IFR Frequently Asked Questions
- How do I get an IFR account?
- What is an IFR account?
- Where can I get a spending plan?
- Can I change my spending plan?
- What is allocation?
- How do I change (increase) my allocation?
- What is overhead?
- What is the overhead rate?
- How is overhead calculated/charged to my account?
- What is the fringe rate on my IFR account?
- How is the fringe benefits rate calculated/charged?
- Can I move money from my IFR account to my State account and vice versa?
- What is revenue?
- Can I move revenue between accounts?
- What are reserve accounts?
- How do I put money in my reserve account?
- How do I change the name of my IFR account?
- How do I change a signatory on my IFR account?
1. How do I get an IFR account?
A new account application form must be completed to establish any type of new account. The Account Establishment Committee will make a determination, based on the purpose of the account indicated on the application, what type of account should be set up. If determined an IFR is appropriate, notification and request for spending plan will be received from the Budget Office.
2. What is an IFR account?
A self supporting account with activity that generates revenue in support of the expenditure activity within the account.
3. Where can I get a Spending Plan?
The current IFR Spending Plan template is available on the Forms page.
4. Can I change my spending plan?
Yes. Revisions to spending plans can be made at any time.
5. What is allocation?
Allocation in regard to IFR accounts is the account’s approval in sub objects to spend. Spending can take place in an IFR account up to the amount of allocation provided.
6. How do I change (increase) my allocation?
Requests to increase or decrease allocation levels in an IFR account should be sent to the Analyst in charge of IFR accounts. See the Staff Directory for contact information. The request should indicate a brief reason for the change including revenue source to cover an increase allocation request.
7. What is overhead?
Overhead is an assessment on revenue received into an IFR account to cover account set up and on-going administrative IFR costs. Please see the Rates page to view current overhead assessment rates.
8. What is the overhead rate?
For current overhead rates, see the Rates page.
9. How is overhead calculated/charged to my account?
Overhead is assessed on revenue received into an IFR account. The overhead is assessed monthly (the 1st of the month) for the previous month's revenue received.
10. What is the fringe rate on my IFR account?
For current fringe benefit rates, see the Rates page.
11. How is the fringe benefits rate calculated/charged?
IFR accounts are assessed fringe benefits on both PSR and TS fringeable costs. Fringe is assessed monthly (the 1st of the month) for the previous month's applicable expenditures.
12. Can I move money from my IFR account to my State account and vice versa?
No. Revenue cannot be moved from an IFR account to a State account.
13. What is revenue?
Revenue is the income generated by an IFR’s activity and supports the spending that takes place within the account.
14. Can I move revenue between accounts?
Transfers of revenue from one IFR account to another IFR account are made only with approval from the Office of Financial Management and Budget. If you would like to transfer revenue, contact the analyst in charge of IFR Funds. IFR funds may not be transferred to a State account.
15. What are reserve accounts?
Reserve accounts are accounts where revenue can be moved to and held for future (savings account) use. There are four reserve account categories: Equipment Replacement and Repair, Facilities Rehabilitation and Renovation, Budget Stablization, and Research Investment. Further detail on each reserve category can be found in the IFR spending plan template.
16. How do I put money in my reserve account?
Request to move funds into or from any of the reserve accounts should be sent to the Analyst in charge of IFR accounts. See the Staff Directory for contact information. The request should indicate the amount and which reserve account the funds should be moved to for funds to be put into a reserve account. If funds are to be moved from a reserve account back to the IFR account again the amount should be indicated, the reserve account and also the amount of allocation needed in the IFR account so that the funds can be expended.
17. How do I change the name of my IFR account?
A request should be sent directly to the Accounting Office, copy to Office of Financial Management and Budget to change the name of your IFR account. If the activity or nature of the IFR account is changing as well, the OFMB should be notified immediately.
18. How do I change a signatory on my IFR account?
A request should be sent to the Accounting Office with a copy to the Office of Financial Management and Budget of the new/ updated signatory information.