RCM Entries Explained: Academic Departments Overview
Gain insights on RCM entries for academic departments, including new general ledger accounts for revenues and expenses, defined terms such as MTCU and WFU, and the allocation of grants and costs in educational institutions. Explore examples and explanations for effective financial management in higher education.
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RCM ENTRIES EXPLAINED (ACADEMIC DEPARTMENTS) July 21st, 2015
Todays Plans Explanation of the new General Ledger Codes Show examples of these new entries in BUS and Financial Reporting Questions and comments RCM Entries Explained (Academics) July 21st, 2015
Definitions MTCU Ministry of Training, Colleges and Universities WFU s (Weighted Funding Units) Assigned by the MTCU to each program at all College s & Universities. Chalk & Talk programs receive a value of approx. 1. Hands-on programs with more equipment required will be >1 GPOG General Purpose Operating Grant Grant received from MTCU. Subvention Percent of the remaining grants not originally allocated to the Academics that will be allocated to the departments based on their direct costs. RCM Entries Explained (Academics) July 21st, 2015
New General Ledger Accounts - Revenues 39997 Growth Grant Revenue s earned by the Academic departments from the Growth Grant received from the MTCU. Allocated based on WFU s in that Academic department. 39998 GPOG - Revenue s earned by the Academic departments from the GPOG received from the MTCU. Allocated based on WFU s in that Academic department. 39999 Subvention Funding A percent of the remaining grant(s) total divided among the Academic departments. Allocated based on each departments % of Total Academic Revenue. RCM Entries Explained (Academics) July 21st, 2015
New General Ledger Accounts Expenses 49997 Central Administrative Costs The total net contribution of the Non-Academic Units that support the College. This is allocated to the Academic departments based on their % of the Academic costs. 49998 Space Costs The General Overhead costs of operating (Physical Resources). Made up of the Directors Office, Facilities Planning and Occupational Health & Safety. Allocated to all departments, based on their % of total College usable space (in square feet). 49999 Woodroffe Operating Costs These are the costs incurred at Algonquin College Woodroffe Campus only. Made up of Technical Services, Operations & Maintenance, Grounds Services and Protection Services. Allocated to all departments using space at the Woodroffe Campus, based on their % of space used at Woodroffe only. RCM Entries Explained (Academics) July 21st, 2015
RCM in BUS Non-Academic Department 49997 RCM Central Admin Internal Revenue for Non- Academic s (Shows as a Negative Expense) 49998 RCM Physical Resources Expense for General Overhead of this department 49999 RCM Woodroffe Operating Costs Expense for the cost of space at the Woodroffe Campus RCM Entries Explained (Academics) July 21st, 2015
RCM in Financial Reporting Non- Academic Department 49997 RCM Central Admin Internal Revenue for Non- Academic s (Shows as a Negative Expense) 49998 RCM Physical Resources Expense for General Overhead of this department 49999 RCM Woodroffe Operating Costs Expense for the cost of space at the Woodroffe Campus (*Month Actual & Committed is equal to Annual Approved budget / 12 months. ) RCM Entries Explained (Academics) July 21st, 2015
RCM In BUS Academic Departments - Revenues Academic Department - Woodroffe Academic Department - Other Both Academic Departments receive their allocated portions of the MTCU grants, as well as their allocated subvention funding. RCM Entries Explained (Academics) July 21st, 2015
RCM in Financial Reporting Academic Departments Revenues Academic Department - Woodroffe Academic Department - Other In Financial Reporting, each month an entry will be done by the Finance department, to record each departments monthly portion of the annual RCM budget. This is simply equal to the annual RCM budget for that department divided by 12 months. RCM Entries Explained (Academics) July 21st, 2015
RCM in BUS Academic Departments Expenses Academic Department - Woodroffe Academic Department - Other You will notice that the Woodroffe location has an extra RCM expense. This expense is the portion of the Woodroffe Operating costs associated with this department. On the left, there are only two RCM expenses. Departments that do not hold space at the Woodroffe campus, are not charged for Woodroffe Operating costs. RCM Entries Explained (Academics) July 21st, 2015
RCM in Financial Reporting Academic Departments Expenses Academic Department - Woodroffe Academic Department - Other Just like the revenues in Financial Reporting, the Finance department will be making these entries for each department. Again, you can see that the department located at Woodroffe Campus has an extra RCM Charge and the Other Academic Department does not. RCM Entries Explained (Academics) July 21st, 2015
