FY20 Year-End Close and FY21 Start

Dear H&S Finance Colleagues,

Happy new fiscal and academic year!  This summer felt a bit like an exercise in survival rather than rejuvenation, but we made it through an extraordinary fiscal year end.  Thank you! 

We want to make you aware of reports that are available to review 2019/20 and point to some information about 2020/21.  To keep this email brief we have added a link at the bottom of this email to a document that contains 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 the link or contact your liaison for more help.

  • H&S Financial Dashboard can be used to review 2019/20 final numbers choosing AUG-2020 fiscal-to-date in the selection criteria.  For those pressed for time we recommend at least running the Department Reserve Report.
  • Final Commitment Reports for 2019/20 have been posted in the Repository.
  • Salary and Non-Salary versions of your 2020/21 budget from BPS have been posted in the Repository.
  • The fringe rates for the current fiscal year have been confirmed.  The only net change is that the Postdoc fringe rate for 2020/21 is now 25.1% (vs. 25.2% previously).  NOTE:  The TGP rate increased (to 3.25%), but the RBE rate correspondingly decreased (to 29.0%), leaving a total RBE rate on non-federal grants of 32.25% as previously announced.  
  • The 2020/21 budget will load into Oracle/OBI/FFIT one month later this year than usual.  It will be available in mid-November.  This means that budget-based reports will show deficits through October close.  The iBudget module will not reopen this year until the budget is loaded in mid-November. 
  • Recommendation:  Most of you have already been checking to see that labor schedules are set up correctly.  Reviewing salary charges early in the fiscal year makes it 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.
  • Student Aid Endowment Payout:  The University Budget Office (UBO) is hosting a webinar to explain the Student Aid Endowment Payout on October 8 from 1:00 PM to 2:00 PM. If you plan to attend, please Register

Please follow this LINK to the H&S Finance website to learn more about running recommended reports in review of 2019/20 results and best practices for setting up 2020/21.

Best,

Blake Grenier

Associate Director of Finance

The School of Humanities and Sciences