FIACCT 07-04_10 College and University Draws – Making State Draws

Responsibility

Action

Institution

1. Provide information needed, to prepare Appropriation Budgets, to the Board of Regents.
   
2. Provide information needed, to prepare Expenditure Budgets based upon estimated monthly spending patterns, to the Board of Regents.
   
3. Provide information needed, to prepare Revenue Budgets based upon estimated monthly dedicated credit collections as received by the institution, to the Board of Regents.
   
4. Prepare an Annual Draw schedule for each line item requiring State funds or General Funds. Draws should be allocated semi-monthly. (General Fund Draws do not include dedicated credits.) Submit the General Fund Draw schedule to the Board of Regents.

Board of Regents

1. Review the General Fund Draw schedules for the institutions and approve them. Submit the General Fund Draw schedules to the Division of Finance.
   
2. Enter information, received from institutions, into FINET to create Appropriation Budgets, Expenditure Budgets, and Revenue Budgets.

Division of Finance

Review the General Fund Draw schedules and approve them.

Institutions

1. Revise General Fund Draw schedules as necessary for changes in General Fund appropriation levels.
   
2. Revise Appropriation Budgets and Revenue Budgets for changes in the collection pattern of dedicated credits. Submit these revisions to the Board of Regents.

Board of Regents

Fill out an Electronic Funds Transfer Journal Voucher form (Form FI 35B) and submit to the Division of Finance.

Division of Finance

Enter the information from the Electronic Funds Transfer Journal Voucher form to create a Journal Voucher transaction in FINET. Route the Electronic Funds Transfer Journal Voucher form to the State Treasurer.

State Treasurer

Approve the Electronic Funds Transfer Journal Voucher form and release the funds to the institution.

Division of Finance

Process the Journal Voucher transaction to FINET in the overnight processing cycle.

Institution

1. Collect the dedicated credits and deposit them in the institutions’ bank accounts as money is collected.
   
2. Daily, or not less than every three days, transfer all dedicated credits to the institution-State Treasurer’s joint bank account. Draw the funds as appropriate.
   
3. Each month reconcile the bank account. Send the reconciliation to the Division of Finance.
   
4. Monthly, prepare a Journal Voucher form to record revenues equal to the amount of the deposits. Use appropriate account codes. On the same Journal Voucher form, record the expenditure of State funds for dedicated credits drawn on the account by the institution. Use the appropriate account codes.

Institution

Send a letter to the State Treasurer requesting a separate depository bank account be used to deposit and draw dedicated credits. Identify the name and telephone number of the contact person at the institution.

State Treasurer/Institution

Open a joint bank account for each institution. Establish the State Treasurer and the institution as signatories on the account.