Recording Research Revenue (Fund 300)
Helpful Hints: Recording Research Revenue (Fund 300)
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RARV form (Research Account Remittance Voucher): The RARV is no longer used (May 2002). This form is obsolete and no longer required because each Research sponsor has its own unique object code (as part of the accounting code - FUGPO) that is setup by the ORES.
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Sponsor/Object codes:
Remember to bookmark the web site of Research Sponsor/Object codes. The top half of the web site lists object codes alphabetically, the bottom half of the list is numeric. You can narrow your search by using the "find in page" feature under "edit". Be sure to check the direction of your search on the page (i.e.: up or down) from where your cursor is currently resting. -
New Sponsor: If the payment is from a new sponsor not yet listed, please forward the cheque, the RRV (completed except for the object code) and any proposal/award information to Annette Clarke, Office of Research. Once set up by the ORES, the object code will be listed at the Sponsor/object code web site. It will also appear on the new grant setup sheet issued by the ORES, as a funding agency.
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Helpful Information for FRS: Under the first column on the RRV titled Description, record information that will helpful when using FRS. Relevant & helpful information could include: Final Statement, Spring semester, Reference No., purpose of payment, etc... Note, that there is no need to record the company/sponsor name under description since this is captured by the unique object code used.
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Tax Issues: There is no PST & GST on payments/deposits to a Research fund account (fund 300). Therefore, in order to keep tax issues straight, please record Research deposits on a separate RRV.
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Revenue or Reimbursement? A simple rule of thumb: if the costs incurred do not benefit/belong to the University then the deposit should reduce/offset the original code used. A couple of examples are:
- Reimbursement by an individual for personal long distance calls; use the same object code (63004) as the long distance costs were originally charged to.
- Travel costs originally charged to the grant are being reimbursed; use the same object code that the travel costs were originally charge to.