2020/21 Fiscal Year-End Close -- Key Dates Related to Fiscal Year-End Close Activities

Dear Finance Colleagues,

Good morning, below is the annual memo communicating key dates related to fiscal year-end close activities.  We typically have waited to send this information until after the budgets are submitted.  This year, as many of us plan for returning to work on campus it is especially beneficial to  have the information earlier.  This information will also be available on the H&S Finance Website. 

     

MEMORANDUM

TO:                             Department & Program Administrators

FROM:                      Jim Henry, Chief Financial Officer

                                    Blake Grenier, Associate Director of Finance

SUBJECT:               2020/21 Fiscal Year-end Close

DATE:                       July 14, 2021

We’re writing with this year’s plan for the 2020/21 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:

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’ll 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, 08/11

AP, Expense Request & T-Card approval deadline

Wednesday, 08/11

NEW: Force close all aging P-Card, T-Card, & Advance Transactions that have aged 60 days or more.  (T-Card and Advances are measured 60 days after clearing date).

Thursday, 08/19

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

Friday, 08/20

P-Card approval deadline (4pm) 

A/P invoice upload deadline (5pm)

Friday, 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 all salary corrections/reallocations (originate by 5pm and approve by 7pm)

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

Saturday, 09/04       

Soft close reports available in OBI

Saturday 09/04- Monday 09/20

Finance Team completes final transactions for close.  Your availability for questions is appreciated.  Please hold all non-close-related questions until Tuesday 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, 08/18

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

Wednesday, 08/25

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

Wednesday, 08/25

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)

Wednesday, 09/01

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

Tuesday, 09/07

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

Wednesday, 09/08

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 funding 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 6th with August soft close numbers.  Compare these numbers to the projections you made on the earlier report.  Only 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 7th.

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 FY2021/22 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 that you haven’t already cleared through appropriate expense iJournals.  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 25th.

Capitalization & endowment exception instructions

  • Provide instructions for payout reinvestment and endowment income exceptions to your finance Liaison by September 8th.  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 11.  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 18th

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 25th.

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 center 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. 

Best,

Blake Grenier

Associate Director of Finance

The School of Humanities and Sciences