Accounting Policies, Procedures, Guides & Forms

Policies

To ensure that the cost of a sponsored agreement is comprised of the allowable direct costs incident to its performance, plus the allocable portion of the allowable F&A costs of the institution, less applicable credits (OMB A-21 Section C), the University developed Policy FA 174 to address the accounting treatment for credits (i.e., refunds, rebates, incentive payments, and other credits) that are applicable to specific projects or to cost pools used in the development of the University’s Facilities and Administrative rate proposal.

Policy FA 135 explains how the University applies conversion rates and fees to cost centers when the University receives deposits or makes payments in foreign currencies. 

Policy FA 180 specifies the University’s accounting for and recording of pledges receivable in the general ledger, which is processed on a quarterly basis.

Policy FA 160 provides guidance related to the review and reconciliation of transactions posted to the University’s general ledger in the various organization worktags, e.g. Cost Centers, Grants, Gifts, Projects, etc., to enhance internal controls, ensure timely adjustments/cost transfers, and prevent overdrafts. 

Policy FA 130 outlines specific responsibilities and procedures for acquisition, use and disposition of capital equipment, and maintain an accurate inventory of movable capital equipment for financial reporting and department management purposes.  Equipment is considered a capital asset if the equipment has a useful life of one year or more and has an acquisition cost of $5,000.00 or more. This policy is also issued to conform to the Office of Management and Budget (OMB) Uniform Guidance (2 CFR 200), section 200.313 Equipment and its predecessors, OMB Circular A‐110 and OMB Circular A‐133 (for federally sponsored projects issued prior to December 26, 2014). 

Policy FA 166 describes the guideline and appropriate procedures to capitalize and depreciate expenditures associated with capital projects including construction, technology, and software projects.

A department can be approved to establish a petty cash account to reimburse employees for miscellaneous operational expenditures not greater than $75 per item and not purchased through other procurement methods. Examples of expenditures for which departments may use the petty cash accounts are postage, taxi fares, refreshment for meetings, mileage reimbursement, tolls, parking, and supplies. This policy covers the creation, administration, reconciliation, transfer, and closing of petty cash and imprest checking accounts.

The IRS requires that the receipt of any single cash payment or series of payments on a related transaction within a 12-month period that exceed $10,000 must be reported to the IRS. In the University setting, the most frequent payment of this type would be tuition. A single tuition payment or a series of payments exceeding $10,000 must be reported.

Policy FA 137 outlines the procedures that are followed by the University when a payee’s bank returns checks made payable to the University

As part of its normal business operations, Georgetown University (the University) receives funds electronically via wire transfers, Automated Clearing House (ACH) deposits, and credit card sales (collectively referred to as “electronic receipts” for purposes of this policy) for goods and services provided by the University. Policy FA 120 establishes the accounting requirements for unclaimed electronic receipts deposited to the University’s bank account(s). 

Guides

Cost Transfer Decision Matrix

Contributions vs Exchange Transactions

Net Asset Classification

Unclaimed Wires (Restricted Access – GU Only)