How does project accounting work for capital projects?
Upon project approval by the appropriate committee, and if required with notice provided to University Planning, University Planning will notify Capital Accounting and provide supporting documentation which must include the signed Approval Letter and Total Project Cost and/or CaPS application. Capital Accounting will then set up in the University’s Financial Information System (FIS) the relevant capital project accounting structure including the project specific fund center, fund, and internal order. Once completed, Capital Accounting will notify University Planning which will proceed to complete the relevant documentation to request budget transfers, for all three campuses and in concert with the funding sources figures provided on the CaPS application/approval letter. The completed budget transfer requests are submitted to Planning and Budget to execute. Once this task is completed, the funding becomes formally available in the FIS to fund capital project costs. At this stage, UPDC Finance will create the capital projects workflow based on the designation of authority provided by Project Management, and Capital Accounting will request from Facilities and Services (F&S) the customer number for the project whereas Project Management Administration will create a superior service order number required for project related trades orders from F&S.
Where can I obtain the Letters of Credit application (if required for a capital project) and how do I complete it?
The CIBC letters of credit application is found at:
Step 1: Please choose or click on: ‘Apply for an Irrevocable Standby Letter of Credit/Guarantee’. Close attention may be necessary in choosing the right option depending upon the requirements of a capital project.
Step 2: Please collect and ensure that the form has all the information requested by the City:
- City’s reference #.
- Project Manager’s name & contact.
- Site plan control application number.
- Suggested pro forma for LOC, if any.
- Other requirements, if any, stipulated by the City to prevent delays in the approval process of the LOC.
- All our applications are to be checked off “Yes” for automatic renewal clause and this should allow to enter all details.
- Internal approvals: Signed by the Project Manager and approved by the Executive Director, Capital Projects Group.
- Any other supporting documentation requested in NOAC letter issued by the City.
Step 3: Completed application is then submitted to Hemantha Dayananda (phone# 416-978-4927, email: email@example.com) in Financial Services Dept. at 215 Huron Street, 2nd Floor.
Once the application is approved, Financial Services will contact the Project Manager (initiating the LOC application).
Step 4: The completed application with supporting and approval documentation must be stored electronically (pdf).
Where can I get the PCard application form?
The PCard application form is found at this link. Please be sure to read the PCard policy in order to be familiar with it and to ensure compliance to it.
Who is the departmental PCard coordinator for UPDC?
The PCard coordinator for UPDC is Anca Vlasin, firstname.lastname@example.org, 416-978-3082.
For more questions, visit the Central Finance and Admin FAQs page