Restricted Fund Accounting Policies and Procedures
State Custom Fit General Policies
Effective Date: July 1, 2009
Board Approval: June 9, 2009
1. Purpose
To define budget and accounting policies governing State Custom Fit training agreements. These policies are in addition to applicable general policies governing all contracts and grants (Policy 06-01) and are consistent with UCAT Trustees-approved Custom Fit Council policies.
Context: The Utah State Legislature appropriates funds to UCAT to provide customized job training through its service regions. UCAT allocates these funds to each service region (like TATC) to provide training aimed at economic development through master agreements with businesses.
2. Policy
A. Department Responsibility: It is the responsibility of the Custom Fit Department to prepare all preliminary and final training agreements, conduct all negotiations, prepare budgets and program reports in a timely manner as required by UCAT, and maintain an adequate audit trail for each training agreement.
B. Accounting: The Custom Fit Department shall be responsible to properly account for all costs charged to each individual training agreement following procedures and guidelines established by UCAT and TATC accounting policies.
C. Systems and Oversight: The Custom Fit Department shall be responsible to maintain the UCAT Access System of all training agreements and related accountability reports, and to review all costs charged against each agreement for compliance with contractual and statutory requirements. The VP of Finance and Operations will be responsible for recording the Custom Fit revenue and expenditures in the accounting system.
D. Pre-Approval: Each training agreement and its related budget must be approved by the TATC Custom Fit Administrator or designee prior to the beginning of training or making related purchases or encumbrances.
E. Funding Limits and Billing: Amounts requested shall be limited to the amount allocated to the service region by UCAT, plus any additional statewide funds made available. The amount billed for each agreement must not exceed the actual justifiable costs charged within its budgetary limits. Settlements will only be submitted by Fiscal Services upon receipt of original copies of the program report from the Custom Fit Department.
F. Allowable Costs: Only direct training costs, as approved by the UCAT Training Committee, may be charged to State Custom Fit training agreements. Administrative and overhead costs are funded through corporate contributions and, as necessary, augmented with general fund appropriations.
G. Compliance: All costs charged to training agreements (personnel and other) must be made in accordance with Procedures 06-03 and 06-04 of this manual and UCAT Custom Fit Policy.