Recording TPEG Entries
1.0 PURPOSE
The purpose of this procedure is to provide guidance on the recording TPEG Entries.
2.0 SCOPE
3.0 PROCEDURES
Documents:
Report FRS 4393/FS2478F
Procedure:
In September before the month end close, General Accounting will make the funds transfer entries from E&G account to the TPEG accounts and from the TPEG accounts to the loan fund base on the budgeted amounts.
During the year, after the tuition revenue has been posted, General Accounting will reclassify the tuition revenue amount to the TPEG accounts.
TPEG amount = 15% of Resident net tuition and 3% for non-resident net tuition.
The classification entries will be performed based on the following month end reports: October for the Fall semester, January for the Spring semester, and July for the Summer semesters.
Budget Office will use this information to make required adjustments in the TPEG and Loan accounts. The Budget Office will send a detailed request to General Accounting if adjustments are needed.
At the end of the year, when tuition revenue entries have been posted and before the final reports are produced, General Accounting will recalculate the year to date TPEG allocation and make required adjusting entries to the TPEG revenue allocation account and fund transfers.
At the year-end, the fund transfers from E&G to TPEG will equal the TPEG allocation revenue and the fund transfer from TPEG to loan will equal 10%.
Last Updated: August 8, 2012
