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Deactivating Capital Improvement Sources and Funds Standard Operating Procedure

Capital Improvement (CI) Team Action Items

  1. CI Source Deactivation (Only by request from CI Team)
    1. State approval to close a budget code (closing CI funds).
    2. Close project (performed by Capital Projects – Facilities).
    3. Required documentation:
      1. Email from Capital Projects – Facilities Team providing Interscope confirmation.
      2. CMCS screenshot (only for entire budget code/PS fund deactivation).
    4. Review BD725 reports to confirm balances.
    5. Source reconciliation in PS (CI budget, allotment, and actuals ledgers).
    6. Complete CI reversal allotment and budget.
    7. Run trial balance (NC_GL_TB_ALL_FIELDS) and clear any pending balances, confirm balance sheet accounts are zero.
      1. Equipment balances should be cleared by contacting Asset Management (AM) and providing instructions to AM to move the equipment to another source.
      2. Cash accounts 111% should net to zero for each department and project.
      3. Fund balance should be zero for each department.
    8. Submit Add Change Request to deactivate the CI source in ConnectCarolina (PS).
      1. Attach documentation.
      2. Attach trial balance report.
  2. CI Fund Deactivation (Only by request from CI Team)
    1. Confirm all CI sources using CI fund have cleared balances and/or deactivated.
    2. Run trial balance (NC_GL_TB_ALL_FIELDS) and clear any pending balances, confirm balance sheet is zero.
      1. Equipment balances should be cleared by contacting Asset Management (AM) and providing instructions to AM to move the equipment to another source.
      2. Cash accounts 111% should net to zero for each department and project.
      3. Fund balance should be zero for each department.
    3. Send email to Financial Unit in Accounting Services requesting the CI Fund to be deactivated.
      1. Attach final trial balance in the email.

Financial Team Action Items (CI Sources and Funds)

  1. CI Source Deactivation
    1. Review trial balance to confirm the balance sheet is zero.
      1. Cash accounts 111% should net to zero for each department and project.
      2. Fund balance should be zero under each department.
    2. Complete journal entries to record cash normalization.
      1. CFS to use: Fund 29710 Source 01110 Department 285000
      2. Journal lines should include Project, PC Bus (CHCIP), Activity 1
      3. Run final trial balance to confirm all balances have been cleared by account, department and project.
    3. Approve source deactivation request in ConnectCarolina
      1. Attach trial balance and other deactivation reports.
  2. CI fund Deactivation
    1. Receive email from CI team requesting fund to be deactivated.
    2. Run trial balance to confirm the balance sheet is zero.
      1. Cash accounts 111% should net to zero for each department and project.
      2. Fund balance should be zero for each department.
    3. Complete journal entries to record cash normalization.
      1. CFS to use: Fund 29710 Source 01110 Department
      2. Journal lines should include Project, PC Bus (CHCIP), Activity 1.
    4. Submit help ticket to request CI Fund to be deactivated by IT.
      1. Attach documents and final trial balance in the help ticket.