FAQ Financial Reporting

Financial Reporting, Research & Special Projects

How can I see the financial transactions of my department/unit?

FAST (Financial Administration System Tool) delivers your financial information to your browser when you login with your IT-administered username. If you do not have a username to use FAST, it is likely that you have not been giving viewing rights to an account. If you require access, speak with your Dean, Director, or Department Head in order to request access for you. To access the FAST website, click on this link: FAST.

How do I create a separate account for my new contract/initiative/study tour/etc? What do I need to include in my request for a new account?

First, complete the Account Set-up Form. Second, contact the Financial Analyst & Liaisondedicated to your Faculty/Unit. Your FAL will work with you to discuss the particular needs for your new project (reporting, invoicing, insurance, etc). To request a new account, you will need to present a copy of all relevant paperwork for this project which may include, but is not limited to, a copy of the contract or proposal, a budget, an outline of any relevant agendas, schedules, or itineraries, email correspondence, letters of award, or written justification and purpose for the new account. Once all the appropriate documentation and authorizations have been received, the FAL will create the account for you.

You will also be asked to provide a Signing Authority Form, which will require an authorizing signature. For more information on who can be a signing authority, please review the Board Policy.

What is UFV's administrative overhead fee and how much is it?

UFV’s administrative overhead fee is a charge to projects that are ‘fee-for-service’ activities that use University facilities but are not charged for them. Generally, this would exclude flow-through and tuition accounts. The purpose of the administrative fee is to partially offset central University expenses associated with administrative support of these projects which historically are treated differently from most University programs in several respects (budgeting, accounting, purchasing, etc.)

The operating costs the administrative overhead fee contributes to are:

Space rental
Utilities (such as heat, light, power, steam, gas, water, sewer)
Facilities costs (such as common area services and equipment, IT infrastructure), or
Infrastructure costs of the University in any one of the following areas:
- Financial administration,
- Human resource administration, or
- Plant operations (building operations and maintenance, custodial and facilities management, grounds maintenance and landscaping, waste management and recycling)

The administrative overhead fee is currently 10%. This rate is recognized at the end of each month after the revenue is received and may change from year to year.

Should I be including the UFV administrative overhead fee it in my project's budget?

The administrative overhead fee should be 10% of all revenues to be received and included in the project budget. New projects are assumed to be eligible for the administrative overhead fee unless the department responsible provides a reason why they should be excluded. The reason should be provided upon submission of the account request and will need to be approved by the Director of Finance. We are aware that certain agencies will not allow an administrative overhead fee and the project will not be charged accordingly.

Can I cover any deficit in my project from base funds?

Generally, projects should not be undertaken if they are expected to run a deficit. However, we realize this is not always possible and unexpected deficits may arise. If your project is or is expected to be in a deficit position, contact your Dean or Senior Administrator at the earliest possible time in order to discuss from where this deficit can be covered. It is the responsibility of the project holder to find sufficient funding to cover all expenses.

There is a financial reporting component stipulated in my project, who will do this?

All financial reports should be reviewed by the Finance department and signed by the Director of Finance prior to submission. If you require any assistance in completing these reports or there are any complex elements, please discuss your needs with your Financial Analyst & Liaison as soon as possible. If you are unsure of who your Financial Analyst & Liaison is, please email Finance.Liaisons@ufv.ca for assistance.

Who should I contact with questions regarding the finances for my project?

Any and all queries regarding the financial components of research or special projects should be directed to your Financial Analyst & Liaison. They will work with you to complete any required reports or forms and advise on issues as necessary. If you are unsure of who your Financial Analyst & Liaison is, please email Finance.Liaisons@ufv.ca for assistance.

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