Lane Community College - College Finance - Funded Projects Accounting - VI Common errors to avoid when preparing a BCR

College Finance

VI Common errors to avoid when preparing a BCR
Errors on a BCR form can delay processing, which may prevent you from using an account to process payroll or a purchase order as soon as you would like. Some common errors include:

1. "There isnít enough budget to cover a Purchase Order ñ and I need the item now!"

SOLUTION: The best solution is to plan your budget needs well in advance. Submit the BCR in a timely manner to facilitate review and input by Funded Projects Accounting.

2. Requesting budget changes not allowed by the granting agency

SOLUTION: Know and follow the granting agencyís restrictions regarding budget changes. If prior agency approval is required, obtain such approval in advance of submitting the BCR.

3. Missing or incorrect account numbers

SOLUTION: Double check the account numbers on the BCR

4. Missing or incorrect totals

SOLUTION: Using a calculator, add the columns down and across to verify the totals.

5. Incorrectly calculated OPE

SOLUTION: Whenever you are adjusting a payroll budget, you will most likely need to adjust the budget of the OPE account tied to it. Using a calculator, double check the OPE accounts to be sure they correctly reflect the payroll accounts tied to them. Still need help? Contact your grant accountant in Funded Projects Accounting.

6. Incorrectly calculated Indirect

SOLUTION: Know and follow the indirect rate for your grant. Depending upon the basis of indirect, any budget change could affect the budget for the indirect account. Using a calculator, double check the indirect budget. Still need help? Contact your grant accountant in Funded Projects Accounting.

VII Glossary of terms

Administrative Costs (a.k.a. Indirect) ñ Reimbursement of the Collegeís overhead costs

Agency or Awarding Agency ñ Funding source of grant or contract

Award Document ñ Legal instrument that conveys funding to the college and stipulates financial and program terms and conditions

BCR ñ Budget Change Request

FPA ñ Funded Projects Accounting

Fringe ñ See OPE

Grant Administrator ñ Person responsible for administering the grant or contract

Indirect Costs ñ See Administrative Costs

Match ñ Cash ñ Actual cash expended by the college in support of a project

Match ñ In-Kind ñ Non-cash support provided for a project by Lane or other partners

OPE ñ Other Payroll Expense (a.k.a. Fringe, Benefits) ñ Examples are Social Security and Medicare

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Lane Community College, College Finance Department
101 Administration Building, Building #3
4000 East 30th Avenue, Eugene OR 97405-0640
Office Hours: 8:00 - 5:00, Mon - Fri.
Phone: (541) 463-5839
Fax: (541) 463-4174

Please direct comments about this page to feldmayera@lanecc.edu
URL http://www.lanecc.edu/collfin/fundproj/instbcr6.htm
Revised 10/16/02 (llb)
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