Stevens Institute of technology funds may only be used for ordinary, necessary, and reasonable business-related expenses incurred in furtherance of the university's mission. Stevens receives funding from a variety of sources that carry with them fiduciary responsibilities. Inherent in these responsibilities is the requirement to operate the institution under guidance set forth by the Board of Trustees; to follow generally accepted accounting principles; and to comply with related federal, state, and local regulations. Proper stewardship of funds is the responsibility of all employees involved in financial transactions. Every Stevens’ accounting transaction should be processed in a way that insures this will occur.
Being able to correctly record and report Stevens’ financial activity is crucial to our fiduciary responsibility. The correct choice of the object codes is key in this endeavor. The use of the Object Code describes the transaction. As you choose the object code, look beyond the name of the object code to its type and level. Each object code is assigned to a specific Object Type and Object Level.
Follow this link and take a look at the second tab at the Object Type and Object Level associated with each object code.
Object Codes, Object Types and Object Levels
The Object Types, along with other codes, help classify transactions for financial statement purposes. As you search for the correct object code please note the two digit alpha Object Type.
There are nine Object Types as follows:
Net Assets (FB)
Expenses not Cash(ES)
Expenditures not Expenses (EE)
Transfer Out (TE)
Transfer IN (TI)
Each object type is described in detail here.
There are about one hundred Object Levels. These are useful for combining the activity on pre-selected object codes for reporting like activity.
Follow this link again, Object Codes, Object Types and Object Levels
This time take a look at the Object Type EX (Expense) and note the varied Object Levels that are associated with it.
For further information on the Chart of accounts visit the Features Section.