Chartfields are individual segments of PeopleSoft's coding structure, which are joined together in various combinations to tell the system where to record a financial transaction. Chartfields consist of ten separate blocks of information including business unit, fund, organization, program or project, subclass, account, budget year, statistics code, and currency code. A FOPPS is an anagram for fund, organization (org), program or project, and subclass. For more information, see:http://www.cu.edu/controller/policies/fopps-component
A unique combination of fund, organization, program OR project, and subclass where applicable; a single university activity or speedtype.
A unique combination of fund, organization, program OR project, and subclass where applicable; a single university activity or FOPPS. A speedtype autogenerates a "smart number" that correlates to a specific University FOPPS, or chartfield. The first digit of the speedtype defines the campus (e.g. UCD = 6); the next two digits define the fund (e.g. sponsored project = 30); the next 5 digits are automatically generated in the system when the speedtype or chartfield is set up. For example, 63012345 would be recognizable as a UCD sponsored project fund.
A fund is an accounting entity with a self-balancing set of accounts for recording assets, liabilities, a fund balance and changes in the fund balance (revenue, expense and cash transfer). At CU, it identifies the source of the money being received and spent. There are current funds consisting of general funds, auxiliary funds, sponsored program (sponsored project) funds, and gift funds; there are plant funds consisting of retirement of indebtedness funds and investment in plant funds; and agency funds.
Current funds are those economic resources of a college or university which are expendable for the purpose of performing the primary missions of the institution – instruction, research and public service – and which are not restricted by external sources or designated by the governing board for other than operating purposes. The term “current” means that the resources will be expended in the near term and that they will be used for operating purposes. CU's current funds are fund 10, fund 11, fund 20, fund 26, fund 28, fund 29, fund 30, fund 31, and fund 34.
Plant funds are to be used for the acquisition of physical properties for institutional purposes but unexpended at the date of reporting; funds set aside for the renewal and replacement of institutional properties; funds set aside for debt service charges and for the retirement of indebtedness on institutional properties; and funds expended for, and thus invested in, institutional properties. CU's plant funds are fund 71, fund 72, fund 73, and fund 74 at UCD.
Agency funds are used to deposit funds that do not belong to and are not under the control of the Regents, but rather are private funds that belong to the depositor. CU is essentially providing a banking function for the depositor, and these funds are then disbursed at the direction of the depositor. The most common uses of agency funds are for: independent student organizations; external entities that have a business presence on campus (such as UPI -University Physicians, Inc); and other approved affiliates.
Unrestricted funds include all funds received by the institution for which no stipulation was made by the donor or other external agency as to the purposes for which the funds should be expended. CU's unrestricted funds include fund 10, fund 11, fund 20, fund 26, fund 28, and fund 29.
Restricted funds are those available for financing operations, but which are limited by donors or other external agencies to specific purposes, programs, departments, or schools. CU's restricted funds include fund 30, fund 31, and fund 34.
The general fund is used to account for the major revenue and expenses of the university's primary mission of instruction and its support functions of academic support, student services, institutional support, operation of plant, and scholarships and fellowships. CU has two general funds: fund 10 and fund 11. The revenues in fund 10 are: fees for services, all tuition except that charged by Continuing Education, all instructional fees, administrative student fees, some student activity fees, and some miscellaneous revenue such as rent of general fund space. Fund 11 -- the ICR fund -- is used to account for the facilities and administrative cost (F&A or indirect cost) reimbursement to the university from sponsored projects and some student aid/loan programs. No expenses, other than compensated absences, are recorded in fund 11. This is used only to account for F&A revenue that supports the general fund functions. Fund 11 is also used to account for compensated absence (vacation and sick leave balances) liability and expense for employees paid from fund 10.
Fund 10 is a general fund that accounts for revenues from fees for services, all tuition except that charged by Continuing Education, all instructional fees, administrative student fees, some student activity fees, and some miscellaneous revenue such as rent of general fund space.
Fund 11 -- the ICR fund -- is a general fund that is used to account for the facilities and administrative cost (F&A or indirect cost) reimbursement to the university from sponsored projects and some student aid/loan programs. No expenses, other than compensated absences, are recorded in fund 11. This is used only to account for F&A revenue that supports the general fund functions. Fund 11 is also used to account for compensated absence (vacation and sick leave balances) liability and expense for employees paid from fund 10.
Fund 20, the Auxiliary TABOR Enterprise Fund, is used to account for the revenues and expenses of those self-funded entities that have been formally designated by the Board of Regents as TABOR enterprises. The revenues are exempt from TABOR reporting.
Fund 26 is used to account for revenue generated through departmental activity such as residuals from federal fixed priced contract sponsored projects (fund 30 clinical trials) and royalties.
Fund 28, a service center, is an organizational unit of UCD which provides a specific type of good or service to other UCD departments, may incidentally provide the service to individuals or the general public, and is primarily supported by fees charged to the user department's operating programs/projects. Such goods or services might be purchased from commercial sources, but for reasons of convenience, cost, or control is often provided more effectively through a UCD service center. For more information, please see:
Fund 29, an auxiliary fund, is used to account for revenue generated through departmental activities that cannot be classified in funds 20, 26 or 28. Fund 29 is the default unrestricted current fund for departmental revenue.
Fund 30, a sponsored project fund, accounts for revenues from sponsors (including private businesses, corporations, foundations and other not-for-profit organizations, other universities, and federal, state and local government), which supports research, instructional, or public service activities that are related to the mission of UCD.
Managing sponsored project funds is extremely specialized and complex -- please see the following links for more information:
Fund 31, a sponsored project fund, is used to account for revenue that is subject to TABOR reporting, and includes local government sponsors (Colorado cities, towns, counties but not state agencies) and state agencies that have been designated a TABOR enterprise such as the Colorado Division of Wildlife. The Anschutz Medical Campus is no longer setting up fund 31 projects, but some active fund 31 projects still exist.
Fund 34, the gift fund, is used to account for all gift revenues. Gifts include all monies, real property and personal property (both tangible and intangible) provided to the university for which the donor does not receive equal value in exchange for the money. The donor may put time and/or purpose and/or matching requirements on the gifts, but there is no equal value returned in exchange for the money. Gifts may be deposited initially with the CU Foundation, and then be transferred into the university's financial system in order to spend the gifts, or gifts may be deposited directly to the university, depending on the donor's wishes. There is often some restricted purpose for the gifts. Gift fund management requires additional oversight to ensure that the gift is spent according to the donor's wishes. Please see the related links for more information about gift funds.
An account code is a six-digit number in the Finance System that is used to identify assets, liabilities, fund balance, revenue, expenses, or transfers. All financial transactions must be classified according to one of these categories. Furthermore, in order for the university’s financial reports to be accurate, it is critical that accounts be used correctly. Accounts fall into the following standard categories: Assets, Liabilities, Net Assets, Revenues, Expenditures (Expenses), and Transfers.
An asset is tangible or intangible personal and real property such as cash, investments, inventory, accounts receivable, and loans receivable. Assets are classified as "current" or "noncurrent."
Non-current assets are those assets which are intended for continued and long-term use in a business. At CU, non-current assets include cash, accounts receivable and allowances, loans receivable and allowances, capital assets, and other non-current assets.
A liability is an amount owed to an external entity. Liabilities are found on the balance sheet and are classified as "current" or "non-current."
Fund balance/net assets equals assets minus liabilities or A - L = FB. Fund balance/net assets is found on the Balance Sheet/Statement of Net Assets and has a CREDIT normal balance.
Revenue results from the sale of goods or the rendering of services. It is measured by the charge made to customers for the goods or services furnished to them. CU records revenue when it is earned - that is when the goods or services have been furnished - regardless of when the payment is actually received from the customer.
An expenditure is an accounting entry that recognizes the consumption of assets. Salaries, fringe benefits, office supplies, travel, depreciation, etc. are examples of expenses. CU recognizes expense at the time the goods or services have been received, regardless of when the actual payment is made.
A transfer occurs when cash is moved from one FOPPS to another FOPPS, and no exchange of goods or services is provided in exchange for the cash. It is critical that both the fund giving away the money as well as the fund receiving the money use a transfer code. Transfers must offset one another. Refer to the Transfer Table located at the link.
The org, or organizational unit, can be situated at various levels on the university's organizational tree. Examples of organizational units at a high level of the organizational tree would be campuses or colleges. A department is an example of an organizational unit found at a lower level of the organizational tree. An org would usually be found as an entity on an organizational chart. (Within the Finance System, the higher level orgs are commonly referred to as org nodes.)
A program identifies distinct university activities that are fiscal-year based. This means any financial report that is program-to-date reflects the time period of July 1, 20XX to June 30, 20XX. A program code is a 5-digit code, and the program does not receive funding from a sponsor. Please see "Gift Programs" or "Non-Gift Programs" categories in this FAQ database.
Projects (sponsored projects funds) account for revenue received from sponsored projects, which are negotiated through the Office of Grants and Contracts on the Anschutz Medical Campus, and the Division of Sponsored Programs Administration at the Downtown Denver campus; as well as for revenues from certain financial aid programs. A project code is a 7-digit code. Please see the "Sponsored Projects" category in this FAQ database for more information about projects.