Budget Home Page |FAQ'S | IFR
IFR Frequently Asked Questions:
- How do I get an IFR account?
- What is an IFR account?
- Where can I get a Budget Plan?
- Can I change my budget 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 rate calculated/charged?
- Can I move money from my IFR account to my State account and vice versa?
- What is revenue?
- 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 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 or by calling the office at 956-8090.
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, requests to increase or decrease allocation levels in an IFR account should be sent to Ashley Kravitz at email@example.com. 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. This assessment covers account set up and on-going administrative IFR costs in addition to the cost of facilities operations (light, heat, etc).
8. What is the overhead rate?
Effective 7/1/13 the Partial Overhead rate is 7.5% and the Full Overhead rate is 15%.
9. How is overhead calculated/charged to my account?
Overhead is assessed on revenue received into an IFR account. The overhead is assessed one month (1st of the month) after revenue is received.
10. What is the fringe rate on my IFR account?
The official 2013-14 fringe benefit rate is 58.75% for federal release time accounts and all others it is 55.48%.
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 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. What are reserve accounts?
Much like saving accounts, reserve accounts hold revenue for future use. The reserve account categories are as follows:
Equipment Replacement and Repairs: for replacement, repair or upgrade of existing equipment
Facilities Rehabilitation and Renovation: for facility improvements, upgrades or changes
Budget Stabilization: to cover future program funding gaps or concerns
Research Investment: for research extending program activity, enhancements or new program developments
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 firstname.lastname@example.org. 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.