Operational Notes & Procedures

• Monthly income and expenses are posted to PeopleSoft Financials
• Audit of financial statements each fiscal year

Ensuring Success Tidbits

• Process timely transactions

Resources

• Jefferson Policies and Procedures, accessible via Canvas (left navigation, after logging in)
  • #103.16 Special Purpose Fund Accounts
  • #102.11 The Jefferson Foundation Gift Acceptance Policies
  • #103.27 Endowment Spending Policy
• Review income and expense activity on financial systems

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

• Enroll in sponsored projects professional development
• Process timely transactions
• Perform timely review of sponsored projects reports
  
• Adhere to sponsor reporting requirements
• Participate in Office of Research Administration listserves

Resources

• Office of Research Administration
• Research at Jefferson
• Review sponsored projects activity on financial systems
• Uniform Guidance (formerly Circular A-133) audit
• Federal guidance

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
  

Resources

• 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 [email protected]
• Conduct and certify required physical inventory
• Lead periodic walk-throughs to observe assets

Resources

• Review fixed assets activity on financial systems
• Jefferson research equipment