Revenue, Expenditures and Reconciliation Procedures


The Commission has two sources of revenue; specifically, revenues generated through the application fee and the issuance fee. For detailed information about the fee structure please see the Fee Policy.

Upon receipt of either the application fee or the issuance fee, the Ohio Department of Higher Education processes the fee on behalf of the Commission. There are four major steps in this process.


Step I: OHEFC Administrator Duties

All fees are received by the office of the Vice Chancellor of Finance for the Ohio Department of Higher Education. The fee processing begins with that officer forwarding the fee payment to the OHEFC Administrator, who completes the following steps:

  • Makes one copy of the check;
  • Prepares a Revenue/Refund Information Sheet;
  • Creates a receipt for the institution;
  • Sends the receipt to the institution;
  • Forwards the check and Revenue/Refund Information Sheet to the designated DHE Fiscal Specialist.


Step II: Fiscal Specialist Duties

Once the Fiscal Specialist receives the check and the Revenue/Refund Information Sheet, he/she completes the following steps:

  • Signs the Revenue/Refund Information Sheet;
  • Makes a copy of the signed Revenue/Refund Information Sheet;
  • Provides the copy of the signed Revenue/Refund Information Sheet to the OHEFC Administrator (this acts as an internal receipt);
  • Prepares a Revenue Receipt (REVE) to deposit the check with the Treasurer of State (TOS);
  • Forwards the REVE to the Chief Fiscal Officer and Fiscal Services.


Step III: Director of Human Resources Duties

Then the Chief Fiscal Officer and Fiscal Services proceeds as follows:

  • Reviews the REVE to ensure that the coding amount is accurate;
  • Signs the REVE to indicate his/her approval;
  • Forwards the REVE to TOS for final processing.


Step IV: Treasurer of State Duties

Finally, the TOS completes the process by completing the following steps:

  • Deposits the check;
  • Imprints the REVE with a cashier stamp, to signify that the deposit was processed and posted to OAKS;
  • Retains a copy of the REVE in the Ohio Department of Higher Education Fiscal Department.

Once the REVE has been completely processed, the Fiscal Specialist forwards a copy to the OHEFC Administrator. It is the responsibility of the OHEFC Administrator to enter the REVE information into the OHEFC Database, to signify receipt of a fee payment. Note: If the OHEFC Administrator position is vacant for any reason, it is the Fiscal Specialist's responsibility to note receipt of fee payment in the Commission's Summary database.


Intra-state transfer vouchers, intra-state payment vouchers, and State of Ohio vouchers are required for payment from the Commission fund. All vouchers are processed through the Ohio Department of Higher Education accounting office. The vouchers, accompanied by required supporting documentation, are reviewed and signed by authorized personnel at the Ohio Department of Higher Education according to their established procedures. These vouchers are then paid from State Accounting. All vouchers are kept by the Department of Higher Education accounting office.

The OHEFC Administrator/Fiscal Specialist records the individual expenditures in the Ohio Higher Educational Facility Commission’s Revenue and Expense Summary, which is used in the reconciliation.


The OHEFC Administrator/Fiscal Specialist is required to perform periodic reconciliations between the appropriate State of Ohio Central Accounting System report and the OHEFC Revenue and Expenses Summary. Furthermore, the Department of Higher Education staff will identify and investigate any discrepancies in expenditures and revenues, and will provide the Vice Chancellor for Finance with completed reconciliations and reports of any unresolved issues. The Vice Chancellor for Finance will provide the Commission with an annual financial report based upon the reconciliations and other documentation.