Responsibility: Cash management
Prepared by: FOT
Work Instruction Number: WI-EP-45
Overview
Locally-funded cost share companion accounts are generally funded on a semi-annual basis in January and July. For guidance on state-funded cost sharing companion accounts, please go here. The following sections detail how to process cost share funding:
Generate report
1. Run a current Sponsored Cost Share – Commitment Details report in Workday
1.1 Export to excel and filter for Cost Share Tracking Method of “Local Companion Account”
1.2 Create a pivot table to view total commitments by local cost share grant (destination account)
2. Run a current Sponsored Cost Share – Local Cost Share Budget report in Workday
2.1 Export to excel and use a vlookup to identify a) missing accounts on the commitment details report and b) mismatching totals
3. Run a current Sponsored Cost Share – Local Funding Details report in Workday
3.1 Export to excel and use a vlookup to compare funding against commitment
NOTE: TRIF funds cannot be transferred to cost share companion accounts. TRIF accounts are administered by KE Finance. When a contributor wants to fund their commitment with TRIF funds they need to work through KE Finance to do so. Other xx9 funds can be transferred to cost share companion accounts. Financial Services requires a letter from the contributor (for ASUF accounts it would be the account owner, usually the P.I.) confirming that the use of funds for fulfilling cost share commitments meets the donor intent.
Communication
- Group commitments by cost center and generate two tables, one that identifies commitments that are not fully funded that have funding instructions and one that identifies commitment details that are missing
- E-mail college representative the two tables, providing at at least two weeks notice for pending actions
- Edit the Award Cost Share Custom Object with any updates provided by the department
Processing journals
- Create a separate accounting journal with journal source of “ASU Department Transfers” for any clear commitment details or by specific departmental request
- Debit “Transfers Out” on the source account
- Credit “Transfers In” on the destination account
- Enter the funding cost center/account on the “Transfer In” credit line memo in the format of CC1234-PG12345.
- This line memo formatting ensures the efficacy of the “Local Funding Details” report
- Attach associated commitment details
- Click “Submit”
- Utilize the “Local Funding Details” report to view funding journals still in progress
Refunds
At times a refund will need to be issued back to the contributor(s). This will typically be identified by the Closeout Administrator.
- Pro-rate the refund based upon the department receipts
- Create and submit a journal with a journal source of “ORSPA – ACP” to partially reverse funding to identified departments
- See “Processing Journals” section for details