Capital Accounting

Welcome to the Capital Accounting section of the Financial Services Department. Our function is to support University Planning, Design & Construction (UPDC), which is engaged in major construction, renovation and major deferred maintenance projects across the University’s three campuses. We also provide the same support to University of Toronto Scarborough Design and Construction Management and University of Toronto Mississauga Facilities Management and Planning. Our financial roles include:

• Providing financial consultation through the life cycle of a capital project
• Ensure internal controls are adhered to
• Project set-up
• Provide Business Board-approved project financing
  • Short-term construction financing and project interest calculation
  • Long-term construction financing
• Conduct transaction processing
• Prepare financial reporting
• Responsible for financial close-out
• Co-ordinate and supervise audits

Forms

Following are links to specific forms commonly used in the capital accounting function, as well as a link to other commonly used forms for processing in FIS:

• Purchase Order Request
• Purchase Order Change Request Form
• Total Project Cost (TPC) template
• Employee Expense Reimbursement Form – Excel ; PDF ; Instructions for Completion
• Reference Guide – Capital Project Report
• Forms for Processing in FIS

Guide to Financial Management

The following are the specific sections in the GTFM that are relevant when a department is involved in capital projects, or alterations and renovation activities, at the University of Toronto.

• Alterations, Renovations & Space
• Capital Assets
• Internal Long – Term Financing Program
• Purchasing

Holdbacks

If a department is involved in renovation/upgrade projects, agreements with general contractors may involve the holdback of a portion of invoice payments. Refer to the sub-section on holdbacks for more information on these amounts and how they are processed.

FIS Glossary

See the FIS Glossary for a glossary of terms used frequently when dealing with the Financial Services Department.

Contractors and suppliers of work, services and supplies to real property have protections controlled by the Construction Lien Act. The Construction Lien Act requires every “payer” to retain a statutory holdback until all liens that may be claimed against the holdback have expired, been satisfied, discharged or vacated by payment into court (Part IV). The required holdback is 10% of the value of services or material supplied under a contract (section 1(1)).

At the University of Toronto, we recognize 100% of the liability at the time the invoice is received despite of the 10% holdback in payment. Most holdbacks occur in relation to Capital projects, and thus are handled separately by the Capital Accounting section of the Financial Services Department.

In those situations where departments are entering invoices into FIS that include holdback, please call the Supervisor, Capital Accounting for assistance.

Below please find a list of contacts in Capital Accounting. The email address can be found by clicking on the staff member’s name.

Manager	Selina Law	416-978-7143
Supervisor, Capital Accounting	Blanca Santos Ortiz	416-978-2132
Capital Funds Analyst	Eric Marianayagam	416-978-8175
Capital Fund Accountant	Eric Beroncal	416-978-0530
Capital Accounting Clerk	Edith Calingacion	416-946-3123