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Accounting

Gifts and Contributions

A gift/contribution is an unconditional transfer of cash or other assets to the university in a voluntary, nonreciprocal transfer by another entity. Several components of this definition merit further definition:

  • Read more about Gifts and Contributions

Grant and Contract

Funding from an external entity, such as a governmental agency, corporation or private foundation, is recorded as grant and contract revenue (sometimes referred to as “sponsored” revenue) when it is for an activity with a defined budget, period of performance, and scope of work undertaken by the university, and with the expectation of an outcome that directly benefits the resource provider. The agreement with the external entity may take the form of a contract, grant, or cooperative agreement, and is generally in direct support of the university’s mission.

  • Read more about Grant and Contract

Government Appropriations

Cornell receives appropriations from both the federal government and New York State. Typically, appropriations are awarded based on legislation, and not through an application process, though special reporting may be required to maintain the appropriation. The government appropriations revenue source does not include government grants and contracts (see the Grant and Contract Revenue: Grants, Contracts, and Similar Agreements).

  • Read more about Government Appropriations

Tuition and Student Fees

The tuition and mandatory fees category includes all tuition and fees (net of refunds, bad debt estimates, and any discounts recognized) assessed for educational purposes. Tuition and fees that are levied for academic terms that fall entirely within one fiscal year are recognized as revenue in that fiscal year. Take care to ensure that prepaid tuition is deferred and that unpaid tuition is accrued at the end of the fiscal year.

  • Read more about Tuition and Student Fees

2016 IRS Standard Mileage Rates Announced

Posted: January 4, 2016

Beginning January 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:

December month-end deadlines; Auxiliary Voucher deadline extended

Posted: December 10, 2015

Please remember to run your monthly financial statements for December 2015 after January 6, 2016.

In addition, the Auxiliary Voucher deadline has been extended to January 6, 2016.

December Long-Term Investment Pool Cutoff

Posted: December 10, 2015

Thu, 12/24/2015 - 12:00pm

Due to the timing of the university's winter break, the Long-Term Investment Pool cutoff is 12:00 p.m. (noon), December 24, 2015.

Bank Deposit (Excel, 315 KB)

Use this form to send deposits to the bank. One physical deposit requires two copies of the form, and the form must correspond to exactly one line of the Advance Deposits tab of the AD e-doc.

  • Read more about Bank Deposit (Excel, 315 KB)

Correcting Unknown Variances

Unknown variances typically are discovered while reconciling asset (other than accounts receivable) or liability object codes. Typically variances are errors that may have accumulated over several years or the object code has not been reconciled. Making corrections may have material impacts to the university's financial statements and could be an indication that the process needs to be revised. Please consult with Accounting for guidance in establishing a new procedures.

  • Read more about Correcting Unknown Variances

Managing Restricted Gift Accounts

How Restricted Gifts Are Recorded in the Accounting System

Temporarily restricted gifts have a sub-fund of RGGIFT with the one following sub-fund programs:

  • Read more about Managing Restricted Gift Accounts

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The Division of Financial Affairs

341 Pine Tree Road, East Hill Plaza
Ithaca, NY 14850

Accounting:  7:30 a.m. - 4:30 p.m., Monday - Friday
Payroll: 8:00 a.m. - 4:30 p.m., Monday - Friday

 

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