Please keep the following in mind:
- Commitments made to departments and faculty from these sources are non-recurring. Departments accrue expenses throughout a fiscal year, and the medical school is reimbursed by NMHC for these expenses at the end of each fiscal year. The Office of Finance & Administration coordinates the reimbursement process and the transfer of revenue to the departments.
- When a commitment from one of these sources is over $500,000, departments should create a chart string specific to the commitment with the grant source in the name of the chart string (e.g., NMGrant Dr. Adams PI String).
- When a commitment is given for the purpose of recruiting several new faculty within a department, it is essential to track these subcommitments and useful to communicate them clearly with the Office Finance & Administration and other concerning departments/centers. Departments should create a chart string for each new faculty member and list the main commitment as the source of funds in the request (e.g., “The source of funds is Dr. Adams’ NMCat”).
- Commitment balances will be loaded into NUPlans Web during the annual budget planning process. Departments should only budget what is anticipated to be spent in a specific fiscal year.
- If expectations change throughout the year, departments should update revenue and expense in forecast. If the variance between the commitment’s annual budget and actual expenses is over/under $500,000, the department should submit a budget journal to adjust your budget.
- At the end of the fiscal year, the Office of Finance & Administration coordinates with departments to transfer revenue into chart strings based on expenses accrued throughout the year. Carryforward buildup is not allowed.
- If expenses are in a chart string with the grant source in the name, the Office of Finance & Administration will automatically transfer NMCat revenue to fund the expenses in these chart strings during our normal closeout process. If the department needs to fund expenses in additional chart strings, the department will need to send a request along with a GL005 or other report showing expenses the need to be funded in those chart strings.
Manger, Financial Analysis