Finance/Budget Management | UW Finance Planning & Budgeting

Managing department budgets is a key responsibility for an administrator. This section describes the types of budgets used at the University (which is usually determined by the source of the funds), the financial systems utilized, how to run various financial reports, and best practices in oversight and reconciliation.

ADMINISTRATIVE SYSTEMS

Financial Accounting System (FAS): is the University's core accounting system. It performs many different accounting functions, including processing all accounting transactions, updating files, and producing management reports. The system is updated nightly.Transactions processed by 4:00pm PST will be visible in FIN the following day.

Applications within FAS:

Financial Index Network (FIN):
FIN, a component of FAS, is a set of on-line Financial Accounting screens that allows users to view financial accounting information that originates in FAS and Financial Indexes that are an integral part of FAS processing. This provides read-only access to revenue and expenditure transactions, index of budget numbers and links to data on encumbrances, financial coding and payroll load rates.

Administrative offices also use special FIN screens to add or change Financial Indexes, including budget number, account code, organization code, and miscellaneous code indexes.

What is the difference between FAS and FIN?
FAS is the core accounting system or "operating system". FIN, a component or "application" of FAS, is a set of online Financial Accounting screens that allow users to view financial accounting information that originates in FAS and Financial Indexes that are an integral part of FAS Processing. Read more....

Budget Systems (BGT):

State and Grant historical budget information, including budget revisions, position lists, and budget summary information. Provides current biennium data for all University budgets.

BGT Training: If you are new to the BGT system or if you need specialized training, please contact the Planning and Budgeting office.

MyFinancial.desktop (MyFD):

MyFinancial.desktop is a web interface for the UW Financial Accounting System (FAS). It contains all transaction data from FAS and is updated nightly on weeknights. MyFD retains data in accordance with UW’s Record Retention Policies (current biennium plus 3).

Learn more: http://myfd.washington.edu/help
MyFD Training: MyFD offers classroom and departmental training as well as e-Learning opportunities

Student System (SDB):

Student / applicant information including transcripts, registration inquiries, time schedules and class lists. This is the system where you would enter scholarships and fellowship disbursements, tuition payments, fees and holds on registration.

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BUDGET TYPES

Budget Type is a 2-digit code. Budget Class is a 2-digit extension of Type. These codes, attached to budget numbers, designate fund source and thus what operating rules apply.

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OPTIONS FOR RUNNING REPORTS

MyFinancial.desktop (MyFD) can be used to generate fiscal reports, monitor budget balances, transfer posted expenditures, forecast revenue/expenditures and reconcile transactions. Learn more: http://myfd.washington.edu/help.

About Access to MyFD: Check authorizations, obtain, grant, remove and expand access
About MyFD Reports : Provides access to online financial reports including the Budget Summary and Transaction Summary Reports as well as Transaction Detail, Current Encumbrances and Budget Lists.
About Transactions: Transfer posted salary and non-salary expenditures. Allowable transfers include Retroactive Salary Transfers (RST's), Request Transfer Expenditures (RTE's) and Journal Vouchers (JV's). Some transfers are not allowed in MyFD including deficit, lump sum, revenue transfers and fabrications. More information is available for Grant & Contract Accounting Budgets and State/Self-Sustaining Budgets.
About Queries : MyFD can create and run ad-hoc reports from the Transaction Detail Report using the Query Tool with user specified criteria and budget numbers.

Decision Support Reporting Tools

Procurement Desktop Reports

Web based reports drawing data from the PAS Data Warehouse and JP Morgan Chase PaymentNet.

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BIENNIUM CLOSE / FISCAL YEAR END CLOSE

The Washington State Financial and Administrative Policies, Regulations, and Procedures require that all goods and services charged against the expiring biennium must be received by a designated date in late June. In addition, all invoices and documents should be received and recorded into the financial system by certain cut-off dates, in order to ensure that all expenditures are correctly charged against the expiring biennium.

"Biennium": two year budgeting period beginning July 1 in odd-numbered years and ending June 30th of odd number years.
More information about Biennium Close and Fiscal Year End

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DEPARTMENTAL BUDGET TOPICS

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MAKING ADJUSTMENTS / CORRECTIONS TO BUDGETS AND BUDGET ACTIVITY

Correct transaction errors:

Transfer expenditures in MyFinancial.desktop (MyFD). Allowable transfers include RTE's, RST's, and JV's .
Transfers not allowed in MyFD include deficit, lump sum, revenue transfers and fabrications.
- More information about Grant & Contract Accounting Deficit Procedures
- More information about State / Self Sustaining Budgets
To reallocate in budgets within your org code, see your College Administrator.
To correct budgeted amounts or rebudget a contract or grant, contact GCA through Grant Tracker

Viewing Transactions:

You can view transactions through the Budget Driver. (Access to the BGT and training is required)
- Access through Admin Systems
- BGT System Training

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GIFT BUDGETS

Gifts are managed by UW Advancement Services.

About Gift Processing: how gifts are processed
How to Establish a Discretionary Budget
Gift Processing Guidelines
Staff Contacts
Gift and Pledge Batch Gift Controls: a breakdown of processing times
Life of a Gift Chart: from arrival to reporting and receipting
Online Forms: gift and pledge transmittals, budget and appeal code request forms

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ENDOWMENTS & DISTRIBUTION

There are two primary kinds of endowment budgets: those that hold the principal (which is invested in the Consolidated Endowment Fund) and those that receive investment earnings and pay out charges, known as distribution budgets. Distribution budgets fund things besides scholarships and fellowships, such as professorships, chairs, and other functions such as supporting endowed lectures, etc. How distributions are awarded varies by use type (i.e.,. scholarship vs discretionary fund), donor intent, and unit processes and history which should be clearly documented and applied consistently. A copy of the endowment agreement, specifying donor intent, may be acquired through your Advancement personnel (who may also have notes of communications with donors) or UW Advancement (Holly Tobosa, Assistant Director, Endowment Stewardship, University Advancement).

Advance Database (must have training before you can use)
Coordinate with unit’s Advancement personnel for local stewardship history and process

Consolidated Endowment Fund
The Treasury office is responsible for the investment and administration of the Consolidated Endorsement Fund (CEF). Programs supported by the endowment distributions include scholarships, fellowships, professorships, chairs and research activities. Endowment principal budgets begin with 99-xxxx and are not open to expenditures, although they remain open to additional investment.

Scholarships / Fellowships

Departments may use certain budgets to authorize scholarships, fellowships, stipends, grants, and prizes/awards to currently registered students. Depending on the terms of the budget, these payments may be paid directly to the student, or can be applied directly to the student account to pay allowable expenses such as tuition, student insurance or related fees. These payments are authorized by the department managing the budget, and are disbursed through the Student Database (SDB). Departmental Responsibilities, forms, resources and other links

Link to report of your gift budgets (Data Warehouse)- this will tell you what the budget is for.

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TAX ISSUES

The University is subject to various taxes including Washington State Sales Tax and Federal Unrelated Business Income tax.
See overview and contacts for tax compliance

The University of Washington is not a 501c3 organization, but contributions to the University of Washington Foundation are tax exempt.

Key Facts:

Federal Tax ID (EIN): 91-6001537
State Tax ID (UBI): 178-19-988 (For information reporting only - all business license matters MUST go through the Tax Office)
Dunn and Bradstreet Number: 042803536

Transaction Coding: Coding a transaction in the system is critical for proper Washington State sales tax application:

Goods and Services Taxability List

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RECONCILIATION

Guidelines:

Strong internal controls require a periodic (typically monthly) review of budget activity. In addition to matching certain transactions to source documents, a review of the overall reasonableness of the activity is essential (and following up on significant differences between budgeted and actual results.)
See further guidance

Sources of Documentation for Campus Services (not an exhaustive list)

Facilities
UWIT (long distance, tech services, and equipment)
Fleet Services
- Copies of ISD's
Mailing Services Postage