Budgets and Other Financial Services
Reed uses a fund accounting system that uses fund, organization (orgn), account, and program codes to record financial transactions. Nonprofit organizations, governments, and institutions of higher education use fund accounting because it emphasizes accountability on how money is spent.
Organization (orgn) numbers are five digits in length and are assigned to departments (e.g. biology or student engagement) or special funds (e.g. faculty research funds, conferences etc). Account numbers are four or five digits in length and are used in recording transactions.
Reed’s accounting cycle is a fiscal year and it starts July 1 of one year and ends June 30 of the next year.
Funds Disbursement Authority (FDA)
Finance managers are those designated by VP's to have authority over the budgets within their department/s. Finance managers have authority to both view and sign for expenses within those ORGN's designated by their VP's. This authority includes, but is not limited to: signing for the disbursement of funds via disbursement/reimbursement request forms, invoice payment request forms, or cash advances.
Finance managers also have the authority to allow similar access to others based on the needs of their department.
The business office tracks those who have FDA for each ORGN.
If you are a finance manager and would like to grant access to another employee, please contact Delana Libbus in the business office via email with the employee's name and the type of access you would like granted (ie viewing only or viewing and signing) and list the ORGN's you would like to add them to.
IRIS budget information
If you are a finance manager for your office or department, you can use IRIS to view your budget and expense activity. If you need access, please email Delana Libbus in the business office.
If you are not the finance manager and need access to view this information, a written approval prior to being granted access is necessary. Please have your finance manager email Delana Libbus in the Business Office.
How to view your Operating Budget Status
- Log in to IRIS
- Click on “Departmental Budgets” under the Departments heading on the home page.
- Select Fiscal Year Search.
- Leave the account code blank and click “Search.”
On this screen, you can sort by any of the four column headings simply by clicking on the header. If you click on any of the hyperlinked amounts, you will be redirected to the Detail Transaction Activity Screen, which outlines every transaction made to this line item.
- Documents that start with I are invoices paid.
- Documents that start with F are cash transactions, accounts receivable transactions, and payroll transactions.
- Documents that start with J are journal vouchers, or manual entries by the business office in Banner.
If you click on the document numbers that begin with I, it will take you to the Invoice/Credit Memo screen. This detail will show the invoice date of the transactions and the actual date the check was written to the vendor.
3050 BALANCE FORWARD FR PRIOR YEAR
Restricted organizations will show a line item of 3050 Balance Forward For Prior Year, which is the amount of funds you have at the beginning of the fiscal year. If this number is in brackets, this is money available to spend. If it is not in brackets, then you have a deficit balance.
Do not use the account code 3050 on transactions. If the Annual Budget column is showing all zeros, then you can use any appropriate account code for expenditures, such as 5210 for Supplies, 5310 for Fees and Services, and 5410 for Travel.
Budget transfers and transaction corrections
Budget transfers move funds within an office or department’s individual budget. Transfers of funds move money between separate offices and departments. Transaction corrections fix incorrect transfers.
Budget Transfers (Intradepartmental)
Budget transfers are to move or reallocate budget dollars from one account to another. Budget transfers are processed at end of each month. Multiple budget transfer requests can be submitted per month, but amounts are summed by orgn-account. On the budget transfer request form, enter
- the amount;
- the orgn-account that will be transferring funds (“from”);
- and the orgn-account that will be receiving funds (“to”).
To request a budget transfer, email a completed transfer/correction form to Patrick Arcinas.
Transfer of Funds (Interdepartmental)
Transfers of funds move actual dollars from one department to another. Fund transfers include paying for goods or services provided by another office or sponsoring an event organized by other departments.
Requests to transfer funds should originate from the department that is paying or transferring funds from their budget. Departments receiving funds may send the request if written or email approval from the other department is obtained. Departments are not required to request fund transfers for purchases from, or services provided by the bookstore, mailroom, print shop and the computer store.
On the transfer of funds request form, enter
- the amount;
- the orgn-account that will be transferring funds (“from”);
- the orgn-account that will be receiving funds (“to”);
- and the reason for the transfer (“description”).
Transaction corrections are to move or correct transactions that got recorded to the wrong account (e.g. a travel expense that got charged to supplies). On the transaction correction form, enter
- the amount;
- the current orgn-account where the transaction is erroneously recorded (“from”);
- the correct orgn-account (“to”);
- and the document code and description of the original transaction (“description”).
To request a transaction correction, email a completed transfer/correction form to Patrick Arcinas.
Annual Budget Requests
Fiscal Year 22 Budget Request Documents:
Attachment 3 New Operating Budget Request (Excel File)
Attachment 4 Capital Equipment Request (Excel File)
Attachment 5 Long-Term Needs Request (Fillable PDF, Right click on the link and save as or download)
Reed does not purchase cell phones, tablets, and other mobile devices for individual employees nor pay directly for employee service plans for such devices or for personal broadband access. For employees whose job duties require the frequent need of these devices or services the college may provide a taxable allowance. Read our Mobile Allowance Guidance.
Reed strongly encourages recognizing and thanking employees when they have done good work, however the college discourages the use of gift cards as a reward, compensation, or a token of appreciation.
When gift cards are awarded unequally, they become a source of dissatisfaction. Gift cards can have precisely the opposite effect on our team than we intend. Although we work hard to defeat favoritism or other bias, gift cards and other tokens are highly susceptible to favoritism and bias. As well, something that you deem worthy of a gift card at the start of the fiscal year may be different than what you deem worthy at the end of the year, when the budget is tight. This makes gift cards seem less fair.
Gift cards alone don’t impart appreciation. When you recognize a coworker for a job well done, it’s the recognition--your observation of the significance of your accomplishment--that is meaningful. For some people, the addition of a gift card or other token can sometimes enhance the appreciation they feel, however it can’t serve as a substitute.
The IRS considers all gift cards as taxable income. All gift cards must be reported to the IRS as income; there is no de minimis amount that is allowed to not be reported.
In some instances, it is acceptable to use gift cards, such as
- A raffle prize.
- In exchange for student participation in an event where they would not otherwise be paid as a student employee (e.g. survey participant, focus group participant, or panel member).
- When the gift card is not purchased with college funds, such as when employees get together to buy a gift card for a colleague’s baby shower.
In all cases, if you purchase gift cards with college funds for students, staff, or faculty, you must report it to the business office so it can be reported to the IRS. Please upload a copy of this form (Excel) with your receipt and your request for reimbursement in Etrieve. If gift cards were purchased by P-Card, email a copy of this form (Excel) to email@example.com. Gift cards will be reported annually on form W-2 for faculty and staff recipients and on form 1099 for student recipients.
Please direct questions to the business office or to human resources.
Faculty research grant services
Erica Nukaya, assistant controller of students and grants, provides post-award grant support for faculty and staff who receive outside funding. Upon receipt of an award letter and copy of the proposal, Erica will set up an organization number and budget for your award (if applicable). Throughout the grant’s life, she can assist with payroll related issues, the creation of financial reports, or any other issue that may arise. For more information, contact her at 503/788-6616 or Erica Nukaya.