If you don't separate internal activity from external activity, the ISO may have to refund to the federal government profits on external sales. Sales to University departments are NOT subject to sales tax even if the funding comes from an external source. Submit the completed form to Accounting Services' Chart of Accounts accountant. Also, prepare a list of all organizations which will be used to account for the business. This will be used to group all accounts together for analysis.
Determine budget amounts for the activity.
Include annual sales revenue and all expenses required to generate the revenue. Submit the completed forms to Budget Administration for review and approval. Determine the correct CUFS Revenue Source code and expense Object code for each type of revenue and expense that has been estimated. ISOs that operate within academic, research, academic support or institutional support departments may be particularly affected by state and federal requirements. ISO revenues and expenditures should be recorded in appropriate accounts.