6.14 Adding/Changing/Closing Accounts

Purpose:	Provides general guidelines for establishing, modifying, and closing UAccess Financials accounts.
Policy Owner:	Financial Management

NOTE: This section has been updated to reflect procedural changes resulting from the implementation of UAccess Financials. There are no changes to policy. This section is currently in review and additional revisions may be necessary.

Adding a New Account -

1. Accounts should be requested as follows, based on the type of account.
   1. Grant and Contract Accounts (3-000000 through 4-999990): Contact Sponsored Projects Services.
       

   2. Gifts: Prepare a Gift Report, and forward to the Development Office. Gifts include scholarships, financial aid, endowments and gifts restricted to research purposes.
       

   3. Construction: Contact Facilities Management Business Services. These are normally projects in excess of $5,000.
       

   4. Allocated indirect cost for research: Contact the Vice President for Research, or designee.
       

   5. Allocated indirect cost, investment income and state-funded program changes: Contact the Budget Office
      
      
   
   
2. If checks are received before an account is established, complete a Cash Receipt (CR) and use the undistributed receipts account, 2894000-9540. Take the CR and check to the Bursar's Office.

Account Policies

1. Authority: The Associate Vice President, Financial Services, has general responsibility for creation, modification, and closure of all accounts within UAccess Financials. Sponsored Projects has been delegated limited authority to establish, maintain and close certain accounts, for example, grant and contract accounts, indirect cost accounts, patent royalty accounts, and restricted gift accounts. Sponsored Projects will adhere to the standards and practices of the Financial Services Office, and will coordinate and provide information as required for all reporting requirements of the Financial Services Office and those required by the contracting or granting agency.

2. Compliance: Proper accounting information will be maintained to comply with the accounting and reporting requirements of Federal law, State Statute, Board of Regents policies and as required under the terms of specific agreements with external entities and administrative Policies of the University.

3. Establishment, Modification and Closure: Departments are responsible for requesting and maintaining accounts to record accurate, timely, and complete information on the financial transactions of the University. Accounts will be established as required by budgetary and accounting purposes for proper management of the University of Arizona and closed when no longer required. Accounts will not be established, modified, or closed if the account request violates existing standards.

4. Fund Organization: Accounts will be organized into fund groups according to National Association of College and University Business Officers (NACUBO) and American Institute of Certified Public Accountants (AICPA) standards. Further subdivisions of fund groups for administrative purposes may be made.

5. Appropriate Purpose: All activities must be consistent with the fund group to which the account belongs. Accounts should be used to record individual sources of funds, for example state appropriations would be recorded separately from grants and contracts.

6. Separate Purpose: Each account within an organizational unit should have a separate purpose. Multiple accounts for the same purpose should only be established within an organizational unit if required for cost determination.

7. Review: Accounts will be reviewed by the Associate Vice President, Financial Services, or by the Budget Office for budgetary and reporting purposes. In addition, existing accounts will be reviewed annually to determine which accounts will continue, be closed or modified. Departments will be contacted to discuss proposed changes or closures of accounts.

maintained by: Floyd Roman
last reviewed: