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General Accounting: Difference between revisions
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[[General Accounting]] | [[SBIR/STTR Program Participation]] | [[Supplemental Compensation Plan]] | [[Facilities Management/Planning]] | [[Purchasing]] | [[Public Affairs]] | [[Facility Identification]] | [[Serving Alcoholic Beverages]] | [[Travel and Reimbursement]] | [[State Vehicles]] | [[Reproducing Copyrighted Materials]] | [[Credit Card Processing]] | [[Student Training Agreement]] | [[Volunteer]] | [[Cash Handling]] | [[Fraud]] | [[Assigning Research Lab Space]] | [[Space Scheduling]] | [[International Health Education]] | [[Faculty Personnel Records]] | [[Cellular Phone]] | [[Off-campus Graphic Design and Related Printing]] | [[Off-campus Photography]] | [[Tax Exempt Financing and Tracking of Both Qualified Use and Non-Qualified Use of Research Space]] | [[Secondary Logos]] | [[Social Media]] | [[General Accounting]] | [[SBIR/STTR Program Participation]] | [[Supplemental Compensation Plan]] | [[Facilities Management/Planning]] | [[Purchasing]] | [[Public Affairs]] | [[Facility Identification]] | [[Serving Alcoholic Beverages]] | [[Travel and Reimbursement]] | [[State Vehicles]] | [[Reproducing Copyrighted Materials]] | [[Credit Card Processing]] | [[Student Training Agreement]] | [[Volunteer]] | [[Cash Handling]] | [[Fraud]] | [[Assigning Research Lab Space]] | [[Space Scheduling]] | [[International Health Education]] | [[Faculty Personnel Records]] | [[Cellular Phone]] | [[Off-campus Graphic Design and Related Printing]] | [[Off-campus Photography]] | [[Tax Exempt Financing and Tracking of Both Qualified Use and Non-Qualified Use of Research Space]] | [[Secondary Logos]] | [[Social Media]] | [[Sensitive Equipment Tracking]] | ||
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Policy No.: '''3000'''<br /> | |||
Effective Date: '''10/25/02'''<br /> | |||
Revised Date: '''10/25/02'''<br /> | |||
Rviewed Date: '''10/25/02'''<br /><br /> | |||
<br /><br /> | <big>'''General Accounting Policy'''</big><br /> | ||
<big>'''General Accounting Policy'''</big><br /> | |||
== Basis for Accounting Policy == | == Basis for Accounting Policy == | ||
Accounting is the means through which financial data necessary for the efficient administration of our university is recorded, classified and reported. Our financial management system must meet the dual requirements of our institution while still being governed by the principles and concepts of institutional accounting and finance. These generally accepted accounting principles (GAAP) have developed over time and gained acceptance throughout our industry allowing the consistent presentation of financial results and comparability to other institutions. Many of our policies currently in practice today are today taken from the "Fundamental Concepts" from the latest edition of College and University Business Administration as well as the basic principles and changes mandated by the [http://www.aicpa.org/Pages/Default.aspx AICPA] Audit Guide, Federal Regulations of the [http://www.whitehouse.gov/omb/ Office of Management] (OMB) Circulars [http://www.whitehouse.gov/omb/circulars_a021_2004/ A-21], [http://www.whitehouse.gov/omb/circulars_a110 A-110] and [http://www.whitehouse.gov/sites/default/files/omb/assets/a133/a133_revised_2007.pdf A-133] along with the [http://www.unicam.state.ne.us/laws/index.htm statutes] of the [http://www.nol.org/ State of Nebraska] comprise the basic accounting policies currently driving the operation of our financial management system. | Accounting is the means through which financial data necessary for the efficient administration of our university is recorded, classified and reported. Our financial management system must meet the dual requirements of our institution while still being governed by the principles and concepts of institutional accounting and finance. These generally accepted accounting principles (GAAP) have developed over time and gained acceptance throughout our industry allowing the consistent presentation of financial results and comparability to other institutions. Many of our policies currently in practice today are today taken from the "Fundamental Concepts" from the latest edition of College and University Business Administration as well as the basic principles and changes mandated by the [http://www.aicpa.org/Pages/Default.aspx AICPA] Audit Guide, Federal Regulations of the [http://www.whitehouse.gov/omb/ Office of Management] (OMB) Circulars [http://www.whitehouse.gov/omb/circulars_a021_2004/ A-21], [http://www.whitehouse.gov/omb/circulars_a110 A-110] and [http://www.whitehouse.gov/sites/default/files/omb/assets/a133/a133_revised_2007.pdf A-133] along with the [http://www.unicam.state.ne.us/laws/index.htm statutes] of the [http://www.nol.org/ State of Nebraska] comprise the basic accounting policies currently driving the operation of our financial management system. | ||
Various legal and regulatory bodies have required special treatment for some accounting transactions. Listed below are these transaction types requiring special handling. | Various legal and regulatory bodies have required special treatment for some accounting transactions. Listed below are these transaction types requiring special handling. | ||
== Leases == | == Leases == | ||
All leases will be recorded in accordance with [http://www.fasb.org/home Financial Accounting Standards Board] (FASB) Statement No. 13. The purchasing department will coordinate the proper classification for new leases with General Accounting. Refer to the [http://info.unmc.edu/dept/accounting/ Accounting Informational Manual] for distinction between leases as capital additions and leases as operating expenses. | |||
All leases will be recorded in accordance with [http://www.fasb.org/home Financial Accounting Standards Board] (FASB) Statement No. 13. The purchasing department will coordinate the proper classification for new leases with General Accounting. Refer to the [http://info.unmc.edu/dept/accounting/ Accounting Informational Manual] for distinction between leases as capital additions and leases as operating expenses. | |||
== Capitalization of Plant Assets == | == Capitalization of Plant Assets == | ||
Equipment acquisitions will be recorded in accordance with the [http://webapp.nebraska.edu/finance/docs/Capitalization%20Policy.pdf University of Nebraska Board of Regents], [http://www.whitehouse.gov/omb/circulars_a110 OMB Circular A-110] and generally accepted accounting practices. The assignment of estimated years of life for equipment will be based on both [http://www.irs.gov/ IRS] and [http://www.aha.org/ American Hospital Association guidelines]. | |||
Equipment acquisitions will be recorded in accordance with the [http://webapp.nebraska.edu/finance/docs/Capitalization%20Policy.pdf University of Nebraska Board of Regents], [http://www.whitehouse.gov/omb/circulars_a110 OMB Circular A-110] and generally accepted accounting practices. The assignment of estimated years of life for equipment will be based on both [http://www.irs.gov/ IRS] and [http://www.aha.org/ American Hospital Association guidelines]. | |||
== Control of Capital Assets == | == Control of Capital Assets == | ||
All equipment traded in, transferred, housed off UNMC grounds, surplused, or sold will be coordinated through [http://info.unmc.edu/dept/accounting/ General Accounting] and [http://info.unmc.edu/dept/procurement/ General Supply/Furniture Stores]. | All equipment traded in, transferred, housed off UNMC grounds, surplused, or sold will be coordinated through [http://info.unmc.edu/dept/accounting/ General Accounting] and [http://info.unmc.edu/dept/procurement/ General Supply/Furniture Stores]. | ||
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This policy does not apply to vehicles, communication equipment, or other types of equipment where the normal use necessitates an off-campus location. | This policy does not apply to vehicles, communication equipment, or other types of equipment where the normal use necessitates an off-campus location. | ||
Sale of equipment by public sales, auctions, or by sealed bid shall be conducted according to the procedures of the Medical Center. UNMC employees, staff, or faculty shall not receive any special consideration. Disposition of all surplus equipment shall be the responsibility of the Manager of [http://info.unmc.edu/dept/procurement/ General Supply/Furniture Stores] and must be coordinated with the appropriate director or department head. | Sale of equipment by public sales, auctions, or by sealed bid shall be conducted according to the procedures of the Medical Center. UNMC employees, staff, or faculty shall not receive any special consideration. Disposition of all surplus equipment shall be the responsibility of the Manager of [http://info.unmc.edu/dept/procurement/ General Supply/Furniture Stores] and must be coordinated with the appropriate director or department head. | ||
== Equipment Control == | == Equipment Control == | ||
Equipment shall be capitalized, tagged, and maintained in the campus fixed asset inventory system. The dollar threshold minimum for campus equipment is $5,000. | |||
Equipment shall be capitalized, tagged, and maintained in the campus fixed asset inventory system. The dollar threshold minimum for campus equipment is $5,000. | |||
== Faculty Member Transfer - Equipment Status == | == Faculty Member Transfer - Equipment Status == | ||
The ownership of equipment can vary widely depending on the source of funds utilized for acquisition. The [http://info.unmc.edu/accounting_sectionI.htm#faculty Accounting Informational Manual] describes in detail how decisions are reached for determination of what equipment, if any, is transferred to the new faculty or researcher's institution. | |||
==Additional Information == | |||
Please see the [http://info.unmc.edu/dept/accounting/ Accounting Informational Manual] or contact [http://info.unmc.edu/dept/accounting/ General Accounting]. | |||
This page maintained by [mailto:dpanowic@unmc.edu dkp]. | This page maintained by [mailto:dpanowic@unmc.edu dkp]. | ||