What is the revenue policy?

  1. Definition of revenue accounts: Revenue accounts are used to deposit funds received. These funds can be for a donation/event held or goods sold. In order to access these revenue funds a department should contact the Office of Financial Affairs (OFA) and provide them with a budget as to where funds will be expended. The OFA will set up and post the budget adjustment to the appropriate expense account code(s). Many departments have specific revenue accounts and should continue to use these. Accounts that relate to University departments include those listed below.
  2. Revenue:
    1. 5570 Fund Raising Events – This account should be used when a department is receiving funds in exchange for merchandise or services. For example the selling of T-shirts, having a luncheon or holding an auction/event to support a specific program.
    2. 5115 Seminars – This account should be used when a department is holding a seminar. iii. 5680 Reimbursement of Expense – This account should be used when a department is selling items and the cost of the goods is equal to the funds received (i.e. chemistry lab supplies or dispensary supplies.)
    3. 5734 Miscellaneous Income – If a department has revenue that does not fit into any of the above descriptions it can deposit the funds in this account. Please check with the Office of Financial Affairs to determine if there is a more appropriate line then miscellaneous income.
    4. Special Note: If you are receiving revenue from a source that will be continuous and does not fit into the above accounts, please notify the Office of Financial Affairs. We may need to set up a new revenue account.
    5. University Donations - The Development Office should be contacted if the following criteria are met:
      1. A company/individual gives a check to a department to support the department or a program within the department.
      2. The company/individual does not receive goods or services in return for their support.
      3. Development will pick the check up and put the funds into the departments appropriate revenue line. On a quarterly basis the Office of Financial Affairs will move the budget money into the departments 7093 account code in order for the funds to be expended.
Print Article


Article ID: 134207
Thu 7/8/21 10:44 AM
Mon 8/16/21 4:22 PM