How to Read Fund Statement
How to Read a Fund Statement
This document explains how to read a
basic fund statement. The document
covers:
q
When to Use a Fund Statement
q
Fund Statement Concepts and
Calculations
q
A Sample Fund Statement Explained
·
Prompts and search criteria
·
Tabs
·
Report Output
1. When to Use a Fund
Statement
At Stanford, funds are established to
track the source and use of money. Fund reports are a tool designed to
facilitate the management of these monies.
These reports show both inflows (receipts, transfers in) and outflows
(e.g. transfers out and expenses) and thus help determine how much money is
left to spend. These reports also help
us fulfill our fiduciary responsibilities to donors and others by allowing us
to report to the donor on the use of their gift.
Fund reports are intended to be used
for non-sponsored and non-capital awards as the reports are designed around a
fiscal year concept rather than a project-to-date concept. Sponsored and capital project activities are
better managed with project-to-date expenditure reports. Also, certain accounting treatment and
relationships in sponsored and capital projects are not completely captured in
a single fund.
As with most ReportMart3 reports, you
must have the appropriate authority to generate a complete fund statement. If your report request generates a null or
incomplete result, please review your authority to determine if it is
sufficient to make your report request. Reference Quick
Steps: View Authority Assignments and Quick
Steps: Grant Authority for Oracle Financial Reporting.
2. Fund Statement Concepts
and Calculations
Available Balance
The
Fund Statement captures the equity, activity and balances associated with a
single Award. The framework for this
report is as follows:
- Beginning Fund Balance
- Plus (+) Receipts
- Plus (+) Transfers In
- Minus (-) Transfers Out
- MInus (-) Expenses
= Ending Fund Balance
- Minus (-) Net Investments (e.g., advances, inventory,
prepaid expenses etc.)
= Available Balance (e.g., cash available for use)
Definitions
These
terms, which also appear on the report, are defined in the table below:
|
Category
|
Definition
|
|
|
Beginning Balance
|
Represents
the Award’s equity, or fund balance, at the beginning of the fiscal
year. Most funds allow rollover of
prior year balances.
|
3XXXX
|
|
Receipts
|
Represents
receipts or revenue earned during the year.
Sources include gifts, fees and endowment and EFP earnings.
|
40000-48999
|
|
Transfers
|
Represents
monies transferred into or out of the Award.
Transfers may be to or from Operating Budget (OB); to or from other
departments or funds; or related to purchases of capital equipment. (The
purchasing fund contributes the asset to University’s fixed asset fund via a
capital transfer generated by the Controller’s Office.)
|
49XXX
|
|
Expenses
|
Represents
expenses of the Award. Reflects monies
spent to pay salaries or purchase goods and services, etc. Expenses are shown on the fund reports in
summary in the 5XXXX object code series.
Details of these items are available in the expenditure reports.
|
5XXXX
|
|
Net Investments
|
Represents
all assets and liabilities owned by the Award except for cash (object code
11050). May include advances, prepaids
and/or payables.
|
1XXXX
and 2XXXX, except for 11050
|
|
Available Balance
|
Represents
the cash or unspent money remaining in the fund.
|
11050
|
The
design of the Fund Statement report allows users to understand the value held
by the fund, the current year activity and the cash balance which is currently
available to spend. Note - It is
important not to confuse the concept of fund balance with that of available
balance.
Available
balance takes into account monies which are not available to be spent as they
are currently being used for other purposes and are reflected as other assets
or liabilities. Investments (or assets),
such as advances or inventory, are deducted from the fund balance to arrive at
the available balance as they represent a use
of cash. In the case of advances,
cash was reduced to make the advance; once the advance is repaid, the available
cash balance will increase by the same amount.
On the other hand, when cash is expended to acquire prepaid goods or
services, the available cash balance decreases; when prepaid expenses are
depleted and expensed, there is no cash transaction at that time, so they will
not impact the cash balance.
Conventions and Notations
All
fund reports use consistent notations for positive and negative values, not
“debits” and “credits.” Positive numbers
are shown without parentheses. Income,
for example, will be shown without parentheses.
Items which reduce the fund balance are reflected as negative numbers in
these reports and are displayed in parentheses, "(NNNN)." Expenses and transfers out are displayed in
parentheses as they reduce the fund balance.
3. A Sample Fund Statement
Explained
Distributed
users can access the Fund Statement in ReportMart3 using FIN_FUND_153 Fund
Statement.
Prompts and Search Criteria
Fund
reports provide flexible search capability, including searching by Parent
Organization. Report results are based
on the search prompts. The Award Number
prompt, used in conjunction with the Set of Books and Period, is the most
common for the 153 Report. A complete
list of prompts available is included in Appendix A of this document.
The prompts selected appear at the top of the report when
results are rendered.
Report Tabs
When a
report is run successfully, the data is returned and displayed in various
report tabs. Report tabs provide
different views of the same data. The
following report tabs are available for the FIN_FUND_153 Fund Statement report:
|
Tab
|
Explanation
|
|
Tab
1: YTD Detail by Project
|
|
|
Tab
2: YTD Detail by Object
|
Provides
Year to Date (YTD) detail information organized and summarized by object code
|
|
Tab
3: Month Detail by Project
|
Provides
detail information for the month organized and summarized by project number
|
|
Tab
4: Month Detail by Object
|
Provides
detail information for the month organized and summarized by object code
|
|
Tab
5: Summary by Object
|
Summarized
data by object code; no detail
|
|
Tab
6: Summary
|
Summarized
data by major groupings, no detail at project or object level
|
|
Tab
7: Data Download
|
Contains
information from Tab 4 and additional attributes
|
Sample Report
The
sample report provided represents tab 4, Month Detail by Object. VIEW SAMPLE REPORT
Page Headers are
explained below:
Left Side of Report
Left Side of Report
Run Date: Date report was generated
Latest Close Month: Latest month which has been closed in the Oracle Financials system; all transactions for that month have been processed; When used in conjunction with Report Period Ending below, can derive whether transactions for the latest month are complete based on whether the month has closed or not.
Latest Close Month: Latest month which has been closed in the Oracle Financials system; all transactions for that month have been processed; When used in conjunction with Report Period Ending below, can derive whether transactions for the latest month are complete based on whether the month has closed or not.
Set of Books: SU for Stanford’s Operating
Set of Books; EN for Endowment Set of Books (SU includes endowment income
funds, EN contains the principal balance).
Sort: Indicates
how the report is sorted (e.g. by object or by project)
Applicability of Fund Type: Indicates that report is for Non-Sponsored
Funds
Report Period Ending: Date through which results are shown.
Report Period Ending: Date through which results are shown.
Right Side of Report
Database: Indicates from which system the report data is
taken
The columns, as they appear from left to
right across the page, are included
in the table below. Changes for the other tabs are noted under
Description/Additional Information.
|
Column Name
|
Description/Additional Information
|
|
Object
|
Represents
the object code associated with the transaction. See the complete list of object
codes. For some tabs the first column is
Project.
|
|
Org
|
Represents
the organization code included in the transaction.
|
|
Project
|
Represents
the Project associated with the transaction. For some tabs, the third column
is Object.
|
|
Source
|
Indicates
where the transaction originated (e.g. Payables, iJournals, Burdening
transaction, Spreadsheet). The Reference
Code Table
provides
further information about these sources.
|
|
Journal
|
Provides
information to identify the transaction (e.g. iJournal number; Infrastructure
charge) See Reference
Code Table.
|
|
Description
|
Explains
more information about the transaction (e.g. what fund the transfer came
from, type of income or receipt)
|
|
Date
|
Date
the transaction posted to the Oracle Financials general ledger
|
|
Amount
|
For
YTD transaction Tabs 1 and 2, all transactions for the year are displayed.
For
Tabs 3 and 4, represents the transaction amounts for the current month.
|
|
YTD
Total
|
Year
to date totals for each major category (beginning balance, receipts,
transfers and expenses)
|
Other Helpful Links:
Financial Reporting Tools
section of the Gateway to Financial Activities website.
APPENDIX A: FIN_FUND_153_Fund_Statement
Report Prompts
The
sample prompts presented on a prompt page indicate whether multiple values are
allowed (separated by a ; with no spaces) and whether the wild card % is
allowed. Prompts available in the 153 Report include:
|
Prompt Name
|
Additional Information
|
|
001:
Award Number (AAAA;ZZZZ)
|
Unique
identification number of an award.
|
|
002:
Award Owner (Smith, John J.) or (Smith, J%)
|
Use
to identify all awards associated with a particular owner.
|
|
003:
Award Manager (Smith, John J.) or (Jones, J%)
|
Use
to identify all awards for a particular manager.
|
|
004:
Award Type (DES_REVENUE;GIF_EXP_GIFT)
|
Use
to select a particular source or origin of funds.
|
|
005:
Award Purpose (FAC_CHAIR;PEN_PENDING)
|
Use
to select a particular use of funds.
|
|
006:
Award Free-form Value (A) or (%B%)
|
|
|
007:
Award Level of Control
(Department;Division)
|
Use
to select by level of control within a school or department. Values include University, school/admin
unit, department, division, program, faculty/PI, interdepartmental, other.
|
|
008:
Award Level of Restriction
(Highly_Restricted;Unrestricted)
|
Use
to select by level of restriction or ease of use. Values include unrestricted, moderately
restricted, highly restricted, currently unusable, pending designation.
|
|
009: Award Donor (Packard
Foundation) or (Smith, J%)
|
Use
to select a specific donor.
|
|
010:
Award Start Date (DD-MM-YYYY)
|
Use
to select by the date the award becomes active.
|
|
011:
Award End Date (DD-MM-YYYY)
|
Use
to select by the date the award becomes inactive.
|
|
012:
Award Name (Operations) or (%GM20789%)
|
Use
to select by award name
|
|
013:
Set of Books (EN or SU)
|
Choose
EN for endowment principal and SU for the Stanford set of books (operations)
|
|
100:
Award Org or Parent Org (ABCD;ZZZZ)
|
Choose
to see results for a particular org
|
|
200:
Period (MMM-YYYY)
|
Select
the month and year desired; fund
results are cumulative and will contain activity/results through the period
selected.
|
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