Kentucky State University Business Policies and Procedures Manual

• oThe design phase consultant submits documents to FAC.
• oThe DECA Project Manager reviews and approves,
• oThe Capital Projects Manager approves,
• oThe State Buyer publishes bid.
• oAfter bid closes, State Buyer, design consultants, DECA Project Manager, and Capital Projects Manager review bids and select contractor (low bid).
• oState Buyer awards contract.
• oThe selected contractor commences the project.
• Capital Projects Manager holds progress meetings semimonthly with DECA Project Manager during construction phase.
• Fixed Assets Accountant tracks capital project expenses.
• oObtain invoice copies from Capital Projects Manager; contractors submit invoices which are approved and paid directly by the state.
• oRecord construction in Progress (CIP) costs during construction as invoices are received, or transfers occur, at least weekly.
• Journal voucher type CR05 to Bank 29, DR capital expense
• oRecord transfers to/from Banner state accounts.
• Journal voucher DR capital project fund, CR Bank 29
• oReconcile Banner CIP expenses to eMARS statements monthly to ensure all CIP has been recorded.
• ■ DR CIP,
• ■ CR state capital grant revenue, grant revenue, or prepaids for amounts remitted to 132Y account, or payable to state for moneys to be sent to state 132Y
• Grant Accountant draws down funds spent on capital construction projects.
• oDetermine the amount of capital expenses to be reimbursed by the grant.
• oPost grant receivable invoice.
• oDraw to draw funds from grantor (G-5 or other grant invoice).
• oNotify cashier to expect payment and apply to receivable (see Cash Receipts section for posting of grant payments).
• Capital Projects Manager wraps up the construction phase when the contractor completes the project.
• oComplete punch lists with construction contractor to ensure final project meets all specifications.
• oObtain appropriate occupancy certificates.
• oEnsure total project costs have been entered into eCOMM and paid by the state.
• oRequest OSBD to submit a form SAS-5 to transfer the unobligated balance of the project budget back to the funding source.
• oSubmit a form SAS-14 to inactivate the project account.
• Fixed Assets Accountant capitalizes the project when the capital construction project is completed, all expenses have been paid, and OSBD has inactivated the project account.
• oReconcile the total project cost between the final eMARS report from the state and the Banner CIP account.
• oSummarize and document all expenses in the document management system.