Thursday, February 14, 2013

AR for Foundation Transfers

There will be a new account code for Foundation transfers accounts receivable (AR). 

Please see the communication below from the Budget Office.  This should make reports more meaningful because Foundation AR will be separated from other AR.

"Currently the Resources section on both the 'Account Budget Status for
Current Non-Sponsored Funds' UM Report and the UM Carryforward Balance
page in EFS includes an adjustment for Accounts Receivable activity. The
effect is that Total Resources is reduced by the Accounts Receivable

This is changing effective 02/15/2013 for new bills requesting funds
from the Foundations.  You will continue to see your Foundation revenue
on the report but there will no longer be an Accounts Receivable
adjustment for amounts billed to one of the University's Foundations.
This applies to UMF, MMF, Arboretum, 4H and Alumni Assoc only (EFS
customer IDs 500001 - 500005).  Accounts Receivable activity for the
Foundations will be recorded in account 110031.  When creating an
invoice to one of the Foundations, Billing Specialists will see this
account auto-populated on the Header - Info 1 tab of the Standard
Billing page and should NOT change this value.  There is no need for
Departments to modify their current billing processes as a result of
this change."