Special Purpose Fund Instructions

All funds received as part of a Risk Management Grant Award must be placed in a Special Purpose Fund (SPF). The SPF account provides the grant awardee with a method to isolate grant funds to be used for their intended purpose, and permits a simple method of tracking expenditures as they occur.  The principal investigator for each grant award is responsible for submitting the documentation necessary to create an SPF.

To open an SPF:

1. On Lifespan Intranet, follow thread: “Admin/Finance/ (scroll down) Chart of Accounts/Center Addition:Revision:Termination.”
2. Click on “Center Addition: Revision: Termination.” This will lead to a PDF document entitled “OPERATING/SPECIAL PURPOSE FUND.”
3. Print out form. Info on form must be hand-entered.
4. Check “Activation”
5. Select proper affiliate.
6. Leave blank: “Where are $’s currently budgeted?”
7. Leave blank: “Responsibility Center Description”
8. Leave blank: “Department’s Function”
9. Leave blank: “Special Purpose Fund Number” (will be assigned)
10. Enter name of project (33 characters including spaces) in “SPF Description.”
11. Enter names of Sr. VP, Director, and Manager/PI.  Director and PI may be same person.
12. Leave blank: “Report Distribution to name/title/location”
13. Indicate whether there will be a payroll involved.
14. Indicate whether there will be patient revenue (most likely “No”)
15. Check “Special Purpose Fund” and indicate on lines provided a specific description of what the grant funds will be used for (154 characters, including spaces).
16. Enter “Risk Management Grant Award” under “SPF – Source of Funding.”
17. Enter signature of departmental approval authority (Director, who may be PI)

Then:

18. Write name and telephone number of PI on top of form (to be notified of SPF and/or for comments/questions from Finance).
19. Fax form to Joyce Setchell in Financial Operations Department (fax: 401-444-5409)