Our department received a refund check related to expenses previously paid from state funds. Can I deposit this check directly into my state fund, and is this the appropriate accounting treatment?
A. Refunds received on expenses previously paid from state funds can be deposited through Cashiering (please attach all documentation available regarding the original expenditures). OBFS-University Accounting and Financial Reporting staff will examine the documentation and determine if the expenditures were made from the General Revenue Fund or the Income Fund. If the expenditures were made from the General Revenue fund, OBFS staff will remit the refund to the State of Illinois (because the State of Illinois funded the original payment). If the payment was made from the Income Fund, and if the original appropriation year’s fund code is still active in Banner, we will credit the original FOAPAL. If the original appropriations year’s fund code is no longer active, the funds will be remitted to the University miscellaneous income fund(since the credit to the original year’s appropriation fund code is not possible, and it is not appropriate to credit a different funding source).
Related Questions
- Our department received a refund check related to expenses previously paid from state funds. Can I deposit this check directly into my state fund, and is this the appropriate accounting treatment?
- How are temporary funds handled? How do I determine what living expenses are paid, whos to drive what car, and how personal property is divided on a temporary basis?
- How does my department track expenses related to state funds?
