On the heels of completing the closing of Fund Type 100 projects, the COA2 team has begun a new initiative focused on “projects” within Fund Type (FT) 150, a segment of the university’s chart of accounts that represents operating funds designated for use by administrative units.
The team’s approach will be similar to the FT100 project, which addressed the segment of operating funds that are not designated for specific purposes. Given the number of project tasks classified as FT150 compared to those within FT100, the closing of the FT150s will take more time. The goal is for all FT150 projects to be closed, with any remaining balances transferred to the General Ledger (GL) strings with Activity segments, if applicable, by March 31, 2025.
The COA2 team began its work by contacting business managers across the university to request data that will be needed to close each FT150 project.
Below are relevant deadlines, which include tasks related to purchase orders (POs), employee charging instructions (ECIs), and expense reports for fiscal year 2025.
2024 |
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| November 8 | FT150 project approval rules in RU Marketplace/Jaggaer will be disabled and FT150 project strings will no longer be allowed on new POs after this date. New POs will need to use GL strings with the new Activity segment values, if applicable. |
| November 15 | A list of FT150 project POs with recommendations to close or modify each PO will be distributed to business managers. |
| December 6 | Deadline for business managers to supply data that will be used to close each FT150 project. |
| December 13 | Deadline for business and project managers to submit PO close/modifications. |
2025 |
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| January 17 | FT150 project employee charging instructions (ECIs) need to be changed to GL strings with the new Activity segment values, if applicable. FT150 project strings on expense reports need to be approved in Concur. |
| February 14 | FT150 project PO closings and processing of related invoices will be complete. |
| March 1 | The modification or reclassification of multi-year FT150 project POs will be complete. |
If you have any questions or issues specific to this update, please contact us at coa_phase_2@finance.rutgers.edu.