Required Reporting for FSEAs
Directive Statement
Fee-for-Service Educational Activity (FSEA) with annual revenue in excess of $1 million are required to submit to the Auxiliary Accounting Office semi-annually (as of 06/30/yy and 12/31/yy) the following:
- Analysis of revenue, expense, and cash information as compared to prior year activities
- Accounts receivable: 30-60-90-120 day summary with detail and explanation of amounts over 120 days
Other accrual information is required to be submitted only annually. (Ex. Deferred revenue, prepaids, inventory, other accruals).
Reason for Directive
To ensure Fee-for-Service Educational Activities are conducted in accordance with good business practices and with the laws, rules, regulations, and policies of the State of Florida and the University.
Who must comply?
All Fee-for-Service Educational Activities.
Procedures
All Fee-for-Service Educational Activities meeting the above requirements must submit the applicable reports to the Auxiliary Accounting Office (ga-aux@ad.ufl.edu).
Departmental Reconciliation
In addition to the required reporting to the Auxiliary Accounting Office, every Fee-for-Service Educational Activity should follow all the Monthly Reconciliation procedures, including review and approval by Tier 2 and Tier 3, to ensure the FSEA is operating to budget and the available balance is sufficient to sustain operations.
Last Reviewed
Last reviewed on 03/20/2024
Resources
FSEA Review Process and Advisory Committee
Managing Receivables and Account Write-Off
Inventories for Supply and Resale
Resources
UF HR Toolkit – Reconciliation
Contacts
Auxiliary Accounting: (352) 294-7236
University Controller’s Office: (352) 392-1321