2019/20 Fiscal Year-End Close Process

MEMORANDUM

 

TO:                            Department & Program Administrators

 

FROM:                      Jim Henry, Chief Financial Officer

                               Blake Grenier, Associate Director of Finance

 

SUBJECT:                 2019/20 Fiscal Year-end Close

 

DATE:                        August 4, 2020

 

We are writing with this year’s plan for the 2019/20 fiscal year-end close.  The year-end close process for the School of Humanities and Sciences has not changed from last year.  This year we will continue to use the suite of reports provided on the H&S Financial Dashboard, including the OB and Non-OB reports.  More details are included in the OB and Non-OB Close Tasks sections below. 

 

Training Sessions

Year-end process review sessions will be held on:

 

Tuesday, August 11, from 1:00 pm – 2:00 pm    

Zoom Link = https://stanford.zoom.us/j/95003640158?pwd=enkxaTNzdUJGZ3k5L1NvRUxpZkRXZz09

 

Monday, August 17, from 11:00 am – 12:00 pm 

Zoom Link = https://stanford.zoom.us/j/93893770915?pwd=b3Z5SWZuK3MxOGRiVFhmNHpWcDdxUT09

 

We will review the basic close process, demonstrate how to use the year-end close reports, and discuss how to communicate instructions for closing the operating budget and covering deficits in restricted funds.  We will also provide reminders on how to download from the Box Repository and upload to your WIP folder.

 

Key Dates

As in prior years, turn-around times are very tight.  Key University dates are provided below and on Fingate:

 

Wednesday, 08/12

AP, Expense Request & T-Card approval deadline

Friday, 08/14

OSA (org suspense account): Labor Distribution Adjustments to clear OSA for pay periods thru 7/31 submittal deadline (5pm)

OSA LDA for pay periods thru 7/31 approval deadline (5pm)

Friday, 08/21

P-Card approval deadline (4pm)

A/P invoice upload deadline (5pm)

Thursday, 09/03

Last day of Soft Close

Salary & A/P org suspense accounts clearing (OSA for pay periods thru 8/31)

Final LDA deadline for salary corrections/reallocations (originate by 5pm and approve by 7pm)

   iJournal deadline for non-salary expenditure corrections/reallocations  submitted and approved (5pm)

Friday, 09/04            

Soft Close reports available in OBI

Friday 09/04- Friday 09/18

Finance Team completes final transactions for close.  Your availability for questions is appreciated.  Please hold all non close related questions until Monday September 21.

 

Here are some key H&S dates to turn in your year-end close instructions to your Finance liaison.  Details can be found in the sections below.

 

Wednesday, 08/19

Confirm with your liaison all remaining HandSOn commitment transfer amounts and provide instructions to process or carryforward

Wednesday, 08/26

Provide your liaison with faculty salary grants and contracts saving transfer amounts and PTAs (only applies to departments)

Wednesday, 08/26

Provide your liaison with Cost Share Funding instructions for those Cost Share Awards still in overdraft (Use the Non-OB report to identify these Cost Share Awards in overdraft)

Tuesday, 09/01

Upload annotated year-end close OB and non-OB reports with instructions for the close into your Finance Repository WIP folder

Friday, 09/04

Upload year-end close OB and non-OB reports with updated instructions based on Soft Close balances, only if there is a significant change

Wednesday, 09/09

Provide endowment capitalization and income exception instructions to your liaison

 

Operating Budget Close Tasks

Review year-end close report; provide closing instructions

  • Use the Fund Balance Review OB report with fiscal year-to-date actuals to review your year-end operating budget status. This report is available through the H&S Financial Dashboard in OBI.  Export the report in Excel, project year-end numbers and create your year-end close plan with instructions for covering any anticipated deficits or for pulling back unused departmental funding.  Upload your initial plan to your WIP folder in the Finance Repository by September 1st.

 

  • Run the same report on September 4th with August soft close numbers.  Compare these numbers to the projections you made on the earlier report.  If the numbers differ materially, update your plan, inform your liaison, and upload the new plan to your WIP folder no later than end of the day September 4th.

 

Budget savings

  • As announced earlier this year, all budget savings will be kept by departments & programs.  Units do not need to submit a request for budget savings.  Please use this opportunity to maximize your use of restricted funds and release general funds to your Budget Savings award.  The budget savings policy for FY2020/21 will be announced this fall. 

 

Non-Operating Budget Close Tasks

Funding instructions for restricted fund deficits

  • Use the Fund Balance Review Non-OB report with fiscal year-to-date actuals to identify any non-sponsored funds in overdraft.  Export the OBI report in Excel, provide instructions for resolving overdrafts and upload your plan to the Finance Intranet WIP folder by September 1st.

       Please remember to factor in infrastructure charges where appropriate!

 

Faculty salary savings transfers

  • A reminder and detailed instructions for this process will be sent separately.  Verify grants and contracts salary savings and annotate your report with any corrections and projections.  Upload annotated reports to your WIP folder by August 26th.

 

Capitalization & endowment exception instructions

  • Provide instructions for payout reinvestment and endowment income exceptions to your finance Liaison by September 9th.  Capitalization requests will be reviewed by Steve Olson, Jim Henry and Development, and then forwarded to Fund Accounting by Finance.

 

HandSOn summer ninth & other commitment transfers

  • Your Finance liaison will upload a commitments report to your Finance Repository folder by August 12.  Annotate your report with any remaining transfers to be made for fiscal year-end and upload the completed report to your WIP folder by August 19th.

 

Cost Share Accounts                                                                      

  • Funding transfers for cost share accounts are made by H&S, rather than by OSR.
  • H&S Finance will take a first pass by funding applicable faculty salary charges by July close.  Please review Cost Share Awards for remaining deficits.   
  • Funding instructions for the department’s portion of cost shares should be submitted to your H&S Finance liaison by August 26th.

 

 

The H&S Financial Dashboard, including the OB and Non-OB reports and the Faculty Salary G&C Savings report, is available as a link from the H&S Finance Website.  Scroll to the Quick Links at the bottom of the page for the Dashboard and other helpful links.

 

As always, please contact your Finance liaison if you have questions about the close process.  Tight University deadlines and the large number of H&S units make this annual process uniquely challenging.  Many thanks in advance for your hard work and attentiveness to the year-end process and deadlines. 

 

Post Year-End Close

Please note that the University is signaling that a final submission of FY20 COVID-19 Financial Impact reporting will be due in late September/early October.  We are anticipating that the H&S Finance Office will be able to complete this reporting with only minimal assistance from Departments and Program.  Your assistance with addressing any questions we may have during this time will be greatly appreciated.  

 

 

 

Blake Grenier

Associate Director of Finance

The School of Humanities and Sciences