Management of discretionary funds

Applying for establishment of discretionary funds

If funds are received with no formal contract or agreement, the funds will be held in a discretionary Q fund.

To create a discretionary Q fund, the requester must provide a reason justifying the purpose of the fund including why the fund is required and what the funds will be used for. The project type is required to be entered along with the life of the project and expected income.

A budget must be provided along with the information required above to be sent to the Delegated Authority (in the D3 delegation band or higher) who endorses the request prior to it being approved by Research Accounting.

The GLC Request eForm must be submitted to request the creation of, changes to or closure of a GLC for S, Q and D funds. The Apollo form is used for all other funds.

Establishing a fund in the ledger

Local areas are responsible for:

  • Determining need for financial statement via milestone process.
  • Preparing financial statements to acquit grant income including the requirement for adjustment journals.
  • Gaining sign off from CI and College Business Officer on the coversheet of the Funds Provider Statement.
  • Submitting financial statement to Research Accounting for certification.
  • Sending financial statement to funds provider once certified copy is returned from Research Accounting.
  • Updating financial statement milestone once completed.

Research Accounting is responsible for:

  • Reviewing prepared financial statement.
  • Certifying financial statement.
  • Adding relevant documents to ARIES record including working papers and final certified financial statement.
  • Sending certified financial statement to local area for distribution to funds provider.
  • Research Accounting will prepare financial statements in the following instances: foreign currency statements, ARC end of year statements (excluding discovery projects) and NHMRC statements.

Where the funds provider requires a specific reporting format, a Funds Provider Statement must still be run to provide supporting ledger documentation.

Annual acquittals for projects funded by the Australian Research Council and National Health and Medical Research Council will be initiated by Research Accounting after all year end journals have been processed.

Gifts, donations and bequests

For all enquiries concerning gifts, donations and bequests contact Alumni Relations & Philanthropy. They can be contacted at advancement.services@anu.edu.au

Closure of a 'Q' Special Purpose Fund

If there is no intention of the GLC fund being active in the future the fund will be closed. All research and reporting must be finalised prior to this closure and the ledger life-to-date balance must be at zero. If funds remain, it is the responsibility of the requester to clear unspent funds in collaboration with their local area financial administrators, prior to the request to close the GLC. A final statement must be prepared by the local area prior to closure request. Closure requests are sent to Research Accounting for approval and certification. Final financial statements will be sent to the local area for distribution upon closure approval.