UGA Restricted Account Use with Foundation Funds

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UGA Restricted Account Use with Foundation Funds
The University of Georgia Office of Financial
Services The University of Georgia Contracts
Grants Training Sessions April / May
2009
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Guidelines for FY2010

• FY09 balances zeroed out at end of fiscal year
• Budget TOTAL amount needed for FY10 for each
  restricted account
• ONLY budget amount needed for planned FY10
  expenditures
• Budgeting more than necessary may have a negative
  impact on future spending
• CG budget check requests will be processed
  beginning July 1 for non-endowed (in/out) funds

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Guidelines for FY2010 cont.

• FY10 Final Spending Budgets will be available the
  beginning of August 09
• Will process check requests on endowed funds once
  FY10 FINAL spending budgets are available
• CG will not reject any expenditures for
  insufficient budget for July unless unallowable
  expenditure
• HOWEVER do NOT spend what you do not have in
  funding you will be responsible for the
  expenditures
• All Arch endowments are underwater for FY10
• 50 of UGAF endowments are underwater for FY10

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Guidelines for FY2010 cont.

• Requests for personal services budgets will be
  prioritized for processing
• Ensure all proper documentation is submitted for
  quick processing
• Each restricted account WILL be reconciled
  between the Foundation and CG when each check
  request (including budget form) is processed

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Guidelines for FY2010 cont.

• Review the policy concerning restricted accounts
  (Section VIII.K)
• Review the IFAS report to use for budgeting
  endowed funds
• FY09 Spending Budget Report
• FY10 Estimated Spending Budget Report
• Review the IFAS report to use for budgeting
  nonendowed (in/out) funds

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How to Setup Budget for a NEW
Restricted Account
A check request, budget form, and UGA request
restricted account form must be submitted to
Expenditure Control Dept at Financial Services to
setup a restricted account and budget at UGA CG.
The Unit/Dept should ensure there is sufficient
funding for submitting to the Expenditure Control
Dept at the Office of Financial Services.
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How to Setup Budget for an EXISTING Restricted
Account
A check request and budget form must be submitted
to Expenditure Control Dept at Financial Services
to change (increase or decrease) a budget for a
restricted account at UGA CG. The Unit/ Dept
should ensure there is sufficient funding for any
budget increases before submitting to the
Expenditure Control Dept in the Office of
Financial Services.
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Guidelines for FY2010 cont.

• BE PATIENT!!! 80 of all restricted accounts are
  budgeted in July and August
• ONLY one Jay at CG
• ONLY one Cecily at Foundation
• For questions, please contact Expenditure Control
  Dept at Financial Services
• [phone]
• askfsap_at_uga.edu