FY17 & FY18 Recent Changes in Institutional Accounts (IACTs)

May 2017

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What has changed?

IACT

Details of change

1

Changed title & description
(Effective 8/1/2016)

5002-NonClin&Instr FacSal-Acad Efft

Added instructional faculty to title & description.  (Job codes F_11, F_12, F_13, F_14, F_15, F_16, F_17, and FM within non-clinical departments; includes instructional faculty).

2

Changed description
(Effective 8/1/2016)

5102-Fringe Benefits Faculty

Added instructional faculty to description.   (All benefits associated with 5002 - NON-CLIN & INSTRUCTIONAL FACULTY SALARIES).

3

Added new IACT
(Effective 3/1/2017)

6209-Employment Advertising

New IACT to track recording all costs associated with advertising for recruiting and filling new or vacant positions.

4

Added new IACT
(Effective 3/1/2017
& only impacts UIHC)

1356-Other Deferred Outflows

Other deferred outflows.  Current usage is for a government (UIHC) acquiring another entity.  Amount represents the difference between payment amount and net position.

5

Added new IACT
(Effective 3/1/2017)

4598-Credit Card Sale Recpt NonTax

New IACT to track receipts from credit card company upon sale settlement.  Used with UI merchant-determined WhoKey.  Amounts will be reclassified by UI merchant through eDeposit to applicable revenue IACT.

6

Made Inactive
(Effective 4/1/2017)

3585-V Tfr Quasi Endowment Funds

Inactivated this Iacct

7

Changed title & description
(Effective 4/1/2017)

4120-Cap Gain/Loss Sale Of Invstmt

Added "loss" on sale.  (For Central Use Only.  Gain/loss on the sale of investments.)

8

Made Inactive
(Effective 4/1/2017)

4122-Cap Losses Investment Sale

Inactivated this Iacct

9

Added 22 new fringe benefit IACTs.
(Effective 7/1/2017)

5311, 5313, 5325, 5350-51, 5360-61, 5525, 5550, 5560, 5961-64, 5966-67, 5971-5974, 5989, 5991

Added to establish a one-to-one relationship between salary and fringe benefit accounts, removing the previous 8 cases where one fringe benefit IACT is paired with multiple salary IACTs.  The benefit of this change will be to simplify the programming within Pay CV, reporting, and overall description of the relationship and processing between salaries and fringe benefits.

10

Repurposed 8 existing, active fringe benefit IACTs.
(Effective 7/1/2017)

5320-21, 5520, 5960, 5965, 5970, 5975, 5992

Repurposed to establish a one-to-one relationship between salary and fringe benefit accounts  The benefit of this change will be to simplify the programming within Pay CV, reporting, and overall description of the relationship and processing between salaries and fringe benefits.