POL-U5320.04 Establishing and Using the University Chart of Accounts
Jump to section
Dates and Approval
Effective Date:
November 15, 2006
Approved by:
WWU President's Council
Who does this policy apply to?
This policy applies to all employees that initiate financial transactions.
Overview
There is no overview for this policy.Definitions
Chart of Accounts
Refers to the list of all names, numbers, and codes used in the financial repository. The chart of accounts includes seven codes: chart, fund, organization, account, program, activity, and location.
Financial Repository
Refers to the university’s primary system for recording, processing, and maintaining financial data.
Policy Statements
1. Vice President for Business and Financial Affairs Establishes the University Chart of Accounts
The Vice President for Business and Financial Affairs establishes the university Chart of Accounts in accordance with requirements set forth by the Governmental Accounting Standards Board (GASB), the National Association of College and University Business Officers (NACUBO), and the Washington State Office of Financial Management (OFM).
2. Fund Codes Require Approval
Approval of fund codes is required as follows: a) University Planning and Budgeting Office approves state operating, tuition, dedicated local, and internal service fund codes. b) Vice Provost for Research approves grant fund codes. c) Accounting Services approves all other fund codes.
3. Vice President Approves Organization Codes
The appropriate vice president for each division will approve the organization code structure for their division.
4. Accounting Services Approves Account Codes
No additional description for this statement.
5. University Planning and Budgeting Office Approves Program Codes
No additional description for this statement.
6. Departments Request Activity Codes
Departments may choose to request activity codes to support reporting with additional detail.
7. Facilities Management Approves Location Codes for New Buildings
Departments may request location codes with a combination of building code and room number.
8. Accounting Services Provides Training
Accounting Services will provide training to the campus on use of the chart of accounts.
9. Accounting Services Reviews Chart of Accounts Annually
Accounting Services will review the chart of accounts annually and delete obsolete or unused codes.
10. Accounting Services Maintains Chart of Accounts Documentation
Accounting Services will maintain documentation of chart of account creation, changes, and approval.
11. Vice President for Business and Financial Affairs Monitors Chart of Accounts Activity
The Vice President for Business and Financial Affairs will monitor chart of account activity and documentation on a regular basis.