Sent to the KFS-Update mailing list on June 28, 2018
Effective with the start of the 2018-19 Fiscal Year and the July/BB carry-forward process that takes place in early August, Gift Funds in KFS (PRxxxxx accounts) will be updated from inception-to-date (ITD) to fiscal year funds. They will no longer be treated like grants.
This will involve the following changes:
Impact on KFS
- Gift funds will show a carry forward budget in the BB period. The current year budget will reflect both the carry forward and any new gifts received during the year.
- The complete history for gift funds budgets and actuals will no longer be maintained in the financial system (no data will be in the CB period).
- Gift fund accounts will be coded as “Budgeted”, which will enable units to enter base budget for recurring gifts. This will be particularly useful for UCI Foundation endowment funds (569xx) to record anticipated earnings. Where applicable, it will also be possible to establish permanent faculty and staff FTE.
- The control accounts will no longer be managed by C&G Accounting. Control Accounts will be aligned with the unit receiving the funds so the unit can fully manage income and expense activity (similar to Sales & Service funds). This may take some time to implement in the new year. Efforts to identify the correct organization for each fund will begin after fiscal close is complete (August).
- Income budgets will need to be aligned with actuals on control accounts at fiscal close. C&G Accounting and the Budget Office will work with units to align income budgets as we close 2017-18 to ensure that funds carry forward properly for 2018-19. Units will be responsible for properly budgeting income after ownership of control accounts is moved.
- DOC TYPE - Budget transfers will be processed via BAT (Budget Appropriation Transaction) documents effective with the roll-over to 2018-19 (Aug. 2).
Impact on Reporting
- Financial reports such as the Account Summary and Fund Summary will finally show a correct current year view of the budget. It will take some time for all Decision Support reports to be updated, so be careful reviewing gift balances in Decision Support in August/September. Updates will be sent in August to clarify which reports will be accurate and when. In the meantime, use KFS queries to view balances.
- For units that have developed your own reports, updates may be needed to show accurate budgets and balances.