Foundation Transfers for Ledger 2 Accounts

This is the process that follows once a department initiates a Foundation transfer to the University Accounting System FRS.

1. The Foundation notifies the University Accounting Office that a check has been sent by sending a spreadsheet that identifies which FRS accounts are to be credited for what amount.
2. The University Accounting Office forwards the spreadsheet to the Budget Office where Foundation transfers intended for Ledger 2 accounts are identified.
3. Because Ledger 2 is set up only for expenditures, Ledger 2 Foundation transfers are credited to a specific Foundation Ledger 1 account.
4. The Budget Office increases the department’s Ledger 2 account using subcode 2000 for the amount of the Foundation transfer using a description that begins with “FND”.
5. The department can easily identify the budget transaction on FRS screen 23 by looking at subcode 2000 with a description that begins with “FND.

Updated: 7/28/08