About Overdraft Reporting
Last updated
August 29, 2009 1:28:14 PM PDT
Find information about the overdraft system, which helps meet campus needs for monitoring and resolving overdraft conditions.
A fund is in overdraft when the expenditures exceed the award or budget allocation. UCSD has established an overdraft reporting system that includes:
- An overdraft policy that defines responsibilities for central administration and departments including a process for overdraft resolution
- A flexible tool in FinancialLink that reports overdraft conditions
- Instructions on how to set up overdraft profiles
The policies and procedures of the overdraft system apply to administrative officials as defined in the Administrative Responsibilities Handbook. The overdraft policy establishes overdraft responsibilities at four organizational levels:
1. The principal investigator/ fund manager
- Takes corrective action to prevent or resolve overdraft conditions
- Makes sure expenditures to sponsored project funds in an overdraft condition exceeding 60 days and $10,000 are in accord with the associated resolution plans approved by the department chair and vice chancellor/ dean as required
- Creates a written plan with a timeline to discharge an overdraft exceeding 60 days and $10,000 and submits this to the department chair/ designee and vice chancellor/ dean when applicable
- Takes necessary action according to approved overdraft resolution plans
2. The department chair/ chief administrative officer
- Monitors funds under their purview for overdraft balances exceeding 60 days
- Makes sure written plans with timelines to eliminate overdraft amounts exceeding 60 days and $10,000 are submitted to the vice chancellor/ dean for approval
- Monitors fund/ activity balances related to the approved overdraft plans and makes sure resolution is achieved
3. The vice chancellor/ dean's representative
- Establishes a process requiring the submission and approval of written plans with timelines to resolve overdraft balances exceeding 60 days and $10,000
- Monitors financial activities of departments within the vice chancellor’s/ dean’s organization for overdraft balances exceeding 90 days and $25,000
- Makes sure the appropriate corrective action is taken by units within the organization to remedy reported overdraft exceptions
4. The controller
- Monitors campus funds for overdraft balances that exceed 120 days and $50,000
- Informs the appropriate vice chancellor(s) of overdrafts exceeding these criteria
- Partners with the vice chancellor to invoke corrective action on overdraft funds as required
Overdraft tool
The overdraft tool in FinancialLink reports overdraft conditions for the administrative officials described above. To access the system, go to the tools section in FinancialLink and choose the Overdraft Reporting Profiler option under Reconciliation.
