  project to date.
• 4. Encumbrances Commitment of budget funds
  resulting from a personnel position, purchase
  order request, requisition order or prepaid
  travel expense obligating the University to pay
  an amount sometime in the future.

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Statement of Account (Continued)

• 5. YTD Actual Encumbrances The addition of
  Actual Project Year Expenditures and the
  Encumbrances columns represent budget funds
  utilized and obligated year-to-date.
• 6. Budget Variance Revised Budget column less
  the YTD Actual Encumbrance column. A positive
  number indicates a favorable budget variance.
• 7. Used YTD Actual Encumbrance column
  divided by Revised Budget column.

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Statement of Account (Continued)

• 8. Revenues and Additions Category All
  Revenues and Income pertaining to this account.
  Revenue is recognized in different ways,
  depending upon what type of grant was awarded.
  See the Revenue Recognition Section below.
• 9. Personnel Expenditures All Salaries and
  Wages plus Fringe Benefit Allocations. Salaries
  initially entered on Personnel Action Form (PAF)
  and revisions submitted on Labor Expense
  Distribution Reallocation Form.
• 10. General Expenses All other expenses not
  payroll related. General expenses are primarily
  recorded by purchase order or direct payment
  voucher. Changes are made by submitting a FRS
  Transaction Correction Form.

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Statement of Account (Continued)

• 11. Indirect Cost Restricted Expenditures
  automated entry, verified by Sponsored Program
  Administration, is established by the percentage
  stipulated in the award document. The University
  currently has a negotiated on-campus research
  rate of 47 of Modified Total Direct Cost (MTDC)
  with our cognizant Federal Agency, the Department
  of Health and Human Services. Most rates are
  computed on MTDC (which equals the total
  expenditures less certain costs such as
  equipment, tuition, and sub-contracts over
  25,000). Indirect Costs represent that portion
  of the University's general costs that are being
  reimbursed for such expenses as Administrative,
  Depreciation, Interest, Operations and
  Maintenance, Sponsored Program Administration and
  Library.

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Example of Report of Transactions
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Report of Transactions

• The Report of Transactions provides the detail
  supporting the Account Summary. This should be
  the source document that the PI uses to verify
  the content of amounts appearing on the Account
  Summary Statement of Account.
• T1. Includes a description, date, Transaction
  code (TC), Reference Number (Ref.), a second
  reference number, and the J.E. Offset Account.
  The transactions are listed in date order, by
  object code, with subtotals for each object code.
  Transaction codes identify the specific type of
  transaction
• 02X-Budget Transaction 05X-Encumbrance
• 03X-Cash Receipt 06X-Journal Entry or IDO
• 04X-Cash Disbursement

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Report of Transactions (Continued)

• T2. Budget entries are listed in this column only
  if they have been entered or revised in the FRS
  system this fiscal year.
• T3. Current Revenue/Expense Amounts are recorded
  in this column, sub-totaled by object code.
• T4. Encumbrance amounts liquidated in the current
  fiscal year, sub-totaled by object code.
• T5. Batch Ref. Date refers to the identification
  number and the date posted in the FRS system.

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Salary and Wage Report 102

• Shown as FRS Report 103 on drop down menu.
• Provides YTD Actual and Encumbrances comparison
  to Revised Budget amounts.
• By Object Code, Position, Employee Name and Pay
  Period.

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Labor Distribution Report

• Provides Date, Pay Period, Employee Name, SSN,
  Position Number, Amount and any Reallocations by
  Object Code.
• Provides reader with the ability to see who is
  charged to each object code by pay period.
• Use of filters can provide reader information on
  any object code for any pay period back as far as
  three fiscal years.

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Revenue Recognition

• Most of the Universitys grants recognize revenue
  only when corresponding expenditures are posted
  to an account. An automatic entry is generated
  at month end to record revenue equal to the total
  of expenses recorded that month. Revenue is
  recognized on some private grants when received.
• For Line of Credit (LOC) accounts, revenue equal
  to the total of expenses recorded that month is
  credited to the individual grant account and a
  debit (charge) is posted to the LOC account in
  the general ledger. The LOC account represents
  an accounts receivable from the federal
  government. As funds are drawn down periodically
  to reimburse the University for funds already
  expended, the LOC account is credited.
• On Cost Reimbursement Grants, the expenses are
  recorded in the proper account, an automatic
  entry is posted at month end to record the
  revenue and a corresponding receivable is
  recorded, representing amounts to be billed for
  that account.

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Final Summary

• The Financial Records System (FRS) is an on-line
  integrated financial accounting system that
  records, monitors and maintains all accounting
  and financial transactions of the University. As
  such, it is the official record of financial
  transactions recorded by the University.
• The WebFocus reports help Principal Investigators
  and their business managers review their accounts
  monthly for accuracy of charges and proper labor
  distribution.
• Timely adjustments to sponsored accounts saves
  money by reducing costly project overruns,
  reducing the occurrence of late cost transfers
  and improving the ability of the Office of
  Sponsored Programs to be reimbursed from the
  appropriate agency in a timely fashion, thus
  improving cash flow to the University.