University of Toronto Scarborough

Carry-forward/Reserves Process Changes

Operating Fund Reserves – Definition April 30, 2012 Financial Statements

• Operating Fund ReservesDivisions are permitted to carry forward unspent funds at the end of each year. These amounts include reserves for operating contingencies, reserves for future commitments and other employee future costs and unfilled purchase orders that have been committed for goods or services to be received in the following year.

UTSC Operating Reserves 2009 to 2013

Operating Fund Reserves

• The Chief Administrative Officer would like to track the Operating Reserves at UTSC during the current fiscal year

• In order to accomplish this we need to post budget transfers, invoices, purchase orders and manual reserves to the carryforward commitment items in FIS

• Business officers need recognize any spending against their carryforward plans and code items appropriately

Examples

• Transfers from the Dean’s OTO funds are always part of the carryforward therefore any budget transfers from this account will be transferred to departments in their carryforward sections

Carryforward Line Before Budget Transfer

Budget Transfer ExampleUNIVERSITY OF TORONTO BUDGET REVISION FORM FS2013-001

  SUPPLEMENT   RETURN X TRANSFER

Helen Morissette Pat Mckenna

Those fields in ITALIC type are not mandatory; all others must be completed to ensure proper processing.

FM AREA

(IF OTHER THAN UOFT) VERSION FISCAL YEAR SENDER FUND FUND NAME   RECEIVER FUND

FUND NAME DATE

                 

        2014                         June 18, 2013  

SENDER RECEIVER                     

    

CF CENTRE CF CENTRE NAME     COMMITMENT   CF CENTRE CF CENTRE NAME       COMMITMENT  

AMOUNT

FIS DOCUMENT #  

                                      

 

                   

103080 Dean's OTO     CARRYFWD       102xxx Department X     CARRYF

WD     5,000    

                   

                                         

                 

                                         

                 

                                         

                 

                                         

   

  TOTAL $ 5,000  

   

   

FS2013-001   To provide funding for Compensation - casual budget         

           

                                   

             

   

                 

         

REQUESTED BY: TELEPHONE # Financial Services AUTHORIZED BY:   DATE AUTHORIZED:  

  Tracy Curran   416-208-5109   Helen Morissette, Director              

Date: 18-Jun-2013                    Signature           DAY MONTH YEAR

       

       

                 

      Name & Title     Signature           DAY MONTH YEAR

       

       

                 

            Name & Title     Signature           DAY MONTH YEAR

Carryforward Line After Budget Transfer

Department x Before Transfer

University of Toronto ScarboroughDepartment X2013-14

Row Labels Original Budget 2013-14

Revised Budget 2013-14

Commitments 2013-14 Actuals 2013-14 Com+Actuals 2013-14 Revenue Var/Funds Av

Expenditure 610,065 610,065 456,679 62,610 519,289 90,776 100221 610,065 610,065 456,679 62,610 519,289 90,776

Department X 610,065 610,065 456,679 62,610 519,289 90,776 CARRYFWD - 200,000 - 827 827 199,173 EQUIPMENT 4,000 - 2,089 1,911 4,000 (4,000) EXPENSE-S - 410,065 - - - 410,065 FURNITURE 3,500 - - - - - HR-APP-AD 400,000 - 359,443 40,557 400,000 (400,000) HR-BEN-AP 107,000 - 95,147 11,853 107,000 (107,000) HR-BEN-NAP 2,500 - - - - - HR-NAPP-AD 25,000 - - - - - POSTAGE 25 - - 1 1 (1) SERVICES 45,000 - - 218 218 (218) SUPPLIES 12,200 - - 723 723 (723) TELEPHONE 8,240 - - 1,104 1,104 (1,104) TRAVEL 2,600 - - 103 103 (103) UNION - - - 5,314 5,314 (5,314)

Revenue (21,000) (21,000) - (1,799) (1,799) (19,201) 100221 (21,000) (21,000) - (1,799) (1,799) (19,201)

Department X (21,000) (21,000) - (1,799) (1,799) (19,201) IN-EXP-REC (21,000) (21,000) - (1,799) (1,799) (19,201)

Grand Total 589,065 589,065 456,679 60,811 517,490 71,575

Department X After Transfer

University of Toronto ScarboroughDepartment X2013-14

Row Labels Original Budget 2013-14

Revised Budget 2013-14

Commitments 2013-14 Actuals 2013-14 Com+Actuals 2013-14 Revenue Var/Funds Av

Expenditure 610,065 615,065 456,679 62,610 519,289 95,776 100221 610,065 615,065 456,679 62,610 519,289 95,776

Department X 610,065 615,065 456,679 62,610 519,289 95,776 CARRYFWD - 205,000 - 827 827 204,173 EQUIPMENT 4,000 - 2,089 1,911 4,000 (4,000) EXPENSE-S - 410,065 - - - 410,065 FURNITURE 3,500 - - - - - HR-APP-AD 400,000 - 359,443 40,557 400,000 (400,000) HR-BEN-AP 107,000 - 95,147 11,853 107,000 (107,000) HR-BEN-NAP 2,500 - - - - - HR-NAPP-AD 25,000 - - - - - POSTAGE 25 - - 1 1 (1) SERVICES 45,000 - - 218 218 (218) SUPPLIES 12,200 - - 723 723 (723) TELEPHONE 8,240 - - 1,104 1,104 (1,104) TRAVEL 2,600 - - 103 103 (103) UNION - - - 5,314 5,314 (5,314)

Revenue (21,000) (21,000) - (1,799) (1,799) (19,201) 100221 (21,000) (21,000) - (1,799) (1,799) (19,201)

Department X (21,000) (21,000) - (1,799) (1,799) (19,201) IN-EXP-REC (21,000) (21,000) - (1,799) (1,799) (19,201)

Grand Total 589,065 594,065 456,679 60,811 517,490 76,575

Department X

• At month end Payroll Distribution reports need to be printed and in this example, casual staff paid from the $5,000 budget that was transferred to this department needs to be transferred to the Carryforward commitment item so that the actuals match the budget provided

• For example, $350 was expensed in the month; therefore this amount needs to be transferred by journal entry to the carryforward line from the compensation GL

Payroll Distribution Report

Journal Entry

Table of Journal Entry (FIS) G/Ls matched to HRIS G/LsExpenditure Description HRIS Use in FIS

Faculty Salaries Comp:Acad:General 801010 800100

Administrative Stipends Comp:Acad:Admin Stipend

801015 800106

Teaching Assistants/Research Awards

Comp:AC:UnionTA’s 801270 800114

Teaching Overload Stipends

Course:StipendGeneral 801165,801160 800119

Administrative Salaries Comp:AdminGeneral 801040 800422

Personal Stipends

Casual Salaries Comp:Union:General 801140/801150 800621

Librarian Salaries Comp:Ac:Librarians 801020 800320

Union Wages & Benefits Comp:UnionGeneral 801050 800621

Generic Payroll Reallocation Generic 800990Benefit piece HRIS-Ben Reallocation 801920/801910 800999

Carryforward Line After Salary & Benefit Journal Entry

Department X After Journal Entry

University of Toronto ScarboroughDepartment X2013-14

Row Labels Original Budget 2013-14

Revised Budget 2013-14

Commitments 2013-14 Actuals 2013-14 Com+Actuals 2013-14 Revenue Var/Funds Av

Expenditure 610,065 615,065 456,679 62,960 519,639 95,426 100221 610,065 615,065 456,679 62,960 519,639 95,426

Department X 610,065 615,065 456,679 62,960 519,639 95,426 CARRYFWD - 205,000 - 1,177 1,177 203,823 EQUIPMENT 4,000 - 2,089 1,911 4,000 (4,000) EXPENSE-S - 410,065 - - - 410,065 FURNITURE 3,500 - - - - - HR-APP-AD 400,000 - 359,443 40,557 400,000 (400,000) HR-BEN-AP 107,000 - 95,147 11,853 107,000 (107,000) HR-BEN-NAP 2,500 - - - - - HR-NAPP-AD 25,000 - - - - - POSTAGE 25 - - 1 1 (1) SERVICES 45,000 - - 218 218 (218) SUPPLIES 12,200 - - 723 723 (723) TELEPHONE 8,240 - - 1,104 1,104 (1,104) TRAVEL 2,600 - - 103 103 (103) UNION - - - 5,314 5,314 (5,314)

Revenue (21,000) (21,000) - (1,799) (1,799) (19,201) 100221 (21,000) (21,000) - (1,799) (1,799) (19,201)

Department X (21,000) (21,000) - (1,799) (1,799) (19,201) IN-EXP-REC (21,000) (21,000) - (1,799) (1,799) (19,201)

Grand Total 589,065 594,065 456,679 61,161 517,840 76,225

Paying an Invoice from Carryforward Budget Line

Your Monthly Reconcilion

• Print the Statement of Accounts• Match each actual on the details pages with a

copy of the document posted• Note posting errors & items that should have

been posted to the Carryforward commitment item i.e. Items listed on your Carryforward plan for this current year

• Prepare correcting journal entries as necessary

Your Monthly Reconcilion (p.2)

• Print your Cost Centre Funding Report for the same period/month as the Statement of Accounts

• Compare each General Ledger total on the Cost Centre Funding Report to that on the Statement of Accounts.

• Note any misspostings or missmatches.• Prepare journal entry correcting

coding/posting errors

Your Monthly Reconcilion (p.3)

• Print your Payroll Distribution Report• Compare each payroll entry to previous

month(s) entries for the same person• Note any pay that should be applied against

the Carryforward commitment item (part of your Carryforward plan)

• Prepare journal entry transferring the pay to the Carryforward commitment line.