Based on user requests presented to and approved by the iO Finance and Research Functional Committee, we are making a change to the Faculty Fund Types to facilitate department reconciliation.
Starting on September 15, 2023, the General Ledger Fund Type for Faculty Funds will change from Fund Type 101 to Fund Type 109. This impacts Fund Sources 010000, 010010, 010020, 010030, and 010040. Because this is a General Ledger change, it will not impact Faculty Fund reporting in the Projects module or on the SPFF Dashboard.
Why Are We Making This Change? Currently, both Faculty Funds and other departmental unrestricted designated funds fall within Fund Type 101, making management of both challenging. Adding an independent fund type for Faculty Funds:
- facilitates reconciliation between Faculty Fund projects and the associated GL transfers
- ensures that Faculty Fund projects are funded appropriately from GL accounts
- enables clear insight into tracking transactions between Projects and the General Ledger
Important Details:
- This change will not impact the way FF balances and transactions are presented in PPM or on the SPFF dashboard; it only affects general ledger accounting.
- Transactions from FY22 and FY23 will remain in Fund Type 101 as they are currently recorded and displayed.
- Transactions from FY24 will appear in Fund Type 109.
- Transactions between July 1, 2023, and September 15, 2023, will be moved to Fund Type 109 on September 15, 2023. Crystal Davis will monitor “in-flight” transactions that post the week of September 18-22 and make any necessary corrections.
What Do You Need to Do?
Finance and RCA are working to make all necessary transitions behind the scenes, but it is important for you review your funds for the following:
- If you have Faculty Funds pointing to fund sources other than 010000, 010010, 010020, 010030, or 010040, contact Crystal Davis before September 15, 2023, to ensure those transactions are included in the transition.
- Between September 15 and September 28, review transactions in Fund Type 101 and Fund Type 109 and work with Crystal to resolve any unexpected results.
We appreciate your cooperation during this system update, which will help streamline your financial processes and reporting. If you have any questions or concerns, please do not hesitate to reach out to Crystal Davis or the finance team.
