Management and Control of IFR Operations
Stony Brook policy maintains that the financial stability of IFR accounts is the responsibility of the President, Provost or Vice President within whose organizations the account resides.
The Stony Brook Account Master (SBAM) is the official organizational structure and is the responsibility of the Vice Presidential areas to identify this structure in consultation with the Budget office. It is the responsibility of the Accounting Office to maintain this file.
It is the responsibility of the Accounting Office to work with the VP areas to close inactive accounts. Upon verification from the VP area that the account will no longer be required, the Accounting Office will work with the VP area to ensure that the cash balance is zero and any allocation will be remitted back to one of Stony Brook's undistributed accounts. At that time Accounting will submit a request to Albany to close the account. The closing of sub-accounts is only allowed at the end of the state fiscal year upon receipt of the "Chart of Account Deletion" request from the Office of the Vice Chancellor for Finance and Business.
Duties and authority of the operating departments:
- Maintain account integrity - The IFR program for which the account was established must generate sufficient revenues to support operational costs.
- An accrual basis will be used to assure a break-even status at fiscal year-end. Each account manager must complete the semiannual (December and June) IFR accrual data worksheets.
- Along with the IFR accrual data worksheet, for those accounts with inventories, each June a physical count must be performed, documented and submitted to the Accounting Office. The documentation must be a detailed listing of all items. It must include the item description, quantity on hand at June 30th, cost of item (not resale value) and the extended value. The operation's manager and an employee who participated in the physical count must sign the documentation.
- With the assistance of the Accounting Office, at least every two years a rate review must be performed for those accounts that are service operations and supported by a user fee. The Accounting Office will submit the fee to the campus Controller for approval. The University Controller must approve all fees.