New fund type now available!
Units now have the ability to set up a unique fund to track revenue and expenditure activity associated with a special event (conference, workshop, etc.) that spans multiple fiscal years of which unrestricted (F1) funds are typically used. The new fund type designations are ‘FM’ for UAF, ‘AM’ for UAA, or ‘JM’ for UAS. The wonderful thing about these fund types is that fiscal yearend balances will carry forward in to the next year, much the same way as a restricted fund operates. This is very helpful for those who have comprehensive reporting requirements associated with a multi-year event, making it necessary to track the overall event balances and activity.
In order to warrant this unique fund setup, the event must meet the following requirements:
- Large in scope – total expenditure/revenue activity must exceed $20,000
- Spans more than one (1) fiscal year and/or a recurring event
In addition, the event should involve a comprehensive reporting expectation and/or be completely self-supporting in nature.
Restricted Fund (F2) Option: If an event meets all of these requirements and also includes third-party oversight that mandates major event details and/or the disposition of residual funds, it may instead be set up as a restricted (F2) fund type. An example of such an event is a national conference that moves to a different host site each year. OGCA will not handle the setup of these funds because there is no grant or contract specifically governing the event. OFA will handle the setup of all unrestricted multi-year event funds, as well as restricted funds that do not involve a grant or a contract.
To request a multi-year event fund setup, please email the following information to UAF-Budget@alaska.edu:
Proposal # generated from FRAPROP
Complete the “Main” and “Personnel” tabs of the FRAPROP* Banner form, specify the PI code (generally a Dean, Director, or Program Manager), and the fiscal contact.
Scope of Work
Include the proposal #, a brief description of the event, and the event start and end dates.
Period of Performance
Include the proposal # and the requested start and end dates of the “grant” in Banner. This period may be substantially greater than the event itself, but should not include an end date more than 90 days following the conclusion of the event. The submitter may integrate this information in to the scope of work if cited clearly.
Include the proposal # and the full financial summary of the event (in tabular format). Specify requested expenditure and revenue budget by major category and org code. The event’s budget must balance revenue-to-expenditure. The submitter may integrate this information in to the scope of work if cited clearly.
Include the proposal # and the full financial details of the event (in discussion format). Specify the event’s expected expenditure and revenue activity by expense/revenue type and quantity. For example, “catering expenses for fifty participants at $100 each,” or, “revenue from fifty participants at $200 each.”
* For assistance with FRAPROP entry, scope of work, or budget preparation please see OSP's Proposal Preparation webpage for general guidelines usable with multi-year event fund setups. NOTE: Just as with OGCA, OSP is not involved in the setup of these fund types unless it involves a grant or contract.
OFA will review the proposal and, if approved as a multi-year event fund type, will generate both a grant number (in the format of “E00001001”) and a fund number for the event. OFA will assign unrestricted fund numbers in the range of 151000-151999 and restricted fund numbers in the range of 390000-390999. The fund number will include the following attributes:
- Fund Type – FM (unrestricted) or F2 (restricted)
- Predecessor fund – FDUCON (unrestricted) or FMUCON (restricted)
- Bank – FC
- Bank Receipt Bank Code – FD
The Financial Manager will be responsible for fund oversight and closeout (per UA AAM A-24) within ninety (90) days of the fund termination date. OFA will run quarterly reports to identify funds nearing or exceeding their end dates and communicate closeout requirements to the Financial Manager as well as extend the fund when warranted.
What if an event does not qualify?
Other Event Tracking Options – If OFA determines an event does not meet the requirements set forth above to qualify as a multi-year event fund type, the department can still track these events through other means. Unique org code identifiers (typically Public Service, or PS program type) and/or activity codes can be very useful for this activity. Please contact OFA for assistance with setting up and deploying either or both of these options.