What You Should Know
It is common for multiple departments to co-fund activities such a conference or other event. When planning an event/ workshop/ conference hosted by your Department, and funded by multiple sources (other Departments and/ or Funds) it’s important to consider what chartstring(s) will be used to track expenditures.
Departments should decide in advance:
- What Program ChartField will be used to support tracking? Will a single Program be used by both?
- Will unique individual funds be applied or will a Fund Assignment/Transfer be needed?
Choose a Program for Tracking
The first step should be to choose a generic Program value to track all related revenues and expenses. This Program should be different than any other Program your Department may already be using in the current fiscal year (for another event for example). This way the funding for one event will not be comingled with funding for another event. There are a number of generic Programs available, so choosing one per event should not be a problem.
A complete list of Programs is available on the Choose the Right ChartField web page, and listed below are some of the most popular. Any Department can use any of these Programs.
Determine Fund Management Approach
Individual, unique Funds can be used to Fund shared conferences, events and workshops if a common Program is used. If this easier method is not preferred, a Fund Assignment or Transfer may be acceptable.
See Example 1 for how a shared conference can be managed using a fund assignment.
Fund transfers may be used when a fund assignment would be administratively burdensome. A fund transfer may be used if:
- Less than $2,500 is being contributed from a single fund;
- The planned use meets the restrictions of the contributing fund; and
- The fund classification of the contributing fund is:
- 3-Departmentally Restricted - If the Fund is being transferred within the same Department.
- 4-Purpose Restricted-Eligible for Transfer
A new fund does not need to be created to hold money pooled through a fund transfer. Money can be transferred to the fund from which the managing department plans to incur expenses. Fund transfers will be sent to Finance & Treasury for approval.
See Example 2 for an example of how a shared conference can be managed using a fund transfer.
Department 11111 has Faculty A, who is hosting a Seminar, and Faculty B who is hosting a Workshop.
- Faculty A is receiving $2,000 in funding from Department 22222-Fund E2222-Program GU222 and $3,000 from Department 33333-Fund E3333-No Program for his Seminar.
- Faculty B is receiving $4,500 funding from both Departments 44444 and 55555 both Program AC455 for her Workshop. We’re not sure what Fund these Departments will be using.
- Faculty C hosted a Seminar earlier in the fiscal year, and Program GU552 was used to track this event.
See the full description of this example scenario.
Sample Program Tracking Worksheet
If you have multiple shared Programs and Events, it may be helpful to track the information in an excel spreadsheet and share this information with individuals who may need the information to appropriately apply the correct Program to their transactions. This file should be periodically compared with Programs listed in Spendable Balance by Program to ensure no events Programs are used more than once in the current fiscal year.