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Fund balances rolled forward

By crystald | Published August 6, 2022

The fund balance roll forward from FY 2022 to FY 2023 is complete for most campus departments.

  • The fund balance roll forward is the entry that takes the net of all revenue, transfer, and expense activity in FY 2022 and posts that amount to net assets in FY 2023.
    • Fund balance does not roll forward for fund type 100 or fund type 107 (formerly A1.) Contact the Budget Office if you have questions about budget carryover.
    • Fund balance does roll forward for designated, gift, endowment spending, auxiliary, agency, service center, and similar funds (Fund types 101, 102, 103, 104, 105, 106, 150, 151, 154, 155, 156, 190, 201, 251, 255, 259, formerly A0, A2, C, D, G, H, B, P, M, F, L, U, and certain R funds.)
    • The roll forward for endowment corpus and investments does not post at this time. (Fund types 152, 153, 157, 158, 250, 252, 253, 254, 256, 257, 258, 260, formerly E and K funds, only RMC and Investment Accounting can see these fund types.)
  • It is a general ledger transaction in account 4999. There is no effect on projects.
  • The entry posts in July business.
  • The update should be reflected on dashboards after 10 pm tonight.

The fund balance roll forward is posted at the org – fund type – fund source – program – activity – location level.  Each unique combination with net revenue, expense, transfer activity in FY 2022 rolled forward into net assets in FY 2023.

If you do not like where your net assets posted in the roll forward, you can change where your fund balance is sitting with a budget transfer.  The job aide with a link to the AdobeSign process is here: Job-Aid_AdobeSign-iO-Balance-Transfer

 

Posted in Fund balance, iO ImagineOne Oracle | Comments Off on Fund balances rolled forward

What is fund balance?

By crystald | Published February 1, 2017

What is fund balance?

Fund balance is the inception-to-date sum of the revenue and expense posted to a fund balance funds.  At Rice, fund balance fund groups include:  A0 (agency), A2 (auxiliary), C (student clubs), D (designated), E (endowment), G (gift), H (endowment spending), K (trusts), L (revolving student loan), N (subsidiaries), and U (university internal awards).

Fund balance funds are like checking accounts.  The balance persists across financial periods.  The ending balance in one period becomes the beginning balance in the next period.

In contrast, budgetary funds have an allocated (budgeted) amount to spend.  At Rice, budgetary fund groups include: A1, B P & M funds (capital projects), R (sponsored research and other sponsored projects).

Budget funds have access to the budgeted amount until the end of the budget period.  For A1, that means the end of the fiscal year on June 30 (or rather, when we close the books for June in mid-July).  For B, P, & M funds the budget runs until the capital project is substantially complete and placed in service.  For R funds, the budget runs until the end of the project period as defined by the sponsor.   Generally, at the end of the budget period the budgetary funds go away, like Monopoly money going back into the box at the end of the game.

What does this mean to me?

The distinction between fund balance and budgetary funds really makes no difference on a day-to-day basis.  The few places you will notice a difference if you paying close attention:

  • Budgetary funds may have a circumscribed display in Web Apps. R funds, for example, do not display revenue transactions because the arrival of cash from the sponsor is irrelevant to the management of the sponsored activity.  B, P, & M funds do not display transfers because the funding entries made to pay for the project are not germane to the management of the project expenditures.
  • Budget transfers out of A1 must be made from an account with a positive budget amount. This generally excludes account 80410.  If you do not specify, it will be the budget pool account 70100.
Posted in Fund balance | Comments Off on What is fund balance?