Finance for Staff

Accounting, Budgeting & Managing Funds

Operational Notes & Procedures
Ensuring Success Tidbits
  • Process timely transactions

Operational Notes & Procedures
  • Sponsored project awards provide direct costs and Facilities & Administrative (F&A) costs
  • After all monthly direct costs are posted to PeopleSoft Financials, F&A costs are applied to sponsored projects 
  • F&A rate and methodology is determined by the sponsored project award
  • Federal and other sponsored agreements may require audits of Jefferson processes and transactions
Ensuring Success Tidbits

Operational Notes & Procedures
  • Enterprise Finance works with departments and divisional financial personnel to prepare capital budgets
  • Enterprise Finance works closely with Jefferson Facilities Management Services to record capital spending
Ensuring Success Tidbits
  • Perform timely review of capital project reports
  • Jefferson Policies and Procedures, accessible via Canvas (left navigation, after logging in)
    • #102.01 Capital Budget Process
    • #102.04 Capital Project Costs
    • #102.10 Capital Project Approval and Monitoring Process
    • #102.11 Capital – Budget Development/Expenditure Process
    • #103.08 Capital Budget Process
    • #118.05 Procurement of Construction/Capital Budget Items
  • Review capital projects activity on financial systems
  • Facilities Design and Construction
  • Facilities Services Accounting and Systems

Operational Notes & Procedures

Fixed assets are defined as meeting one or more criteria:

  • New building construction
  • Renovations to buildings and equipment that extend the useful life
  • Equipment having a cost of $5,000 or more (per item) with an estimated useful life greater than one year (whether purchased outright or via capital lease)
  • Software acquisitions having a cost of $5,000 or more (per item) including the costs to install and implement (both new software and vendor upgrades) with an estimated useful

Safeguarding University assets is critical.

  • Moveable equipment is recorded on PeopleSoft Financials
  • Physical inventory of moveable equipment performed to verify
    • asset's existence, use and need
    • location (building and room)
    • responsible department
Ensuring Success Tidbits
  • Affix asset tags to equipment purchased with Federal funds and provide asset tag number to Enterprise Finance for recording in property records
  • Throughout life of asset, forward timely asset location changes, department change, and disposal instructions to
  • Conduct and certify required physical inventory
  • Lead periodic walk-throughs to observe assets
  • Review fixed assets activity on financial systems
  • Jefferson research equipment