General (1000) Procedures
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.100 Purpose of the Financial Procedures Manual
The JMU Financial Procedures Manual is written and published by the Division of Administration and Finance to provide authoritative guidance on the application of financial related procedures and systems for the University Campus.
The University's Financial Information System operates through the interaction and cooperation between departments and the Division of Administration and Finance. In order to function properly, it is necessary that all users adhere to the procedures documented in the Financial Procedures Manual.
.200 Organization of the Manual
The manual is organized into sections, sub-sections, and subjects.
Sections are included for major topics such as Travel, Moving and Relocation, and Deposits. Each section includes the effective date of the procedure.
.220 Sub-section and Subject
Sub-sections divide the sections into meaningful topics and are numbered in hundreds (.100, .200, etc.) The subsections are further divided into subjects, if needed and are numbered by tens (.110, .120, etc.). Numbered and bulleted lists divide detailed procedures into categories for easy access.
.300 Revision and Maintenance of the Manual
The Office of the Assistant Vice President for Finance is responsible for maintaining and revising the manual. Procedures are revised to incorporate changes implemented by the University and the Commonwealth of Virginia. All users of the manual are encouraged to recommend revisions to the manual. Submit recommendations to the Office of the Assistant Vice President for Finance. The University's Financial Procedures Manual is published on the web.
.100 Accounting Concepts
.110 Basis of Accounting
The University follows GASB Statement 34 requirements for "reporting by special–purpose governments engaged only in business–type activities." Accordingly, the financial statements have been prepared using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis, revenues are recognized when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. All significant intra–agency transactions have been eliminated.
The University's accounting policies conform with generally accepted accounting principles as prescribed by the GASB, including all applicable GASB pronouncements, as well as applicable FASB statements and interpretations, Accounting Principles Board opinions, and Accounting Research Bulletins of the Committee on Accounting Procedure issued on or before November 30, 1989, unless those pronouncements conflict with or contradict GASB pronouncements. The University has the option to apply all FASB pronouncements issued after November 30, 1989, unless FASB conflicts with GASB. The University has elected not to apply the FASB pronouncements issued after the applicable date.
The University Assistant Vice President for Finance is responsible for all financial data classifications and coding structures for JMU. All changes to any established financial related code or set of codes for JMU must be approved and/or issued by the Controller/Director of Accounting Services.
.300 Account Categories
This sub-section provides general information for the different categories of accounts included in the Financial Information System. The information is not intended to provide details of the generally accepted fund groups for the reporting of Higher Education financial data.
Separate accounting entities are maintained for Educational and General (E&G), Student Financial Assistance, Auxiliary Enterprises, Financial Assistance for E&G Services (Grants and Contracts), Capital Outlay and Agency/Local funds.
.310 Educational and General
Educational and General provides instruction, research, and public service and includes Instruction, Research, Public Services, Academic Support, Student Services, Institutional Support, and Operation and Maintenance of Plant.
The source of funds is partially from the General Fund of the Commonwealth of Virginia, student tuition and fees, sales and services of educational activities and miscellaneous, such as library fines.
.320 Student Financial Assistance
Student Financial Assistance provides financial assistance to Higher Education students. Scholarships and Fellowships are given in the form of outright grants and trainee stipends to individuals enrolled in official courses, either for credit or not.
.330 Financial Assistance for E & G Services (Grants & Contracts)
Financial Assistance for E & G Services provides resources for educational and general services through supplementing other activities within the system. This category includes all funds received or expenditures reimbursed under the terms of a grant or contract. Receipt and expenditure of funds must be made in compliance with federal and state regulations and within the grantor specifications.
.340 Auxiliary Enterprises
Auxiliary Enterprises provide essentially self-supporting goods or services to students, faculty, and staff. Auxiliary Enterprises includes Food Services, Bookstores and Other Stores, Residential Services, Parking and Transportation Systems and Services,Telecommunications Systems and Services, Student Health Services, Student Unions and Recreational Facilities, Recreational and Intramural Programs, Other Enterprise Functions, and Intercollegiate Athletics.
The source of these funds is exclusively from student fees and from the sale of goods and services. The General Fund of the Commonwealth provides no support to auxiliary enterprises.
.350 Capital Outlay
Capital Outlay accounts are established to record revenues and expenditures of construction, renewal and replacement, and acquisition of physical properties for University use. The source of funds is from University reserves, General Funds of the Commonwealth, proceeds from General Obligation Bonds, Revenue Bonds and from grants and gifts.
Agency and Local funds are held by JMU as custodian or fiscal agent for students, faculty, staff members, and organizations.
.400 Accounting Codes
Accounting codes are a series of numbers established to facilitate the systematic recording and reporting of accounting information pertaining to the financial activities of the University.
.410 Fund/Fund Detail Codes
Fund/Fund Detail Codes classify financial data according to appropriate funding source.
.420 Program Codes
Program codes accumulate financial information related to activities or sets of activities aimed at achieving specific objectives. This component reports program costs across agency and fund lines and provides for program budget formulation and control, on a statewide and university basis.
.430 Department Organization Codes
Department organization codes are assigned to individual departments to accumulate data related to the department's activities. This component accumulates budget, revenue (if appropriate) and expenditure information for a department.
.440 Expenditure Account Codes
Account codes classify expenditures into different categories and collects expenditure data in a systematic manner.
.450 Revenue Source Codes
Revenue source codes identify specific types of revenues and receipts collected to support University activities.
Various financial information reports are available to the University Campus via the Financial Information System. Departments may contact System Security to determine the type and availability of reports and request access to their organization's data. Information Technology Computing Support provides training for accessing and using the Financial Information System.
.600 Departmental Responsibilities
It is incumbent upon all University personnel to adhere to the procedures outlined in the Financial Procedures Manual. The Division of Finance must assure that the University complies with applicable state and federal laws and their supporting administrative requirements. Further, adherence will support the responsibility of the Assistant Vice President for Finance to report, on an accurate and timely basis, the University's financial position to Senior Administrators, the President, Board of Visitors and various state officials.
This section provides definitions for accounting terms, acronyms, and information pertaining to the various forms used within the campus and this manual.
This section provides a listing of the forms used to support and/or document financial transactions. The table listing below includes the Name of the Form, Purpose, and Procedure Reference or instructions (section of Financial Procedures Manual where the form is referenced).
.200 Alphabetical List of Forms by Name * NEW or UPDATED FORM
This section provides a description of the services available to the campus from the James Madison University Warehouse Complex. Services include receipt, storage and distribution of stock inventory and the receipt of vendor shipments.
.200 Stock Inventory
The Warehouse stocks large quantities of high usage items. Certain of these items are available for use by the general campus and other items are for use by Facilities Management only. A list of stock items is available from the Warehousing and Stores Office upon request. Departments may requisition items by completing the Central Warehouse Requisition form.
.300 Receipt and Delivery of Vendor Shipments
.400 Form Preparation and Submission
Departments may obtain Warehouse Requisition forms by contacting the Warehousing and Stores office. Complete the form and forward the complete NCR set to the Warehouse. A copy of the form, including cost of the items, will be returned to the Department when the order is completed. Questions concerning completion of the form may be directed to the Warehouse.