Object Code Changes

John P. Kruczek, University Controller

Recent State of Florida Comptroller’s Memorandums require the following changes for Object Codes, effective July 1, 1995:

 

Title of Object Code                         Old Object        New Object

Rental-Real Property to State                  004010            021010
Rental-Personal Property to State              004010            021011
Rental-Personal Property to Non-State          004011            021012
Rental-Real Property to Non-State              004012            021013
Royalty Income-State                           004063            001150
Royalty Income-NonState                        004064            001151
Security Deposit                               004066            059001
Util. Reimbursement to Housing by Students     004067            018003
Restitution Revenue                            New               012008
Returned Check Service Charge
Non-State/Employee                             010514            012005
Returned Check Service Charge
State Employees                                010714            012006
Contracts and Grants-State                     011003            011501
Nonoperating Refunds of State Revenues         860000            860004
Nonoperating Refunds of Non-State Revenues     860000            860005

All rental income received, whether for real or personal property, should use an 0210xx series object code and should not use a sales revenue object code. Rental transactions between departments on campus should be processed as an interdepartmental transfer.

Monies received by the University as a restitution for damages, thefts, etc. should be recorded with object code 012008. This object code should not be used for monies received from an insurance claim. These should be recorded with object codes 028001 or 028002.

In addition, due to new reporting requirements for Federal Funds, transfers of Federal monies should be recorded with the Federal transfer object codes listed below:

Title of Object Code                                           New Object

Federal Transfer from Other University Funds                     015101
Federal Transfer from Other Agencies                             015102
Federal Transfer to Other University Funds                       811001
Federal Transfer to Other Agencies                               811002
Federal Transfer to Organizations within the Same Fund           811010
Federal Transfer from Organizations within the Same Fund         811011

Please distribute this information to your staff who are responsible for processing these accounting transactions. If you have any questions concerning these changes, please contact Frank Green or me at 392-1321.