Rollins College Finance Department
FAQ's
(Frequently Asked Questions)

Finance Training

What educational resources does the Finance Department offer?

The Finance Department offers an introductory class entitled “Working with Finance and Budget Basics.”  This half-day class gives an overview of all aspects of working with Finance and Finance Services.  Speakers from various areas discuss purchasing, travel, making deposits, journal entry corrections, pooled positions and budget management.  This workshop is highly recommended for anyone who must initiate financial transactions or interpret financial reports from Budget Viewer, FoxLink or Banner.

The Finance Department also offers a class specifically on accessing and understanding budget information called “Budget Viewer, FoxLink and Banner Queries:  A Hands On Class.”  The class entitled “Working with Finance and Budget Basics” or comparable experience is a required prerequisite.  Contact the Finance Department if you are interested in either of these classes.

A great deal of helpful information is also available on the Finance Department web site at http://www.rollins.edu/finance/.  Click on the “user group” tab for updates, training, and general documentation.

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Travel

What is the College Per Diem amount?

Per Diem (per day) is a flat allowance given for travel and is used in lieu of providing receipts for travel.   Currently, the College does not does not have a set per diem rate.  All expenses related to travel must be documented by appropriate receipts (except for meals less than $25.00 per day).  Daily travel limits have been set by the Dean of Arts and Sciences, the Dean of Crummer and may be set by any individual financial manager.  Please check with the financial manager of the budget to which you will be charging your travel to see if additional limits apply.

How much can I claim for meals while on College related travel?

Currently the College does not have a set limit in regard to allowable expenditures on meals while away on travel.  Individual restraint and common sense should be exercised.

Daily travel limits have been set by the Dean of Arts and Sciences, the Dean of Crummer and may be set by any individual financial manager.  Please check with the financial manager of the budget to which you will be charging your travel to see if there are any additional limits imposed.

Do I need to provide my meal receipts when claiming reimbursement for meals while traveling away from the College?

$25.00 per day in meals can be claimed without the need to provide receipts.  If a request for reimbursement for daily meals exceeds $25.00, the receipts for ALL meals that day are required.

What is the College mileage reimbursement rate?

The mileage reimbursement rate is based on the current Federal Government Services Administration rate.   See the Mileage Reimbursement Rates document located at http://www.rollins.edu/finance/accounting/travel.html.   If you did not come to campus on the day of your travel you should deduct the amount of your daily round trip commute from the total mileage you are claiming.  Mileage reimbursement is intended to include the cost of gasoline as well as wear and tear on your vehicle; no other auto-related reimbursements are allowable when claiming mileage.

Should I take the insurance offered on rental vehicles?

College travel procedures do not allow reimbursement for insurance purchased in conjunction with a rental vehicle.  Before you travel on College business, visit the Human Resource Department's risk management web site at http://www.rollins.edu/hr/RM/RiskMgmtHome.htm and read the Automobile Policy and Field Trip Guidelines. 

Additionally, if you wish to rent a car outside of the United States, then you SHOULD take the rental insurance. Be sure to contact Maria Martinez before renting a vehicle outside of the country.

Can I have the College prepay my travel related expenditures?

The College offers an American Express card, available through the Finance Department, to any College employee for the purpose of paying travel-related expenses.  The American Express card can also be used for travel cash advances.    Please refer to the AE Corporate Travel Card link at http://www.rollins.edu/finance/accounting/travel.html for more details and a card application form. 

Conference fees may be paid in advance using the American Express Travel Card, a Direct Pay/Check Request or the Purchasing Card.  Note:  Normally the Purchasing Card may not be used for any other travel expenses.

You may also pay for travel related expenses in advance by personal check or credit card and apply for reimbursement on a Travel Expense Report.

All travel related expenses reimbursed to you via a Travel Expense Report will be immediately expensed to the applicable budget, regardless of the fiscal year of travel.

Cash travel advances directly from Rollins (not through the American Express card) are permitted on a very restricted basis.  Travel that may qualify for a College cash advance includes student travel, trips to destinations where credit cards are not commonly accepted, travel under grants if necessary to charge expense to the grant period and extended travel of 14 days or longer.  To receive a travel cash advance, complete parts A & B of the Travel Advance/Prepaid Expense Request Form, which is available through the Travel Office.  Submit the form to the Travel Office as soon as practicable, but no later than two weeks prior to beginning travel. 

Payment of travel related expenses by Rollins directly to vendors before the trip is also permitted on a very restricted basis.  Such payments are referred to as prepaid expenses.   Travel that may qualify for prepaid expenses include the types of travel that qualify for cash advances as discussed above.  To have the College directly pay a vendor before your trip, complete parts A & C of the Travel Advance/Prepaid Expense Request Form.  Submit the form to the Travel Office as soon as practicable, but no later than two weeks prior to beginning travel.  Include two copies of any documents you would like to have included with the payment.

Travel expenses on Critchfield or other grants must be expensed during the award period of the grant.  Travel costs incurred prior to the start of the award period should be processed on a Travel Advance/Prepaid Expense Request Form, and will become expenses against your budget when you submit a Travel Expense Report to clear any prepaid/advanced amounts.

All travel paid on a Travel Advance/Prepaid Expense Request Form, whether a cash advance or payment to a vendor, will be treated as an advance in the traveler’s name until a Travel Expense Report is submitted to clear the advance.  When an advance is cleared, it is expensed to the appropriate travel budget or reimbursed to the College as applicable.  It is very important to clear advances as soon as possible after the completion of travel.  If not cleared, advances may be reported as taxable income to the traveler.

How far in advance can I request a travel related cash advance?

Cash advances for travel are not allowed unless one or more specific exceptions apply, or if permitted on an exception basis by the Finance Department.  (See the preceding question and answer.)  Submit a Travel Advance/Prepaid Expense Request Form at least two weeks prior to your travel start date, or earlier if feasible.  The Travel Office will prepare a check, which is normally direct deposited to your bank account, no earlier than approximately four weeks prior to your travel date.

Can I have two travel related advances at the same time?

No, only one advance per person is allowed at a time.  You must submit paperwork to clear your old advance prior to being eligible to receive a new one.

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Reimbursements

How should I request reimbursement for small purchases that I made on behalf of the College?

Non-travel related reimbursements for expenditures made on the College’s behalf that in the aggregate total less than $200.00 should be requested in petty cash.  Meals and entertainment that involve only Rollins students and/or employees may be reimbursed in petty cash, as well as local mileage, parking and tolls totaling $50 or less.   Fill out a Petty Cash Voucher, tape or staple original receipts to the back, have it signed by a supervisor and bring it to the Bursar’s window in the Warren building.  The Bursar will fulfill your reimbursement request immediately and in cash. 

Because of the amount of work involved in writing checks, the Finance Department strongly encourages the use of petty cash vouchers whenever possible.   You can receive cash reimbursement the same day (up to $200.00) if you bring your voucher to the Bursar’s window by 4:00 p.m.  You may send an administrative assistant or a work/study student to submit the voucher and pick up your cash.

What is the easiest way to get reimbursed for purchases I have made on behalf of the College?

First consider if you can make the purchase using a Purchasing Card so the need to request reimbursement is eliminated.  See the question “What is the Purchasing Card?” under the Vendor Payments/Accounts Payable section below.

If you make purchases on behalf of the College using personal funds, the method of reimbursement depends on the nature and amount of the purchase.  For travel expenses and entertainment involving people who are not Rollins’ employees including candidates, recruits, contractors, trustees and board members, you must submit a Travel Expense Report.  If you incur local travel expenses up to $50.00, you may obtain reimbursement via a Petty Cash Voucher.  For most expenses other than travel up to $200.00, you should complete a Petty Cash Voucher and bring it to the Bursar’s window to receive cash reimbursement.  For larger expenses ($50.00 minimum total preferred), you may submit a Direct Pay/Check Request to Accounts Payable and receive reimbursement in the form of direct deposit or a check.

Because of the amount of work involved in writing checks, the Finance Department strongly encourages the use of petty cash vouchers whenever possible.  You can receive cash reimbursement the same day (up to $200.00) if you bring your voucher to the Bursar’s window by 4:00 p.m., and you won’t have to wait for a check to be processed.

Please note -- all office furniture purchases should be made via a Purchase Order as the Purchasing Department buys high quality furniture from approved vendors.

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Vendor Payments/Accounts Payable

What is the best way to purchase office supplies?

Rollins has an agreement with Office Depot that enables you to purchase most supplies they carry in their catalog or store at a tremendous discount.  You can make purchases through Rollins' on-line account or by using your Purchasing Card at either of two following store locations:

1. Winter Park (17-92) K-Mart plaza across from the Winter Park Village
2. Northeast corner of Colonial Drive (Route 50) and Semoran Blvd. (Route 436)

Discounts often run around 50% from normal retail.  Plus, if you buy through the Rollins' on-line account or with your Purchasing Card, you avoid paying sales tax on your purchases.
 
Please note -- do NOT buy office furniture through Office Depot.  All office furniture requests should be made via a Purchase Order as the Purchasing Department buys high quality furniture from approved vendors.
 
If you wish to be set up for an Office Depot on-line account or a Purchasing Card, please contact Tony Durrum at ext. 2112.

What is the Purchasing Card?

The Purchasing Card or “P-card” is a Visa card issued on request to Rollins employees for the purpose of making necessary and routine purchases on behalf of the College.  The College pays the balance in full each month.  Cardholders are able to code transactions to their budgets and the appropriate accounts via the on-line management system called EAGLS. 

If you wish to apply for a P-card, please contact Tony Durrum at ext. 2112.  Tony will also provide training in how to use the card.  For more information see the Purchasing Department web site at http://asp2.rollins.edu/financeservices/purchasing/index.html.

I bought an item for my department and the store told me they would send the bill to Rollins.  Is this O.K.?

If you make a purchase directly from a vendor (not on a purchase requisition) who agrees to bill the College for payment, then you need to make sure that you personally receive the invoice so you can submit it to Accounts Payable with a Direct Pay/Check Request.  If the purchase was initiated with a Purchase Requisition, then the vendor is instructed on the Purchase Order to mail the invoice directly to Accounts Payable.  If you should happen to receive an invoice from a purchase that was initiated with a Purchase Requisition, please forward it immediately to Accounts Payable.

My department has an ongoing need to pay the same vendor the same amount monthly; do I have to submit a request for payment each month?

No, complete a Direct Pay/Check Request form and mark the box to indicate frequency of payments.

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Account/Budget Reclassifications

What is the difference between a budget reclass and an actual reclass?  When should I use these?

  A budget reclass (reallocation) is appropriate to:

1. Adjust a compensation budget.

2. Move (give away) budget to another department.

3. Move budget between accounts within the same fund/org.  This transaction is unnecessary for budget checking purposes because available remaining expense budget is measured for the organization as a whole. 

A budget adjustment (increase or decrease) is appropriate to record revised estimates of revenue or expenses.  Requests for budget reallocations or adjustments should be sent to the Budget Office.

A request to reclassify actual revenues or expenses is made using a Journal Entry Correction Form and sent to the Finance Office.  A reclassification of actual activity is appropriate to:

1.  “Reimburse” a department for expense borne on behalf of another department by reclassifying the item of expense to the proper budget

2. Correct an item of revenue or expense that was processed to the wrong FOAP (fund and/or org and/or account).

3. Move dollars from one fund to another fund.

How can I make a correction to the account coding on a purchase order?

You can correct a transaction after it has been posted, but you cannot change a purchase order.  The purchase order will establish an encumbrance against the organization budget.  An encumbrance simply places a “hold” on the budget for the amount of the order until the purchase is paid.  When the invoice is paid, the encumbrance is reversed and the actual transaction amount is posted.  The actual transaction amount can then be corrected by submitting a Journal Entry Correction Form with the new coding information.  Please see the Finance/General Ledger section below for more details.

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Endowment

What is an endowment?

An endowment is a permanent fund that provides support for programs at Rollins College.  Endowments are created by donors who may specify the purpose for which the endowment income may be spent.

What are endowments used for?

Some common purposes for endowments include:

1. Support for the College, generally.  These are referred to as unrestricted endowments;

2. Support for chairs and other distinguished faculty;

3. Scholarships;

4. Support for instruction and research, and for libraries, student services, and athletics;

5. Support for other College programs such as Knowles Memorial Chapel and the Cornell Fine Arts Museum;

6. Equipment acquisition and the maintenance of buildings and other physical assets.

Endowments are critical to Rollins because their purpose is to provide a predictable and growing income stream for College activities.  The availability of these resources reduces the College’s dependence on tuition income and provides needed flexibility to direct unrestricted resources to areas of greatest need.  It is no accident that the finest colleges and universities boast large endowments.  These funds are an irreplaceable source of quality, stability, productivity, and creativity.

How are endowments recorded in the College’s accounting system?

When a new endowment gift is received, two distinct funds are established in the College’s financial records – a principal fund and a spending fund.   The principal fund is comprised of amounts available for investment, and includes the original and any subsequent gifts, along with accumulated earnings generated by the investment of those gifts.  Amounts authorized for spending are transferred from the principal fund to the linked spending fund, where they are retained until they are needed for expenditure for the endowment purpose.

How is the amount of endowment spending determined?

Gift and other endowment additions earn a spending distribution at the annual rate of 4.5% in the fiscal year of investment.  Each fiscal year thereafter, the spending distribution is increased by an annual rate of 3%.  Annual spending, in dollars, will never fall below 3.5% or exceed 5.5% of the beginning fair market value of the endowment.

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Bursar/Student Accounts

What methods of payment do you accept?

Acceptable forms of payment include cash (in person only), check, money order, cashier’s check, or wire.  Credit card payments (MasterCard, Discover and American Express) are only accepted via the QuikPay On-Line Billing and Payment System.  Electronic check is also available via the QuikPay On-Line Billing and Payment System.

May I pay by credit card over the telephone?

Credit card payments (MasterCard, Discover and American Express) are only accepted via the QuikPay On-Line Billing and Payment System.

Why does the QuikPay On-Line Billing and Payment System not accept Visa?

Visa only allows vendors to charge a flat rate, not a percentage.  The college did not feel it was fair to charge a customer paying $1,000 the same as a customer paying $15,000.

Is there a fee associated with a credit card payment made via the QuikPay On-Line Billing and Payment System?

There is a fee of 2.75% charged for all credit card payments made through the QuikPay On-line Billing and Payment System.

Is there a fee associated with an E-check payment made via the QuikPay On-Line Billing and Payment System?

There is no fee for an E-check payment.

Why does my QuikPay On-Line statement not show my current term charges?

Statements are sent to the QuikPay On-Line Billing and Payment System at the end of each month.  If you registered for classes in the middle of a month, your on-line statement will not be updated until the end of the month.  You may obtain a current balance in FoxLink.

Why doesn’t a payment made through the QuikPay On-Line Billing and Payment System not show on my account?

On-Line payments made between 5:01 PM EST current day and 5:00 PM EST the next day are posted to your account the next business day after 5:00 PM EST.

Why does my QuikPay On-Line statement still show a balance due after I make a full payment?

Zero balance bills are not sent to the QuikPay Billing and Payment System.  You may pay any amount on your QuikPay account.  The QuikPay system will allow you to pay an amount different than the amount showing as due. 
 

Can I use my R-card to purchase my books?

All students may use available R-card FLEX funds to purchase books. Bookstore purchases may also be charged to the student account for A&S students only . A bill including bookstore charges will be available monthly in the QuikPAY Online Billing and Payment System, if the account has a balance due. Bookstore charges are deducted from any credit balance on the account before a refund check is issued.

How can I use my financial aid to purchase books?

Students with excess financial aid may transfer funds to the R-card FLEX account to purchase books in the campus bookstore.  FLEX transfers are allowed two weeks prior to the start of the term.  A FLEX transfer form must be completed and presented to the Office of the Bursar to transfer funds to your FLEX account.  This form is located on our website and may be faxed to our office for processing.

Why do our payments go to an address in Tampa?

The Tampa address is the location of a lock box at our bank.  Payments sent to the lock box should include a remittance stub to avoid a delay in the posting of the payment.

Where should I mail my payment if I do not have the Tampa address or a remittance stub?

Where do I obtain proof of enrollment for insurance purposes?

Proof of student enrollment may be obtained from the Student Records office. The Student Records Office is located in the Mills Memorial Center and may be reached via telephone at 407-646-2144 or via e-mail at registration@rollins.edu.

How can I make a payment after your office is closed?

Payments may be made 24 hours a day from any computer via the QuikPay On-Line Billing and Payment System located on our web site at www.rollins.edu/finance/bursar.

Payments may also be deposited in the drop box located on the right side of the front door of the Warren Administration Building.  Please enclose payment in a sealed envelope marked “Bursar”.  Do not deposit cash into the box. 

When will my financial aid funds be applied and when will I receive my refund check?

Funds are disbursed by the Financial Aid department after the start of the term, usually at the end of add/drop. Refunds generated by financial aid are not available until after enrollment has been confirmed. All Arts & Science students must complete a refund request form in order to receive a refund. Refund checks are not processed until the add/drop period has ended. Refund checks are processed no later than 14 days from the date financial aid is posted to the student's account. A student may request direct deposit by submitting a completed Student Direct Deposit form available under the forms option on our website. All refund checks are mailed.

Why is my account on hold if I have scholarships and/or financial aid?

Holds are placed on accounts for various reasons. A student may have a hold for a past due balance or if the balance is not fully covered by financial aid or scholarship. A hold is also placed on an account if an Annual Statement of Financial Responsibility has not been received. Students who receive outside loan checks may be required to endorse the check when received. If the student does not come to our office within 2 weeks of notification to endorse the check, the account will be placed on hold.

If I have a deferment form, may I receive a refund of my financial aid funds?

Financial aid funds are applied to the account balance first.  A student is only eligible for a refund if the account has a credit balance.  If a student has a deferment form from an employer, the student may retain the funds when received from their employer.

What is the difference between the Meal Plan and the FLEX Plan?

The meal plan is intended solely for food purchases at any dining facility on campus, pizza delivery, or for food items in the C-store. The FLEX plan is intended for copies, postage, bookstore purchases, vending machine purchases, or sundry items in the C-store. All funds from the meal plan are non-refundable, but will carry over from the fall term to the spring term of the same academic year. FLEX plan funds are only refundable upon separation from the college.

Why is the amount of funds on my R-card meal plan different than the amount I am charged for a meal plan?

The difference between the meal plan charge and the amount of funds deposited on the R-card meal plan is the meal plan overhead fee.

How can I decline the meal plan?

All students boarding in a residence hall (except Sutton Place) are required to enroll in the meal plan.

Why is the amount of my refund check less than what was requested?

Any charges due on your account at the time of refund are deducted from your credit prior to issuance of the refund check.  Current charges/credits are available in FoxLink.

Can I request a refund from my FLEX account?

FLEX accounts funds are only refundable upon separation from the college.

Why was I charged a late fee?

Late fees are assessed each month your account has a past due balance.

How can I use my work-study to pay my balance?

Work-study agreements may be signed with an Accounting Assistant in the Bursar’s office.  The student must obtain an assignment before completing a work-study agreement.  The student must appear at the Bursar’s office to endorse the check to be applied to their student account.  Students are required to sign over a work-study check at least once during the month to avoid the monthly late payment fee.

How do I use Florida Prepaid?

Florida Prepaid participants must complete a Transfer Authorization with Florida Prepaid. The plan purchaser must complete the Transfer Form authorizing Florida Prepaid to pay Rollins College . The authorization may be obtained by contacting Florida Prepaid at 1-800-552-GRAD (4723). Florida Prepaid will forward authorization to the College. Florida Prepaid will not pay Rollins until the Transfer Authorization form has been received by Florida Prepaid.

How much does Florida Prepaid pay to Rollins?

The College invoices Florida Prepaid for the number of hours the student is enrolled in for the term. Florida Prepaid pays based on the rate established for the year. The rate for 2007-2008 is $82.15 for a university plan. The dorm rate for 2007-2008 is $2,088.65. Florida Prepaid is invoiced after the add/drop period ends. Florida Prepaid payments take about 3 weeks to arrive, if all appropriate paperwork has been received. The College will defer payment on these funds, if the College has received authorization from Florida Prepaid.

Can I transfer alternative loan funds to my FLEX account?

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Form 1098T and Education Tax Credits

Why did I receive the Form 1098T? What is the purpose of the form?
 
Educational institutions are required by law to report to students the amount of qualified tuition and related expenses (fees) billed to them or paid by them during the calendar year.  Rollins College has opted to report the total amount billed (Box 2) during 2006.   The Form 1098T from Rollins also includes a total for scholarships, grants, tuition remission and discounts (Box 5).
 
The purpose of the form is to help the student determine whether they are eligible to claim an Education Tax Credit on their individual income tax returns.  You are not required to report any of the information located on the 1098T on your tax return, but you may use this information to claim an Education Tax Credit.

I attended school in 2006 and did not receive a 1098T.  Why did I not receive a Form 1098T? 

Educational institutions are not required to issue a Form 1098T to:

In addition, educational institutions are also not required to issue the forms to students for courses for which no academic credit is received. Therefore, tuition and fees billed for Continuing Education classes will not be reported on Form 1098T.
The 2006 1098T form provided by Rollins College includes activity for the period 1/1/06 to 12/31/06.  If a student only attended Rollins College in the spring of 2006, the form will most likely not include any charges billed.  Spring term charges are billed in December and are included on the prior year’s 1098T form.  Financial aid is also reported based on when it is posted to the account.  Spring 2006 financial aid posted in January 2006 and will appear on the 2006 1098T form in the Scholarship/Grants box.

How can I determine how much I paid?  I need this information to compute the credit.

A student may send a request to bursar@rollins.edu to obtain detailed account information.  The student will need to include their Rollins ID number and where the information should be sent.  Please allow 48 hours for processing.

I lost my 1098T.  Can I get another copy?

The College will issue one original Form 1098T. In the event this form is misplaced or lost, the student may request a copy of Form 1098T by sending an e-mail to bursar@rollins.edu.  The student will need to include their Rollins ID number and where the 1098T copy should be sent.  Please allow 48 hours for processing.

What is an Education Tax Credit?

The Federal government currently has two Education Tax Credits available, the Hope Credit and the Lifetime Learning Credit. These credits are designed to reduce the income taxes paid by those students who pay their college tuition and fees. Each tax credit has different requirements which must be met before the credit may be claimed. These requirements can be found in Publication 970, Tax Benefits for Education which may be obtained from the IRS website at or by phoning the IRS at 1-800-829-1040. If you meet the eligibility requirements, the credits may be used to reduce the amount of income tax you have to pay, however only one credit may be used at a time and each has different eligibility requirements. The credits are computed on Form 8863 and are claimed on line 48 of the long form, Form1040 or on line 38 of the short form, Form 1040A. The credit may not be taken on Form 1040EZ.
 
Generally, you may be eligible to claim education credits if:

Tuition paid for noncredit courses, or courses taken for personal interest generally will not qualify for either credit. In order to qualify for one of the available tax credits, the courses must be taken as part of a postsecondary degree program or to acquire or improve job skills.
 
In addition, qualified educational expenses which are paid for by tax free funds are not eligible for the credit. Therefore, if your tuition was paid entirely by Pell Grant, a tax free scholarship or VA educational assistance, you will not be eligible for the credit.

You may also obtain additional education tax credit information on our website by selecting the Tax Information option in the left hand margin.

What expenses qualify for the credit?

Tuition, fees and related expenses paid to the institution as a condition of enrollment or attendance are considered qualified expenses. Expenses for books and supplies generally do not qualify for the credit. More information about qualified expenses may be found in Publication 970, Tax Benefits for Education which is available from the IRS website at or by phoning the IRS at 1-800-829-1040.

Who may I contact if I need assistance?

You are urged to contact a tax professional, such as a licensed income tax preparer or Certified Public Accountant, to assist you with determining whether you are eligible to claim Education Tax Credits, and to determine the amount of any credit for which you may be eligible. Alternatively, you may contact the Internal Revenue Service at or by phone at 1-800-829-1040.  Representatives from Rollins College will not provide income tax advice.

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Finance/General Ledger

When and how do I request a new fund code?

Fund codes are established to account for expenditures from a specific funding source – i.e. the College receives a gift or grant to be used for a specific purpose or project. 

New fund codes for gifts or grants are submitted to Finance by the Advancement Services department.  Please provide the original documents from the donor along with the check to be deposited.  Original documents may include a signed Letter of Intent, a letter from the donor, or a grant agreement.  Please also provide the name of the new fund’s financial manager.

New fund codes may also be established for student organizations, certain activities that generate income such as fund raisers, and charitable campaigns.  Please contact the Finance Department if you have questions about establishing a new fund code.

Once a new fund code is assigned, you will be contacted by the Finance Department with the new code.

When and how do I request a new organization code?

A new organization code is requested to account for a new activity, typically when a new “department” is added to the College – i.e. the College of Arts & Sciences adds a new program for Business Administration.   If in doubt as to whether you need a new organization code, please contact the Finance Department for assistance. 

A new organization code is requested on the form Request for New Organization Code.  This form should include a description of the purpose and need for the new organization, its restrictions, funding, etc. and state the financial manager.  It should include a budget by account code of projected revenues and expenditures.  Your Vice President should approve the request before submitting to Finance.  Once a new organization code is assigned, you will be contacted by the Finance Department with the new code.

When and how do I request a new account code?

A new account code is requested when there is a need to segregate a type of revenue or expense that is currently included in another category.  A new account code is requested on the form Request for New Account Code.  This form should include a description of the need for the new account code and be submitted to the Finance Department.  Once a new code is assigned, you will be contacted by the Finance Department with the new code.

How do I correct the coding of a transaction that was charged incorrectly to my account?

If you identify a transaction that was charged to an incorrect budget and/or account number, you can request that this transaction be corrected by filling out a Journal Entry Correction Form and submitting it to the Finance Department.  Indicate the fund, organization and account originally credited or charged and the correct fund, organization and account that should be credited or charged instead.  Attach a print out of your budget from Budget Viewer or FoxLink and highlight the transaction so that it can be identified by the Finance Department.  The person responsible for the budget being charged should approve the form before it is submitted.

If you need to research a suspected erroneous transaction to determine how it should be reclassified, refer to the Research Contacts list available on the Accounting page of the Finance web site at http://www.rollins.edu/finance/accounting/index.html.  The Prefix column on the Research Contacts list refers to the first letter or letters of the Document Code.  For example, the prefix letters for a Document Code of PH002365 are “PH,” which indicates a Telecom department entry for phone charges.  A question about this transaction should be directed to the contact person given for the Telecom Department.

What does the “Encumbrance Activity” column on the Budget Viewer Report mean?

The Encumbrance Activity column contains purchase commitments made as the result of a purchase order.   When the purchase order is established, funds are committed to cover the estimated amount of the purchase.  When payment is made, the commitment of funds is reversed in the Encumbrance Activity column and the payment is recorded in the Transaction Activity column.

Occasionally a purchase order is not closed after final payment is made to the vendor.  This can happen for several reasons.  For example, the payment may have been made based on a Direct Pay/Check Request form so it was not matched with an open purchase order.    If you see an encumbrance against your budget that should be closed, contact the Accounts Payable department.

Updated 2/10/2006