How Much Money Do I Have?
In the Finance Office, we often hear the question, “How can I find out how much money I have?” This resource should help guide you to the information you are looking for. The tools, definitions, and key concepts you need to understand are outlined below. If you still need assistance, please contact us at firstname.lastname@example.org.
- Monthly Reporting:
UITS Monthly Statement links are emailed to managers at the end of each month. These reports provide a month-end snapshot and allow managers to pick and choose which accounts to view. Archived reports can be accessed via the UITS Financial Report Search tool.
- Real-Time Reporting:
Account Management Reporting Tool (AMRet) is a tool that gives managers multiple ways to view near-real-time data. Follow the link below, choose “CLICK HERE to open Web Link,” and then click on the Parameters tab. If you click on the “Use Personal” button in the lower left, the system will only show options for the accounts you own.
The UITS Reporting Module is another tool that allows managers to view their accounts, searching on fields such as Account, Subaccount, or Manager.
No matter which tool you are using, do NOT look at cash balances! Look at variances in revenue, transfer of funds – revenue, expenses and net.
As a manager, you should review your accounts monthly, giving them a more thorough review quarterly. Also, you should review them when you are contemplating major activities, such as purchases or payroll changes.
If you want more information about account responsibility, please use the Chart and Account Search.
- BASE BUDGET is activity expected perpetually.
- CURRENT BUDGET is the agreed upon expected activity for the year. This includes one-time money as well as carryforward (posted initially to 7000/CF or 7000/CFE).
- ACTUAL is sometimes called CLEARED, and refers to transactions posted in the period indicated, revenue posted (not necessarily collected), and expenses authorized (not necessarily paid).
- ENCUMBRANCE refers to funds reserved for committed expenses. Examples include personnel appointed and approved requisitions.
- AVAILABLE BALANCE, sometimes called VARIANCE, is the net result of BUDGET less ACTUAL less ENCUMBRANCE. Positive available balance is to the GOOD, negative available balance is to the BAD.
- Funding must be used where it was originally meant to be spent. For example, we can’t transfer base funds to Grant or ITSP Accounts, and we can’t transfer budgets between Bloomington, Indianapolis or Administrative Budgets.
- In general, General Expense and Capital budgets can be used for any purpose, Compensation budgets can only be used for Compensation, Travel budgets can only be used for Travel or Training expense, and Workstation budgets should only be used on employee technology tools. Carryforward can be reallocated to any object code.
- When moving funding between accounts, you cannot transfer base budgets between charts, but you can do a one-time transfer of funds if appropriate. You cannot transfer base funding to non-base funded accounts, but you can split fund a position. In other words, if you manage both BL and IN accounts, and circumstances warrant, you can split a position to be partially funded on both charts. The key is to allocate expenses to where the funding is, not to move funding to where the expense is.
- Travel and Workstation funds:
- The Travel and Workstation funds for people paid on general fund accounts ($750 per FTE for travel, $750 FTE for workstations) reside in director’s accounts. Unspent workstation money generally carries forward, and unspent travel funding generally does not.
- The Travel and Workstation funds for people paid on ITSP or EP accounts ($750 per FTE for travel, $750 per FTE for workstations) reside in the account where the person is paid. All unspent funds in ITSP accounts have historically carried forward; this would be inclusive of both travel and workstation funding.
- There are various types of funding:
- Base Funded Accounts are state funded. In general, unspent funds revert at year end.
- Strat Plan (ITPS or EP) Accounts are funded internally as a result of special appropriations for Strategic Plan initiatives. They can be base or limited duration. Generally, unspent funds carry forward from one year to the next.
- Auxiliary Accounts are revenue generating, by offering services for a fee to faculty, students, or outside organizations.
- Externally Funded Accounts (Contracts & Grants, special appropriations and IU Foundation accounts) are funding from outside agencies for a specific purpose that may carry specific rules and limitations. These accounts show an entire cumulative balance, not just one fiscal year.
- Student Technology Accounts are supported by student technology fees, for services that directly benefit students.