1.     The Financial Records System (FRS) is an integrated general and subsidiary ledger record keeping and reporting system. The system is designed to provide both the features of a budgetary control system (management information) and a fund accounting system (stewardship information). The system complies with the guidelines of both the National Association of College and University Business Officers (NACUBO) and the American Institute of Certified Public Accountants (AICPA)

2.     This system is highly flexible with a variety of techniques which will allow all levels of management and operations access to timely financial information. A brief summary of these techniques and features follows:

•      allows budgeting of revenue and expenditures on any of four different levels of aggregation (all four may be used within the same account)

•      permits automatic reallocation of expenditure budgets (ABR) within an account

•      provides for reporting on a state year, quarterly, federal year and project year basis

•      provides for the comparison of actual expenditures against budget

•      produces a variety of financial reports, such as detailed reports for the lowest level of operations and summaries for the upper levels of management

•      produces income and expense statements and balance sheets

•      employs "roll-up" reporting techniques in which numerous subsidiary ledger accounts can be summarized into one report for management analysis

•      provides for special reports through a variety of report generating techniques

•      produces detailed and summary information on encumbrances

•      provides for the detailed classification of both expenditures and revenues

•      provides for automatic linkage between the general ledger and subsidiary ledger, which assures that the system, will always be in balance and provides for simplified data entry into the system

•      provides for control of cash ownership by funds (general ledger account) and automatically maintains book cash balances for each bank account

•      provides for a number of automatically generated journal entries at month-end such as prorates, indirect cost calculations, and so on

•      maintains current year data on budgets and actual expenditures, past year data on actual expenditures, and budgets for a future year, permitting a three-year comparison on an easy and convenient basis

•      provides automated controls and edit routines to greatly increase the accuracy of data within the system

•      provides the capability to process daily updates which simplifies error location and correction, account reconciliation and work scheduling, while also permitting the data files to be in a current reportable state at all times.