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Training Certification ProgramFor Senior Financial Administrators
Session I
January 2005
2
Agenda
SECTION TIME
Introduction 20 Mins
Goals and Objectives 20 Mins
Ethics 30 Mins
Break 10 Mins
Higher Education / Not-for-Profits 60 Mins
Fundamentals of Accounting (I) 30 Mins
Break 10 Mins
Fundamentals of Accounting (II) 30 Mins
Summary and Conclusion / Questions 30 Mins
TOTAL 240 Mins
3
• CUMC is growing – more people and $’s to manage
• Highly regulated
• Need for formal training
• Team building
• Reinforcement of CU Policies and Procedures
• Professional development
Goals and Objectives
Steering Committee Members
• Michael O’Connor, Ed.D.
• David M. Cohen
• Gary Herrmann
• Galene Kessin
• Michael McGuire
• Lisa Franciosa
5
• Strengthen areas that are weak:
– Reputation risk
– Minimize and risks
– Validate goal performance
– Raise professional standards
• Administrator’s role
– Dual responsibility to CU and Chair
• Strengthen financial controls
Goals and Objectives
6
Columbia Organization Chart:Lines of Reporting
Gerald D. FischbachExecutive Vice President for Health and Biomedical Sciences
Dean of the Faculty of Medicine
Joanna Rubinstein
Senior AssociateDean for
Institutional and Global Initiatives
Harvey Colten
Vice President and Senior
Associate Dean for
Academic Affairs
Michael O’Connor
Vice President andSenior Associate
Dean for Budget and Finance
Kevin Kirby
Chief Operating Officer and Vice
President and Senior Associate
Dean for Administration
Susan Stalcup
Interim Vice President for Development
Kathleen O’Donnell
Vice President and Senior Associate Dean for Clinical
Administration
Joseph Tenenbaum
Senior Associate Dean for Clinical
Affairs
Edward Shortliffe
Deputy Vice President and
Senior Associate Dean for
InformationTechnology
Marilyn Castaldi
Deputy Vice President for
Communications
Institute & Center Directors
DepartmentChairs
Ira LamsterDean, School of Dental
and Oral Surgery
Allan RosenfieldDean, Mailman
School of Public Health
Mary MundingerDean, School
of Nursing
Eric Rose
Associate DeanFor
Translational Research
PRESIDENT Board of Trustees
7
CUMC: General Background
• $1.2 billion budget
• One-half of total University money and personnel
• 2,700 full-time and 4,000 part-time faculty (including affiliates); 4000 non-
faculty staff
• 2,900 students in four schools
• Sponsored research grants of $401 million
• Faculty practice revenues of $382 million
• Endowment of $947 million; 112 endowed chairs
8
CUMC: 2004-2005 Projected Revenues
Dental $ 43 M
Medicine 985 M
Nursing 18 M
Public Health 150 M
Total $ 1.2 Billion
SchoolSchool
9
CUMC: 2003-2004Source of Operating Funds
Note : Other includes gifts, endowment, patent and miscellaneous revenues
Total = 1.2 Billion
Tuition 4%
ICR9%
Other 9%
Affiliations 15%
Clinical Practice 37%
Sponsored Awards 26%
10
• Overview of training program
• Reasons for conducting training
• Requirements for certification
– Complete 40 hours
– Participate
– Complete evaluation
– Case studies
– Lab exercises
Introduction
List Of Training Seminars
1: Intro Higher Ed, Fundamentals of Accounting
2: Fundamentals of Budgeting/ Monitoring Budget Performance
3: Financial Reporting
4: Revenue Cycle
5: Gifts, Pledges, Endowments
6: Cost Recoveries for Higher Education, OMB Circular A-21
7: Grant Compliance, OMB Circulars A-110 and A-133
8: Cash Management and Payroll Accounting
9: Capstone Summary and Conclusions
11
12
It’s a New Environment
• Since the enactment of the Sarbanes-Oxley Act of 2002, there has been unprecedented focus on the role of board members and officers in ensuring their institutions are carrying out their missions faithfully, without extravagance, waste or the appearance of self-dealing.
• Although Sarbanes does not apply directly to college, universities, and other not-for-profit educational institutions, its influence is being felt in the education sector. Many institutions are voluntarily adopting some of the principles of Sarbanes.
Dealing With Ethical Issues
13
– Technically, Sarbanes is not applicable to public interest entities
However:
– Sarbanes’ objectives are compelling:
• Enhanced integrity of senior management• Enhanced integrity of financial reporting• Enhanced role of Board oversight• Enhanced effectiveness of internal controls
– There are increased public entity stakeholder expectations: • Regulators and state governments
• Board members from corporate world
• Donors
• Service buyers and patrons
Sarbanes-Oxley Why Should We Care?
14
Action within the Education/Non-profit community:
• There is an emerging emphasis on “the spirit of Sarbanes”• Donors and grantors expect:
−Management integrity
−Use of funds in accordance with restrictions
−Active, effective Board oversight
−Appropriate, understandable financial reporting
• Buyers and patrons expect −Appropriate use of public money
−Impeccable ethical behavior
−Effective management in light of price increases
Sarbanes-Oxley Why Should We Care?
15
• If enacted, it would:− Provide that the CEO/CFO certify annual report
− If gross revenues < $1 million/assets < $3 million, then verify that report “fairly presents” the financial condition
− If gross revenues > $1 million/assets > $3 million, then verify “fairly presents” and a) no false statements, b) controls are adequate, c) deficiencies disclosed to board/auditors
− Encourage NFPs, especially if large, to have audit committees that:
− Are independent, oversee auditor, establish system for complaints
− Govern the activities of interested directors and officers (i.e., with regards to related party transactions)
Sarbanes-Oxley Federal Non-Profit Initiatives
16
NACUBO Recommends:
Senior management implement a code of conduct that should:
– Inventory, assess and update as needed existing codes of conduct, including
conflict of interest policies
– Establish appropriate codes if they do not already exist
– Require sign off by senior leaders acknowledging the code
– Be comprehensive and clear
– Be easy to access, understand, and implement
– Be communicated broadly
– Include a confidential mechanism to report code violations
Dealing With Ethical Issues
17
Code of Conduct Promotes:
• Honest, ethical conduct
• Full, fair, accurate, timely, and understandable disclosure in reports and documents
• Compliance with applicable governmental laws, rules and regulations
• Prompt internal reporting of code violations to a designated person or place
• Accountability for adherence to the code
Dealing With Ethical Issues
18
“If You See Something, Say Something”
Examples:
• Signing onto University System and approving on behalf of someone else
Example: FFE, APCAR, and RASCAL
• Nepotism
– No direct reporting relationship
– Reporting relationship must be disclosed
– No input into compensation of another
– Appearance of impropriety
Dealing With Ethical Issues
19
• Being asked to submit reports to external sponsors or internally where you know
information is inaccurate
• Misuse/inappropriate use of University resources
• Using University assets for personal gain
• Charging personal side trips made on business trips
• Violating Conflict of Interest Policy
(https://www.rascal.columbia.edu/coi/coiframe.html)
• Use of restricted funds for other purposes
Dealing With Ethical Issues
20
Reporting Misconduct: Barriers to Reporting
The National Business Ethics 2003 survey by the Ethics Resource Center found that while there had been overall increase in employee reporting of misconduct, the majority of employees (40% - 70%) stated they would not report misconduct.
There are many reasons for non-reporting, including
• Loyalty to group or department
• Fear of retaliation
• Concern that leadership will not act to correct misconduct
• Believing that co-workers would not report
• Not knowing where to report
Dealing With Ethical Issues
21
Reporting Misconduct: Barriers to Reporting
• Improper practices that are not corrected early can escalate into more destructive situations
• Consequences of escalation include damage to individuals and University image; loss of funds, property, physical security and job security; delays in research progress, disrespect for ethical values
• A culture of non-reporting may imply distrust in leadership, cynicism about University ethics, lack of employee identification with institutional goals, and low employee morale
• Demoralization among employees may result in a culture of “permission” to cut corners and participate in impropriety, values confusion, diminished performance, increased turnover and instability
Dealing With Ethical Issues
22
Dealing With Ethical Issues
Conflict of Interest : Individuals to call if there is an ethical issue:
Gerald Fischbach 305-2752 Executive VP of CUMC
Michael O’Connor 305-3719 CUMC Budget and Finance
Marsha Wagner 854-1234 Ombuds Officer
Galene Kessin 305-3671 Human Resources
Alan Brinkley 854-2403 Provost
Patricia Catapano 854-4521 Office of General Counsel
BREAK
SESSION 1
Part 1: Intro to Higher Education
Part 2: Fundamentals of Accounting
Session Objectives
25
• Identify characteristics and types of not-for-profit organizations, including colleges and universities
• Understand the following:
– Differences between not-for-profits and commercial entities
– Fiduciary responsibilities of not-for-profit organizations
– Higher Education market segment and its challenges
– Basic principles of fund accounting
– Net asset classifications per SFAS 116 and 117 and be able to relate fund accounting to them
PART 1Higher Education /
NFP Industry Overview
What is aNot-for-Profit Organization?
27
A 501 C(3) entity possesses the following characteristics:
• Contributions of significant amounts from resource providers who do not expect
commensurate return; existence heavily dependent on private and public support
• Operating purposes are other than to provide goods or services at a profit; typically
serves a social, moral, or ethical purpose which is usually reflected in the mission
statement
• Absence of ownership interests
• Tax-exempt status
What is aNot-for-Profit Organization?
28
• Hospitals and medical research organizations. A hospital is an organization whose
principal purpose or function is to provide hospital or medical care or either medical
education or medical research. A rehabilitation institution, outpatient clinic, or community
mental health or drug treatment center may qualify as a hospital if its principal purpose or
function is providing hospital or medical care. If the accommodations of an organization
qualify as being part of a skilled nursing facility, that organization may qualify as a hospital
if its principal purpose or function is providing hospital or medical care. A cooperative
hospital service organization that meets the requirements of section 501(e) will qualify as a
hospital.
What is aNot-for-Profit Organization?
29
• Hospitals and medical research organizations. The term hospital does not include
convalescent homes, homes for children or the aged, or institutions whose principal purpose
or function is to train handicapped individuals to pursue a vocation. An organization that
mainly provides medical education or medical research will not be considered a hospital,
unless it is also actively engaged in providing medical or hospital care to patients on its
premises or in its facilities, on an in-patient or out-patient basis, as an integral part of its
medical education or medical research functions.
• Medical research organization. A medical research organization must be directly engaged
in the continuous active conduct of medical research in conjunction with a hospital, and
that activity must be the organization's principal purpose or function.
Not-for-Profit vs. Commercial Organizations
30
Not-for-Profit Organizations:
• Resources received without expected repayment
• Operate to fulfill a need, purpose or cause
• Surplus or deficit
• CU: “Educate, Discover, Care, and Lead”
Commercial Enterprises:
• Resources received with possible repayment or economic benefit
• Operates to make a profit and provide returns to shareholders
• Net income or net loss
• Provide service to make money
more
Not-for-Profit vs. Commercial Organizations
31
Not-for-Profit Organizations:
• Absence of defined ownership interest
• Use “Net Asset” classification
• May receive donated assets and services
• Tax-exempt status granted
• Board of Trustees - fiduciary responsibility to society, community, and clients
Commercial Enterprises:
• Have defined ownership interest (i.e., stock)
• Use “Equity” classification
• Usually there are no donations to commercial enterprises
• Taxable entities
• Board of Directors - fiduciary responsibility to shareholders
32
Endowment – fund grouping includes three types of funds classified as “endowment and similar” funds:
1. True Endowment – donor has stipulated that the principal is to be kept intact in perpetuity and only the income therefrom can be expended either for general purposes or for a restricted purpose. Revenue and net assets of these funds are reported in the permanently restricted class of net assets.
2. Term Endowment – donor has provided that upon the passage of time or the happening of a specific event, the endowment principal can then be utilized either for a specific purpose or for the general operation of the institution. Revenue and net assets of these funds are reported in the temporary restricted class of net assets.
3. Quasi-Endowment – the board, as distinct from the donor, has set aside unrestricted amounts to be used as endowment at least for some time. Revenue and net assets of these funds are reported in the unrestricted class of net assets.
Fund Balance Accounting:Definitions
33
Gifts: • Unrestricted Contributions • Current Restricted Contributions – contributions that can be used to meet the
current expenses of the organization, although restricted to use for some specific purpose, or during or after some specified time
• Investment Securities – contributions in the form of stocks and bonds• Gifts-In-Kind – unrestricted or temporarily restricted
• Fixed Assets – land, building, and equipment• Museum Collections
Pledges (promise to give): A promise to contribute to an organization at a later date or in installment payments. May or may not be legally enforceable.
Fund Balance Accounting:Definitions
34
Statement of Financial Position (Balance Sheet)• Reports the assets, liabilities and net assets of the organization
• Is presented on the accrual basis of accounting
• The assets and liabilities are grouped into homogeneous groups such as
– Cash and Cash equivalents
– Accounts and notes receivable
– Accrued employee benefits
– Short and long term liabilities
• Each FAS Account has a balance sheet and revenues and expenses
Fund Balance Accounting:Definitions
35
Statement of Financial Position (Balance Sheet)
Six Basic Totals Required:
Fund Balance AccountingBalance Sheet
NFP Organization Balance SheetXX/XX/XX
Total Assets XXX
Total Liabilities XXX
Net Assets:Unrestricted XXXTemporarily Restricted XXXPermanently Restricted XXX
Total Net Assets XXX
36
Statement of Financial Position (Balance Sheet)
Other Information Required:
•Classification of Assets and Liabilities
•Liquidity Information
•Restrictions on Assets and Net Assets
Fund Balance AccountingBalance Sheet
NFP Organization Balance SheetXX/XX/XX
Cash XXX
Total Assets XXX
Accounts Payable XXX
Total Liabilities XXX
Total Net Assets XXX
37
Each fund has its own assets, liabilities, net assets (fund balance), revenues, and expenses.
Plant fund Operating fund
Endowment fund Total entity
A = L + N.A.R - E = N.A. A = L + N.A.
R - E + N.A.
A = L + N.A.R - E = N.A.
A = L + N.A. R - E = N.A.
Fund Balance AccountingBalance Sheet
38
Fund Balance Accounting:Balance Sheet
Example:
Balance Sheet
39
Statement of Activities (Revenue/Expense statement)• Summarizes all of the activity of the organization for the entire period.
• Depicts how the resources of the organization are used in providing programs or services in order to meet its mission
– Revenues (Sources)
– Expenses (Uses)
• Reported by natural or functional groupings
• Reports revenue and expenses at gross amount and gains and losses at net amount
Fund Balance Accounting:Statement of Activities
40
Fund Balance Accounting:Statement of Activities
Example:
Revenue and Expenses
41
Statement of Cash Flows:
• The statement of cash flows analyzes the movement of actual cash
• The cash flow statement indicates:- The organization’s ability to meet its obligations, and- The reasons for the differences between the total changes in net assets, and the receipts and payments of cash during the period.
Fund Balance Accounting:Statement of Cash Flows
42
The statement of cash flows classifies receipts and payments of cash in three categories:
1. Operating
– All amounts not defined as investing or financing
2. Investing
– Making or collecting loans to other entities
– Acquisition or disposal of property, plant and equipment
– Sales or purchases of marketable securities
3. Financing
– Borrowing or repaying amounts borrowed by the organization
– Proceeds from contributions received for long-term purposes
– Receipt or payment of annuity obligations
– Deposits with bond trustees
Fund Balance Accounting:Statement of Cash Flows (Cont.)
43
Fund Balance Accounting:Cash Flow Statement
Example:
Cash Flow Statement
44
•Permanently Restricted•Resources subject to donor-imposed restrictions requiring that the original contribution be retained inviolate and in perpetuity but permit the use of investments earnings for general or specific purposes. The primary component of these assets is true endowments whose appreciation is either restricted to specific uses, such as support for financial aid or a faculty chair, or else is available for general university purposes.
•Example: Endowment Principal accounted in: General Ledger 0-60000 through 0-69999
Net Assets Classification
45
•Temporarily Restricted•Resources subject to donor-imposed restrictions that will be met by actions of the University or the passage of time. These net assets are primarily comprised of gifts in the form of cash or pledges for specific purposes, such as financial aid, capital constriction or research activities, and the unspent net realized and unrealized gains and net reinvested income generated by permanently restricted assets subject to donor-imposed restrictions on their use.
•Example: Gift Accounts accounted in:General Ledger 0-42000 through 0-44999-Once expired, moved to Unrestricted Net Assets
Net Assets Classification
46
•Unrestricted•Resources which are not subject to donor-imposed restrictions.
•Example: Ledger 2 - Unrestricted budgetLedger 4 - Internally restricted
Someone in department decides how to spend through budget process
Net Assets Classification
47
•Similarity to Profit-Oriented Reporting
•A complete set of Financial Statements are required
Statement of financial position (balance sheet)
•Statement of activities (revenue / expense account)
•Statement of cash flows
•Accompanying notes
Reporting Considerations
48
http://www.columbia.edu/cu/finance/
Reporting ConsiderationsFinancial Report
49
•Safeguard Assets
•Net assets are an asset of the University
•Deans, Chairmen and DA’s are custodians
•Fiduciary responsibility
•Agency relationship
•Monitor positive fund balance and transactions
•Review transactions
•T&E expenses on DARTS
•Acknowledge donors money, how money should be spent, reporting to donors
•Reviewing and reconciling monthly reports on a timely basis
•Making corrections as needed
Role of DA: Stewardship
50
•Cost of doing business when account is in overdraft
•Overdrafts are funded by the University
•Not collected AR: forfeited funds
•Aggravation factor / Time waster
Time Value of Money
PART 2Fundamentals of
Accounting
Cash vs. Accrual Accounting
52
CASH Revenues are recognized when cash is received and deposited and expenses are recorded in the accounting period when bills are paid
ACCRUAL The most commonly used accounting method, which reports income when earned and expenses when incurred
Receivables – when earning process is complete (since 1996 in terms of faculty practice)
Liabilities – when there is a legal claim against assets.
(Includes Physician Incentive payments)
MODIFIED ACCRUAL Revenue and Expenditures handled daily on a cash basis, but converted to accrual with periodic adjustments
Cash vs. Accrual Accounting
53
Balance Sheet Example
Cash vs. Accrual Accounting
54
ADVANTAGESCASH BASIS
•Simplicity
A simple checkbook may be all that is needed to keep the financial records of an organization, provided a complete description is recorded in the checkbook stubs.
Accrual basis adds a level of complexity that is unnecessary in some organizations
ACCRUAL BASIS
•Accurately presents financial picture of the organization
This basis is more meaningful for organizations that have substantial unpaid bills or uncollected income at the end of each period and these amounts vary from period to period.
The cash basis would provide great difficulty in knowing exactly where the organization stood
55
Cash Example
Deposits
•Faculty Practice Patient Receipts
•Gifts Receipts
•Employee Reimbursements
Disbursements
•Invoice Payments
•Payroll
Departmental Accruals
•AR – Patient invoices in IDX
•AR – hospital agreements (NYPH, MD, Clinical Assess)
•AP – NYPH and other affiliates
•AP – MD incentives and on call payment
•AP – Clinical assessment
•AR/AP- Clinical Trials
•AR/AP- Nongovernment grants
56
Accrual Example
57
Modified Accrual Example
Grant Accounting
•Revenue is recognized, up to the budgeted amount, when expenditures are incurred
•Revenues equals Expenses
Endowment Income• Income Distributed Quarterly
• Principal adjusted at year end to reflect actual
BREAK
59
•Reconciliation of lockboxes
•Timely Deposit
•Safeguard / custody (within 24hrs needs to be deposited)
•Reconcile to FAS (DARTS)
Expectations of Managing Cash
Budget, Actuals, andEncumbrances
60
Budget A budget is a plan of action. It represents the organization’s blueprint for the coming months, or years, expressed in monetary terms. An organization must have specific goals before preparing a budget.
Actuals Transactions which represent actual revenues and expenditures
example: payrolls, supplies, equipment, etc
Encumbrances Represents commitments based on SAF’s project salary allocation
example: PO’s in Purchasing system
Balance Available Budget – Actuals – Encumbrances = Budget Available
CUMC Fund Accounting
61
Accounts in FAS
•General Ledger (“0” Ledger): •0-XXXXX-XXXX
•Revenues/Expenses or Subsidiary Ledgers:•1-XXXXX-XXXX
•2-XXXXX-XXXX
….
•9-XXXXX-XXXX
Remember – Every Revenue/Expense Ledger must be related to a General Ledger (“0” Ledger) account
CUMC Fund Accounting
62
Accounts in FAS
General Ledger Structure:Assets, Liabilities, Fund Balances
0-XXXXX-XXXX
Account Control
Account Identification
Ledger
Example of General Ledger Account: 0-44320-4220
CUMC Fund Accounting
63
Accounts in FAS
Subsidiary Ledger Structure:Assets, Liabilities, Fund Balances
1-XXXXX-XXXX through 9-XXXXX-XXXX
Subcode
Account Identification
Ledger
Example of Revenue/Expense Account: 1-60114-0790
CUMC Fund Accounting
64
Subsidiary Ledgers (Revenues/Expenses)
1-XXXXX Current Unrestricted Revenues include unrestricted gifts and other unrestricted resources earned such as student tuition and fees, Indirect Cost Recovery, etc.
2-XXXXX Current Unrestricted Expenditures include economic resources which are expendable for any purpose in performing the primary objectives of the institution, i.e., instruction, research, and public service, and which have not been designated by outside donors or the
governing board for other purposes.
3-XXXXX Auxiliary Enterprises and Other Activities include revenues and expenditures for faculty practice, residence halls, and dining services
CUMC Fund Accounting
65
Subsidiary Ledgers (Revenues/Expenses)
4-XXXXX Internally Restricted (Designated) include revenues and expenditures of funds, expendable for operating purposes but restricted by the University’s governing boards as to the specific purpose for which they may be expended, i.e., discretionary funds.
5-XXXXX Current Restricted Expenditures – Government Grants and Contracts include grants from governmental sources for research, training, or other sponsored programs.
6-XXXXX Current Restricted Expenditures – Other include private gifts and endowment income restricted to a school or a department or restricted for specific operating purposes such as scholarship grants, professorships, purchase of library books, etc.
CUMC Fund Accounting
66
Subsidiary Ledgers (Revenues/Expenses) continued
7-XXXXX Plant Fund / Clinical Trials Expenditures: Plant funds are used for the acquisition, renewal and replacement, and retirement of indebtedness on physical properties for institutional purposes. Clinical trials are used for the study in human subjects involving a therapeutic or diagnostic intervention with a drug, device, or health care product.
8-XXXXX Not Assigned
9-XXXXX Agency Funds include revenues and expenditures of funds held by the institution as custodian or fiscal agent for others such as student organizations, individual students, or faculty members.
CUMC Fund Accounting
67
Prime and Scope Accounts General Ledger accounts may have more than one sub-ledger account. The first sub-ledger account is called “prime” and the others are called “scope” accounts.
Map Code Every sub-ledger account carries a “map code” which tells the reader to which General ledger account it belongs. The map code is simply the General Ledger account number with out the leading zero number.
Note: Sub-ledger accounts do not have to be in the same department as the corresponding general ledger. This allows one department to hold the funds (General Ledger account) and allow other departments to spend some of these funds (Subsidiary Ledger account).
Sub Ledger General LedgerRevenue 1-XXXXX 0-10000 throughExpenditure 2-XXXXX 0-10099
Auxiliary Enterprises 3-XXXXX 0-16000 through0-16149
Internally Restricted (Designated) 3-6XXXX through 0-16500 throughExtension (Ledger 4H on FFE) 3-69999 0-16999
Faculty Practice 3-7XXXX 0-17XXX
CUMC Fund Accounting
68
Subsidiary – General Ledger RelationshipUnrestricted
Sub Ledger General Ledger
Internally Restricted (Designated) 4-XXXXX 0-18000 through0-19999
Internally Restricted (Designated) 4-55000 through 0-16150 throughExtension (ledger 4H on FFE) 4-55599 0-16999
CUMC Fund Accounting
69
Subsidiary – General Ledger RelationshipUnrestricted (continued)
CUMC Fund Accounting
70
Subsidiary – General Ledger RelationshipRestricted
Sub Ledger General Ledger
Gov't Grants and Contracts Prime 5-20000 through 0-20000 through5-39999 0-39999
Scope 5-40000 through Mapcode 2XXXX and5-99999 3XXXX
Private Grants (Ledger 6A) Prime 6-40000 through 0-40000 through6-41999 0-41999
Scope 6-5XXXX Mapcode 40XXX and 41XXX
Private Grants (Ledger 6A) Prime 7-78100 through 0-78100 through7-78999 0-78999
Scope 7-88200 through Mapcode 0-78100 through7-88999 0-78999
Sub Ledger General Ledger
Private Gifts (Ledger 6B) Prime 6-42000 through 0-42000 through6-44999 0-44999
Scope 6-6XXXX Mapcode 42XXXScope 6-7XXXX Mapcode 43XXX & 44XXX
Endowment Income (Ledger 6C) Prime 6-46000 through 0-46000 through6-49999 0-49999
Scope 6-8XXXX Mapcode 0-46XXXX through48XXXX
Scope 6-9XXX Mapcode 49XXXX
Student Loan Funds NONE 0-5XXXXEndowment Principal NONE 0-60000 through
0-69999
CUMC Fund Accounting
71
Subsidiary – General Ledger RelationshipRestricted (continued)
CUMC Fund Accounting
72
Subsidiary – General Ledger RelationshipSub Ledger General Ledger
Plant FundsPrime 7-1000 through 7-72999 0-71000 through 0-72999Scope 7-3XXXX Mapcode 71XXX & 72XXXPrime 7-75XXX 0-75XXXScope 7-5XXXX Mapcode 75XXX
Clinical TrialsLedger 7A 7-79000 through 0-79000 through
7-79999 0-79999
Scope 7-88000 through Mapcode 79000 through7-88199 79999
Agency FundsPrime 9-9XXXX 0-9XXXXScope 9-1XXXX Mapcode 9XXXX
Clinical, Affiliates, Practice Plans
73
Clinical Doctors rendering services for patient care
Affiliates Other institutions where CUMC provides patient care or teaching
Practice Plans 3 Types1. Federated – Unified resources are pooled in one departmental plan2. Divisional – Divisions operate on padded basis and incurred department
O/H charges3. Individual Practitioner Accounts – Autonomous self sufficient, need to
cover costs individually
Questions
74
75
“Education is what remains after one has forgotten everything he learned in school.”
Einstein
Summary
Course Evaluation
76
Please complete course evaluation form
Session 1