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Guidelines for 2-Ledger and 6-Ledger Accounts

1. Designated (2-ledger) and restricted (6-ledger) accounts are assigned to departments or programs.  As such, these accounts are subject to the oversight and management of the department chair or program director and the Dean of Emory College.
   
   
2. Designated and restricted accounts must be used for their specific designated or restricted purpose.
   
   
3. Creation of new accounts must be approved by the College Chief Financial Officer and submitted by the Dean’s Office to the Controller.
   
   
4. These accounts are not part of the operating budget process, so their surplus balances roll over from year to year.  Deficits in these accounts are not allowed.  Deficit accounts are reviewed by the Dean’s Office monthly.  The first instance of a deficit balance at month end requires a written explanation to the College Chief Financial Officer.  The deficit must be eliminated within 30 days.  Upon the second instance of an account deficit or if a deficit is not eliminated within 30 days, the account will be frozen so that further transactions will not be possible.  Purchase cards linked to the account will be suspended.  The deficit must be resolved immediately and a remedial action plan for keeping the account in surplus must be submitted to the College Chief Financial Officer.  Upon the 3rd instance of an account deficit, department funds will immediately be transferred to bring the account to zero balance and the account will be closed.  In the case of a 6-ledger, the account will remain open, but the department access to the account will be removed.  Under no circumstances will an account be allowed be remain in deficit at fiscal year end (August 31st).
   
   
5. Funds transfers are not allowed from 6-ledger accounts.  Other funds should generally not be commingled with 6-ledger funds, so funds transfers into 6-ledger accounts are rarely appropriate.  All funds transfers for 2-ledger and 6-ledger accounts are subject to approval by the chair/director and the Dean’s Office.
   
   
6. All payroll transactions from 2-ledger and 6-ledger accounts must be approved by the Dean’s Office.  Any payments to contractors must be reviewed by the Dean’s Office to determine that payment as a vendor in lieu of payroll is appropriate.  The College’s established HR practices must be followed for all payroll payments from these accounts.
   
7. Purchase obligations which will be accomplished via contract, purchase card, purchase order, or payment request should only be made after it has been determined that sufficient funds are available.