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Clearing Overdrafts

Campus departments are requested to clear overdrafts for fiscal close, with particular emphasis on the following fund groups:

  • Gift funds
  • Endowment funds
  • Other Source funds

A list of your department’s overdraft funds may be obtained by running the Overdraft Reports by Fund and the Overdraft Reports by Account/Fund in OFSR (Online Financial System Reports).

Once you have identified the funds in overdraft, please take the following action:

  • For current fiscal year expenses, create an online NPEAR to move the overages to an allowable funding source.
  • For gift funds linked to the Foundation, the department should prepare a Monetary Transfer of Funds (MTF) to draw down money from the Foundation to clear the campus gift fund deficit. Please reference the Foundation deadlines for the monthly and annual close.
  •  If steps 1 and 2 are not sufficient to clear the deficit, or if the deficit was caused by prior year overspending, the department should contact General Accounting for assistance.

If you have any questions or need additional assistance, please contact your General Accounting Fund Manager.