Finance - UDM v3.0

The Finance domain is the financial information captured in accounts (both actuals and budgeted) that may be used to link programs, staff, or classes for funding purposes. Core to the Finance model is the Account entity, representing the chart of accounts, or an organization of aggregate accounts.

Key Entities

This domain contains:

An Account entity to represent funding sources and purposes.
An AccountCode entity to represent the set of account codes that may be used to define an account.
A Budget entity to represent financial allocations and an Actual entity to represent transactions.
A Payroll entity to model personnel compensation.
Staff and ContractedStaff entities to model personnel.

Key Concepts

The key concepts include the following:

Codes of various classifications (e.g., Object, Function, Fund) specific to the EducationOrganization entity for a fiscal year are represented by the AccountCode entity.
This domain is suitable for tracking federal fund allocations and expenses.
This domain is suitable for tracking staff and contracted staff actuals.
There are no entities or elements that model ledger information.

Model Reference

This section contains reference information for the Finance domain model.

Finance Model Entities

Name	Description
Account	This financial entity represents a funding source combined with its purpose and type of transaction. It provides a formal record of the debits and credits relating to the specific account.
AccountCode	This financial entity represents a set of account codes that may be used to define an account.
Actual	This financial entity represents the sum of the financial transactions to date relating to a specific account.
Budget	This financial entity represents the amount of monies allocated to be spent or received by an education organization as related to a specific account.
ContractedStaff	This financial entity represents the sum of the financial transactions to date for contracted staff. ContractedStaff includes "contractors" or "consultants" who perform services for an agreed upon fee, or an employee of a management service contracted to work on site.
EducationOrganization	This entity represents any public or private institution, organization, or agency that provides instructional or support services to students or staff at any level.
Payroll	This financial entity represents the sum of the financial transactions to date for employee compensation. An "employee" who performs services under the direction of the employing institution or agency, is compensated for such services by the employer and is eligible for employee benefits and wage or salary tax withholdings.
Staff	This entity represents an individual who performs specified activities for any public or private education institution or agency that provides instructional and/or support services to students or staff at the early childhood level through high school completion. For example, this includes: 1. An "employee" who performs services under the direction of the employing institution or agency is compensated for such services by the employer and is eligible for employee benefits and wage or salary tax withholdings 2. A "contractor" or "consultant" who performs services for an agreed upon fee or an employee of a management service contracted to work on site 3. A "volunteer" who performs services on a voluntary and uncompensated basis 4. An in-kind service provider 5. An independent contractor or businessperson working at a school site.

Finance Model