Fiscal year 2020/21 Year-End Close and Fiscal year 2021/22 Start

October 8, 2021

Dear H&S Finance Colleagues,

The new academic year is underway!  As we put fiscal year 2020/21 behind us, we want to make you aware of reports that are available to review fiscal year, 2020/21 close and point to some information about the new fiscal year, 2021/22. 

To keep this email brief, we have added links at the bottom of this email to documents that contain more explanation on how to run reports and where to find them.  If you are new to H&S or would like a refresher on best practices for budget management, we encourage you to click on the links or contact your liaison for more help.

  • The OBI H&S Financial Dashboard can be used to review 2020/21 OB and Non-OB final numbers by choosing AUG-2021 fiscal-to-date in the selection criteria.  The Department Reserve Report is especially important to review.
  • Final Commitment Reports for 2020/21 have been posted in the Repository. 
  • Salary and Non-Salary versions of your 2021/22 budget from BPS will be posted in the Repository by the end of the day on Friday October 15.  Your 2021/22 budgets are available in BPS until we begin next year’s budget cycle.  
  • The fringe rates for the current fiscal year have been confirmed.  During the budget process we budgeted the RBE rate at 33.45%, however, effective September 1, 2021, the RBE rate is now 33.15%.  This includes the combined 3.45% of TGP and supplemental fringe rate charged against Regular Benefit Eligible employee salaries for non-government projects/accounts only.  The 3.45% contributes to the University’s fund for continuation of the Tuition Grant Program for children of faculty and staff as well as supplemental fringe benefits.
  • The 2021/22 budget will load into Oracle and be reflected in OBI/FFIT.  The expense control for Projects and Tasks will load in October.  Funding transfers supporting the budget will be completed in October and November.  
  • Review labor schedules.  Reviewing salary charges early in the fiscal year makes it much easier to complete corrections or adjustments.  Regularly check both the faculty salary report and your OSA clearing account to stay on top of these throughout the year.  Reports are included in the H&S Financial Dashboard.
  • New this year, aging financial transactions over 60 days will be force cleared by FMS, on a quarterly basis.  Transactions that are force cleared will be charged $35 fee.  To run reports to monitor aging transactions use the University OBI dashboard, Expense Requests and SU Card Activity.  For more information see Fingate.  Note: PCard starts aging on posted date, TCard starts aging on posted date if there is no expense end date, and Advances aging begins with the Expenditure Item Date if there is no expected clearing date.

Please follow this LINK to the H&S Finance website to learn more about running recommended reports in review of 2020/21 results and best practices for setting up 2021/22.  To run commitment reports throughout the year, consult the HandSOn Commitment Reporting Job Aid.

Best,

Blake Grenier

Associate Director of Finance

The School of Humanities and Sciences