Budgeting Income on Control Accounts & Recharges

Sent to AFS-Update on June 29, 2022

UCI requires all KFS control accounts (UCxxxxx) and recharge credit objects (39xx) for year-to-date funds to end the fiscal year with an income variance of zero. Budgeted income on KFS control accounts and recharge credit objects (39xx) must be aligned with actual income by KFS chart, account, and object. Income budget alignment entries must be complete by 8 p.m. on July 15.

For Gift Funds (UC56xxx), units are advised to run the fund summary report with the organization code entered as the (%) wildcard for gift funds. Steps should be taken with UCI Foundation to properly document the gift and budget the income to the appropriate operating account.

There is no requirement that non-control accounts (operating accounts) in KFS end the fiscal year with an income variance of zero, but if departments want to see income budgets equal actual income on fiscal year 2021-22 reports, then entries to align budgeted income must also be recorded by July 15. Whether income variances are zero or not on non-control accounts, the budget carryforward process will post any budget surpluses to the unallocated budget object code (0008) by account/sub-account in fiscal year 2022-23 period BB.

See the Guide to Budgeting for Income for more information.

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