Resources

Multi-Year Event Fund

Units have the ability to set up a unique fund to track revenue and expenditure activity associated with a special event (conference, workshop, etc.) that spans multiple fiscal years of which unrestricted (F1) funds are typically used. These fund type designations are ā€˜FMā€™ for UAF, ā€˜AMā€™ for UAA and ā€˜JMā€™ for UAS.

For these fund types, fiscal year-end balances carry forward to the next year, much the same way as a restricted fund operates. This is very helpful for those who have comprehensive reporting requirements associated with a multi-year event, making it necessary to track the overall event balances and activity.

Requirements

In order to warrant this unique fund setup, the event must meet the following requirements:

  1. Large in scope - Total expenditure/revenue activity must exceed $20,000
  2. Spans more than one (1) fiscal year and/or a recurring event
  3. Should involve a comprehensive reporting expectation and/or is completely self-supporting in nature
Restricted Fund (F2) Option

If an event meets all of these requirements and also includes third-party oversight that mandates major event details and/or the disposition of residual funds, it may instead be set up as a restricted (F2) fund type. An example of such an event is a national conference that moves to a different host site each year.

OGCA will not handle the setup of these funds because there is no grant or contract specifically governing the event. OFA will handle the setup of all unrestricted multi-year event funds, as well as restricted funds that do not involve a grant or a contract.

Email the following information to the Budget & Cost Records team:

1. Proposal Number Generated from FRAPROP

Complete the ā€œMainā€ and ā€œPersonnelā€ tabs of the FRAPROP* Banner form, specify the PI code (generally a Dean, Director or Program Manager) and the fiscal contact.

2. Scope of Work

Include the proposal number, a brief description of the event and the event start and end dates.

3. Period of Performance

Include the proposal number and the requested start and end dates of the ā€œgrantā€ in Banner.

This period may be substantially greater than the event itself, but should not include an end date more than 90 days following the conclusion of the event.

The submitter may integrate this information into the scope of work if cited clearly.

4. Budget

Include the proposal number and the full financial summary of the event (in tabular format).

Specify requested expenditure and revenue budget by major category and org code. The eventā€™s budget must balance revenue-to-expenditure.

The submitter may integrate this information into the scope of work if cited clearly.

5. Budget Justification

Include the proposal number and the full financial details of the event (in discussion format).

Specify the eventā€™s expected expenditure and revenue activity by expense/revenue type and quantity. For example, ā€œcatering expenses for fifty participants at $100 eachā€ or ā€œrevenue from fifty participants at $200 each.ā€ 

Visit OSP's Proposal Development webpage for assistance with FRAPROP entry, scope of work or budget preparation and general guidelines usable with multi-year event fund setups. Note: Just as with OGCA, OSP is not involved in the setup of these fund types unless it involves a grant or contract.

OFA reviews the proposal and, if approved as a multi-year event fund type, generates both a grant number (in the format of ā€œE00001001ā€) and a fund number for the event. OFA assigns unrestricted fund numbers in the range of 151000-151999 and restricted fund numbers in the range of 390000-390999.

The fund number will include the following attributes:

  • Fund Type - FM (unrestricted) or F2 (restricted)
  • Predecessor fund - FDUCON (unrestricted) or FMUCON (restricted)
  • Bank - FC
  • Bank Receipt Bank Code - FD

The Financial Manager is responsible for fund oversight and closeout (per UA AAM ) within ninety (90) days of the fund termination date.

OFA runs quarterly reports to identify funds nearing or exceeding their end dates and communicates closeout requirements to the Financial Manager as well as extend the fund when warranted.

If OFA determines an event does not meet the requirements to qualify as a multi-year event fund type, the department can still track these events through other means.

Unique org code identifiers (typically Public Service or PS program type) and/or activity codes are very useful for this activity. Contact our office for assistance with setting up and deploying either or both of these options.

 

Our staff are happy to answer questions and help navigate the multi-year event process.