Financial oversight

The following tasks are encouraged to assist in providing fiscal oversight to your department and are not inclusive of all department fiscal oversight to be performed. The Division of Finance-Accounting office can assist in establishing or reviewing appropriate department fiscal policies and procedures upon request.

Annual Physical Equipment Inventory

Inventory records must be maintained for all non-expendable, movable property and equipment which has a single item cost of $5,000 or more, or is a gift with equal value; and has an expected useful life of one (1) year or more; and is self-contained for its primary function (not a component part of any other piece of equipment). Supply Chain-Asset Management will send a listing of capital equipment to be physically inventoried in the spring.

Unrelated Business Income Tax (UBIT)

Some business operations are subject to unrelated business income tax. If you are aware of income in your department in excess of $1,000 not related to the mission of the University, your unit is then responsible for working with the Division of Finance-Accounting Services to provide the necessary information for the tax return.

Program Classification Structure (PCS)

Accounting Services performs a review of PCS codes associated with DeptIDs once every two (2) years. In particular, Accounting Services reviews expenditures within DeptIDs to determine if the activity taking place within individual DeptIDs represents the majority of the expenditures. Accounting Services further evaluates the activity to determine the best classification including the primary missions of the University, support activities, and other operations

 

Questions?