GENERAL INFORMATION
| Asset Capitalization | JES |
| Equipment Accounts | |
| GL Account Types | Transfer/Support Accounts |
| GL Fund Descriptions |
Asset Capitalization
Definition of asset qualifying for capitalization:
- Acquisition cost of $5,000 or more per unit
- Tangible property
- Useful life at least 2 years
- Capacity to function on its own (not a component unit of another asset)
Equipment Accounts
- 4452 - Software - All software should be charged to this account regardless of cost.
- 4865 - Technical Initiatives - Computers and related hardware costing less than $5,000 and that are not purchased with a procurement card or through TotalTech.
- 4997 - Internal Service Equipment less than $5,000 - TotalTECH purchases costing less than $5,000.
- 4481 - Office Supplies - Equipment costing less than $5,000.
- 4850 - Equipment equal to or more than $5,000 - Equipment costing at least $5,000.
- 8980 - Miscellaneous Income - Proceeds received from the sale of equipment.
GL Account Types
- 1xxx - Asset
- 2xxx - Asset (Construction in process - fund 63 only)
- 3xxx - Payroll Expense
- 4xxx - Other Expense
- 6xxx - Liability
- 7xxx - Liability
- 8xxx - Revenue
- 9xxx - Fund Balance
GL Fund Descriptions
- General Fund (11) - University operating fund; expenses are mostly salaries, equipment, telecommunications, supplies; revenues are State Appropriations and tuition - this is filtered to the departments through a budget
- Designated Funds (23 & 24) - departmental self-supporting activity; funding source must be departmental activities, not general fund or grant fund supported. Fund 24's revenue is gift money transferred through the Foundation
- Expendable Restricted (21, 25-30, 50 & 59) - restrictions are placed on the use of funding; Fund 21 represents gifts used in the administrating of scholarships/aid; Funds 25-30, 50 & 59 represent revenue obtained through grants and contracts for a specific purpose
- Student Loan (31) - accounts for short-term student loans; revenue originates from various places and once established, acts as a revolving loan fund
- Annuity and Life Income (32) - houses irrevocable planned gifts from donors, where the income from the gifted asset to the University is delayed until after the donor's (or surviving beneficiary's) death
- Auxiliary Activities (41 - 46) - maintained to account for revenue-producing, substantially self-supporting University activities that perform a service but are not themselves educational activities (ex: Athletics, Health Center, Bookstore, Miller Auditorium, Physical Plant, Housing)
- Agency (51 & 52) - fund held by the University on behalf of organizations associated with the University (ex: Alumni accounts, student organizations)
- Foundations (53, 54 & 56) - accounts for donations made to the University (53 = WMU Research Foundation; 54 = Western Michigan University Foundation; 56 = Paper Technology Foundation)
- Insurance and Benefits (55) - houses employee retirement and insurance programs
- Plant (61, 63, 64 & 65) - accounts for University physical properties and related indebtedness
JES
Plant Accounting
Contact Michele Johnson with any questions regarding fund 63 departments. GLOW may not reflect the correct balance.
Do not use 4xxx accounts with fund 63 departments.
Contact Michele Johnson prior to submitting a JES for fund 63 departments. They will determine the proper accounts to be debit and credit.
Transfer/Support Accounts
- 4995/8995 and 4999/8999
- Use either pair of accounts
- Move or transfer mooney between funds and/or departments
- Must be used together - debit to 4995 requires credit to 8995
- One-sided transfer/support entry generates an error
- Expense remains in account where incurred
- Support shows as revenue in transfer/support account