Reviewing Fiscal Year 2021/22 Year-End Close Data and Fiscal Year 2022/23 Information
Dear H&S Finance Colleagues,
The new academic year is underway! As we put fiscal year 2021/22 behind us, we want to make you aware of reports that are available to review fiscal year 2021/22 close and point to some information about the new fiscal year, 2022/23.
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.
Reviewing Results of 2021/22:
- The OBI H&S Financial Dashboard can be used to review 2021/22 OB and Non-OB final numbers by choosing AUG-2022 fiscal-to-date in the selection criteria. The Department Reserve Report located on the dashboard is especially important to review, since it contains information which may be an indication of your ongoing sustainability.
- Final Commitment Reports for 2021/22 have been posted in the Repository.
Setting up for 2022/23 Budgets:
- Salary and Non-Salary versions of your 2022/23 budget from BPS have been posted in the Repository. Your 2022/23 budgets are also available in BPS until we begin next year’s budget cycle.
- Your 2022/23 BPS budget data will load into Oracle and be reflected in OBI/FFIT shortly: the Expense Control for Projects and Tasks will load in October; funding transfers supporting the budget will also be completed in October.
- The fringe rates for the current fiscal year have been confirmed. During the budget process we budgeted the full RBE rate at 31.5%; however, effective September 1, 2022, the full RBE rate is now 30.9%. This includes the combined 2.2% of TGP and supplemental fringe rate charged against Regular Benefit Eligible employee salaries for non-government projects/accounts only. [The 2.2% 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.] Contingent Employee fringe was budgeted at 7.4%; effective September 1, 2022, the rate is actually only 6.9%. Vacation Accrual/Disability Sick Leave rates (applicable to only Regular Benefits Eligible staff): Exempt, Nonexempt, and Bargaining Unit staff all remain 8.8%.
Setting up for 2022/23 Expenditures:
- 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 Org Suspense Account (OSA) clearing account to stay on top of these throughout the year. Reports are included in the H&S Financial Dashboard.
- Remember that 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.
- New reports have been added on the “Expense Request and SU Card Activity” Dashboard to help locate transactions that have been force cleared. Find out more through the links below.
Please follow this LINK to the H&S Finance website to learn more about running recommended reports in review of 2021/22 results and best practices for setting up 2022/23. To run commitment reports throughout the year, consult the HandSOn Commitment Reporting Job Aid.
Associate Director of Finance
The School of Humanities and Sciences