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Proper Subcodes for Federal Cost Accounting Standards

Understand the importance of using proper subcodes for financial reporting on Federal Grants and Contracts according to Federal Cost Accounting Standards. Learn about the new capitalization limits and official subcodes for equipment.

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Proper Subcodes for Federal Cost Accounting Standards

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  1. Why Use Proper Subcodes? Rochelle Williams, Accounting Specialist Email: rochelle@andromeda.rutgers.edu Phone: 973-353-1540

  2. The Use of Proper Subcodes • Federal Cost AccountingStandards require uniformity and consistency in budgeting, accumulating and reporting financial information on Federal Grants and Contracts. • Many of the grants and contracts administered by the Newark Grants Office are directly or indirectly paid for with Federal funds.

  3. The Use of Proper Subcodes • In response to Federal Cost Accounting Standards the 4-2Subsidiary Ledger Subcode Listing was developed. The listing shows the OFFICIAL subcodes and their definitions for use with 4-2XXXX accounts. • No other subcodes should be used on 4-2XXXX accounts without prior approval from the Newark GrantsOffice.

  4. New Capitalization Limit • On July 1, 2003, the University raised the limit for the Quick Order from $1,000 to $5,000. • The University also raised the capitalization limit of equipment from $1,000 to $5,000.

  5. New Capitalization Limit • There are only three officialsubcodes for charging items of capital equipment to 4-2XXXX accounts. • 2240 – Permanent Equipment $5,000 or less. • 7050 – Additions & Improvement of Building and Grounds • 7260 – Permanent Equipment more than $5,000.

  6. For more information and the Official Listing of Subcodes and their definitions, go to: • http://postaward.rutgers.edu/42sub.html

  7. Questions?

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