General Information
The financial report is prepared quarterly by the service/recharge center to show cumulative activity for the biennium. The report summarizes the actual activity shown on the Actuals Summary with Statistics Accounts R1300 for the center's financials related to the time period being reported.
The report is set up so revenue is entered as a credit (+) and expenditures as a debit (-). This is the format to be used by most service centers for the quarterly financial report.
The Quarterly Financial Report template can be found here.
* * Please note that if your center is a vessel, store, or program income budget, there are specialized report templates available on the forms/templates page that may be more suitable for your use.
Preparing the Report
The second tab is copied from the R1300 report. The ending balance should match the ending balance on the R1300.
The bottom of the report includes accrued amounts that are not on the R1300 and relate to the time period being reported.
Accrued Revenue
Accrued Revenue includes revenues for materials and/or services that have been provided within the reporting period but for which payment has not been received. The revenue could be either unbilled or billed but awaiting payment. MAA requires that accrued revenue be included in the quarterly report. If there is none, please note.
Accrued Annual Leave
Effective July 1, 2011, the University changed the separation pay procedures. Allowance for separation pay is now recovered through the fringe benefit load rate. As a result of this change, centers no longer have to include this on their quarterly reports.
Accrued Expenses
Accrued Expenses represent materials or services received by the service center within in the reporting period but for which payment has not been processed or posted to the R1300.
Unposted Depreciation or Asset Cost Recovery
Unposted depreciation or Asset Cost Recovery is the amount that has not yet shown up on the R1300 for the period being reported.
Unposted Institutional Overhead
Unposted institutional overhead is calculated by adding the cash sales from the top of the report and the Cash Sales Invoices from the bottom of the report and multiplying by the institutional overhead percentage (depending on the location of the center). Use the following formula to calculate the unposted institutional overhead:
{[Posted Cash Sales (from top) + Cash Sales Invoices (from bottom)] x Institutional Overhead % / (1 + Institutional Overhead %) }- Posted Overhead
Balance
With this report format, if the ending report balance is positive (credit), the service center has a surplus. If it is negative (debit), the service center has a deficit.
Report Distribution
Service and Recharge Centers can submit their Quarterly Financial Report via the Service and Recharge UW Connect ticket form.
Quarterly reports are due within 6 weeks after the quarter closes.