Originally published 4/3/20; updated 4/20/20, 5/21/20
The following table summarizes how to capture COVID-19 financial impacts.
|For...||Use...||Examples and notes|
|COVID-19 service expenses||Account 951770||Proctoring software subscription needed for courses that were previously face-to-face and are now online; COVID-19 cleaning services|
|COVID-19 supplies/materials||Account 932310||COVID-19 Personal Protective Equipment (PPE) for campus; work-from-home supplies needed for employees who normally don’t telework and are required to because of COVID-19 disruptions; COVID-19 equipment/assets that cost less than $5,000|
|COVID-19 sales/services refunds||Account 104010||
Housing, dining and parking refunds
Note: Do not use this account for tuition/fee refunds or revenue that was never earned to begin with
|All other COVID-19 financial impacts, including estimated lost revenues and sunk costs||Coronavirus Financial Impact Google Form||
Lost revenues: Estimated revenue not earned because of COVID-19 disruptions during the summer
Sunk costs: travel costs for trips that were canceled due to COVID-19 and not recoverable
Expenses already coded to the COVID-19 expense accounts above? No further action is needed. You do NOT need to also submit these expenses via the Coronavirus Financial Impact Google Form.
Mandatory onsite personnel expense account -- A COVID-19 personnel expense account, 914590, was created for any mandatory onsite hours paid. This account will automatically be connected to mandatory onsite hours submitted in Kronos; no action is needed on your part.
Travel expenses -- We have not set up separate accounts to track COVID-19 related travel expenses. If you have travel expenses for cancelled trips, continue to use the existing travel expense accounts (see the “Rates” tab in the travel forms package). Any distinct cancellation fees incurred can be coded to 951770.
Thank you for your continued diligence in tracking COVID-19 financial impacts.
Anne Brown, Associate Vice Chancellor for Finance