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| Financial Management & Budget |
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IFR Frequently Asked Questions:
1. How do I get an IFR account?
2. What is an IFR account?
3. Where can I get a Budget Plan?
4. Can I change my budget plan?
5. What is allocation?
6. How do I change (increase) my allocation?
7. What is overhead?
8. What is the overhead rate?
9. How is overhead calculated/charged to my account?
10. What is the fringe rate on my IFR account?
11. How is the fringe rate calculated/charged?
12. Can I move money from my IFR account to my State account and vice versa?
13. What is revenue?
14. What are reserve accounts?
15. How do I put money in my reserve account?
16. How do I change the name of my IFR account?
17. How do I change a signatory on my IFR account?
1. How do I get an IFR account?
A new Account Application form (link) 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 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 Budget Plan?
IFR Budget Plans can be obtained from the Office of Financial Management and Budget website (link) or by calling the office at 437-4760.
4. Can I change my budget plan?
Yes. Revisions to budget plans can be made at anytime.
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?
Currently request to increase or decrease allocation levels in an IFR account should be sent to Sophia Hammett Turner at shammett@uamail.albany.edu. The request should indicate a brief reason for the change including revenue source to cover an increase allocation request.
7. What is overhead?
Currently there are two overhead assessments to IFR accounts. Administrative Overhead is an assessment on revenue received into an IFR account to cover account set up and on going administrative IFR cost. Maintenance and Operations Overhead is an assessment on revenue received into an IFR account to cover/recoup cost of facilities operations (light, heat, etc).
8. What is the overhead rate?
The current rate for Administrative Overhead is 5.6%. The current rate for Maintenance and Operations Overhead is 8.7%.
9. How is overhead calculated/charged to my account?
Overheads, AOH and M&O are assessed on revenue received into an IFR account. The overhead is assessed monthly (1st of the month) for the previous months revenue received.
10. What is the fringe rate on my IFR account?
The current (05/06) fringe benefit rate is 45.03% for federal release time accounts and all others it is 45.24%.
11. How is the fringe rate calculated/charged?
Fringe Benefit is assessed on PSR and TS fringeable cost monthly. The IFR account is assessed (FB) for PSR and Ts fringeable expenditures 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 can not be moved form 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. What are reserve accounts?
Reserve accounts (Equipment, Facility, and Program Stabilization) are accounts where revenue can be moved to and held for future (savings account) use. There are 3 reserve account categories. Equipment Reserve for equipment replacement, Facility Reserve for facility improvements and or upgrades and changes and Program Stabilization to cover future program funding gaps or concerns.
15. 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 Sophia Hammett Turner at shammett@uamail.albany.edu. 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.
16. 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.
17. 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.
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Please send questions or comments to: financialmanagement@uamail.albany.edu
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