Revenues
Policy
FIACCT 07-02_12 Federal Revenues- Transfer of Federal Funds
Effective: July 1, 1994
Revised: April 1, 2013
Purpose
This policy provides step-by-step procedures for transferring federal funds from the primary recipient state department to another state department. The primary recipient receives the federal money from the federal government and another department, the subrecipient, provides the service or expends the money and receives reimbursement from the primary recipient.
Procedures
NOTE: For more specific instructions on the following processes in FINET, either go to the Division of Finance web site (www.finance.utah.gov) and select FINET: FINET HELP or log into the FINET system and select the HELP link located on the primary navigation panel. Use the SEARCH function to find instructions for a specific process.
Responsibility
Action
Subrecipient Department
A. Request reimbursement from primary recipient for funds expended. Complete an Internal Transaction Initiator (ITI) transaction selecting the Provider/Seller option in the INITIATOR field. Code with appropriate Revenue Source code in the range of 4695-4732 and 4741-4742. Obtain at least one valid coding line from the primary recipient and enter the coding on the 2ND PARTY ACCOUNTING section of the ITI
Primary Recipient Department
A. The primary recipient completes the generated Internal Transaction
Agreement (ITA), verifies or selects Receiver/Buyer option in the INITIATOR field. The Buyer side of the Inter-Agency Transaction should be coded with the primary recipient fund, agency, organization and the appropriate expenditure object transfer code in the range of 7521-7522
For instructions of how to enter ITI/ITA Transactions, see FINET: FINET HELP: INTERNAL TRANSACTIONS:
DOCUMENTS.