Designated Funds

Requested when a department sponsors an event funded with external revenue sources tracked outside their annual operating budget (e.g. on-campus workshop, conferences, or other activities). The project is enabled once the event is approved and before incurring expenses. It is closed when the final-expenses have been paid and all revenue is received.

Requested when budget authorities provide individuals with earmarked funds to support a specific activity (e.g. seed funding for research). The project is enabled once approved, prior to incurring expenses, and is closed when final expenses are paid and all revenue is received.

Department responsibility

Complete a Project Request form with the requested information (name of project, name of specific external revenue source(s), expected level of funding, department responsible for administering the project, start and end date, etc.

Accounting Operations responsibility

Create project number in the Oracle general ledger to track revenue and expenses specifically associated with this type of activity. Enable appropriate revenue and expense account combinations.

Once Accounting enables the project, the department deposits the revenue and charges all expenses associated with the activity to the project using appropriate object codes.

Once enabled, the department works with its designated financial individual to prepare the funding transfer entry from the funding source to the project. Charge expenses associated with the activity directly to the project using appropriate object codes

Accounting expects that all project activity will be recorded by the designated end date.

Monthly

The project manager or administrator will generate an “OTHER PROJECTS STMT” as well as a report that provides detailed transaction information. The project manager or administrator should reconcile project activity on a monthly basis.

• For Actual expenses – choose from two detail reports:
  1. General Ledger - (180 Char)
  2. RIT Account Analysis – Subledger
• For Encumbrances, (open purchase orders (PO’s) -
  1. RIT Encumbrance Detail Report

Balances

Deficit: Project-to-Date expenses exceed Project-to-Date revenue/funding. Project manager works with designated financial individual to prepare the funding transfer entry to cover the remaining expenses.

Surplus: Project-to-Date revenue/funding exceeds Project-to-Date expenses. Project manager works with designated financial individual to prepare the funding transfer entry to transfer the remaining funds to an unrestricted project.

Open Purchase Orders effect the available balance and must be Final Closed by contacting Procurement Services, email: purchase@rit.edu.

Closing Project

Once the project manager has confirmed the project balance, the project manager will contact Accounting Operations and request closure of the project.

If you have any questions regarding these processes, visit the RIT Service Center to find additional documentation or to request assistance.