• Dormant Account Transfer Process


     

    IMPORTANT!!  If a student group ceases to function after one year and the principal elects to disburse the remaining student funds to the campus general account, the transaction to move the unused funds is NOT a deposit correction. It is a transfer that will be prepared by FASC upon receiving documentation from the campus, and cannot be processed in the B.O.S system.

    It is up to the principal to honor and acknowledge their understanding and acceptance via the annual Principal Certification for the Handling of Campus and Student Activity Funds, to ensure that ONLY dormant student group funds are transferred in this manner! 

    Campus financial clerks and office managers are to pull the “Activity Fund Balances Report – DETAIL” for the previous 12 months (June-July each month) to identify student activity funds that have been dormant, and request that sponsors of the dormant accounts submit transfers of the dormant account funds using the “Campus Activity Funds Transfer form for Dormant Accounts (Sponsor’s Form)”.

    When the sponsor completes the said form, the information is forwarded to you via a unique email link and is auto populated in the Sponsor section of this form below, and you then complete the Office Manager or Financial Clerk section of the form below.

    Alternatively, if the student activity fund no longer has a sponsor, you can skip the Sponsor section entirely and initiate the closeout of the account by simply completing the Office Manager or Financial Clerk section of the form below. 

     In either case, proper completion of the Office Manager or Financial Clerk section requires that you:

    1) Enter the line codes of the dormant student activity account and the receiving account (typically 461-GE) that will be involved in the transfer.

    2) Attach the approval of the Board of Control for the transfer, if available; and

    3) Always attach the “Activity Fund Balances Report – Detail” proving the amount you are requesting to transfer from the student activity fund account that is available in Oracle. 

     By clicking Submit, your request is routed to your principal and FASC accountant for review and approval. Your FASC accountant will process the transfer in Oracle.

     

    Reminder: 


    Dormant Account Transfers are considered Revenue to Revenue transfers. 

    The line code function is always 00
    The Object codes are the 5000 series (461 Object Code Cheat Sheet)
    The PIC is always 00

    When you are ready to submit a dormant account transfer, click the image below: