This policy has been replaced by the Vice Chancellor For Finance and Administration: Auxiliary Operations Analysis, including how to calculate rates for Revenue Producing Activities.
This Policy covers all types of fiscal records. This includes general financial administration records, gift and grant administration, payments and receipts, state banking and cash management, general ledger, capital improvement and projects, internal controls, and collection.
A non-Sponsored project is a project that is funded by an internal entity such as a state agency, UW institution or another UW-Madison department which doesn’t have billing or reporting requirements.
Funds may be transferred between departments and funding sources within the UW-Madison.
There are circumstances in which it may be necessary to transfer expenditures to a fund after the initial recording of the charge. A Cost Transfer Request (Non-salary) is an after-the-fact reallocation of costs. The Cost Transfer Request (Non-salary) is used to transfer funds/move expenditures from one fund, department, project, account, amount, etc. to another to assure the accuracy of the general ledger and data integrity.
POs will remain open the entire fiscal year. POs will be closed or rolled over by Accounting Services at fiscal year-end. PeopleSoft Shared Financial System (SFS) does not allow the re-opening of POs once closed.
Deferred revenue accounting relates to revenue received from external parties only; not between UW-Madison Divisions or other University of Wisconsin campuses. Examples include revenue received on or before June 30 for fall conferences, summer session tuition, tickets sales for a future fiscal year, prepayments for products yet to be delivered as of June 30, prepayment for services to be performed in a future fiscal year and down payments to be returned in a future fiscal year.
UW-Madison departments which accept credit cards as a form of payment for goods and services are required to comply with Payment Card Industry Data Security Standards (PCI-DSS). The purpose of the PCI DSS standard is to ensure credit card data is protected. The PCI Compliance Team will validate the department’s PCI Compliance. Failure to comply with the PCI DSS requirements will result in the loss of credit card processing privileges. This policy applies to all UW Madison departments which accept credit cards as a form of payment for goods and services.
Per State Statutes, (Chap. 20.906 Wis. Stats.), payments/receipts are to be deposited within 5 business days. All receipts generated as a result of the sale of UW- Madison goods or services belong to the University, and must be recorded to the University SFS accounting system.