1. Year-End Closing of the Books 2011-2012

2. Overview of Closing: - Why? GAAP – Generally Accepted Accounting Principles. End of the business cycle: –State sessions ends in June. –UO activity begins with summer school (excluding law). Federal (GASB) & State (OUS) requirements. –OUS has a number of mandated deadlines. Snapshot in time. –YTD Activity is used to monitor, project, budget, compare and contrast with other funds, institutions, etc… –YTD balances are used for performance evaluations, system audits, anomalies, etc…

3. Overview of Closing: - Why? Annual reporting – Internal & external. –Rolled into OUS and State financial statements. –Used by DHHS and other Federal agencies, State Board of Higher Education, Bonding Services, etc… Auditors – –Test for accuracy, consistency & reliability of systems, including our policies & procedures. Help us establish best practices. –Includes: DHHS, Naval Research, NCAA, Clifton Larson Allen(financial statement & A-133), Secretary of State, etc… OUS Financial Statements: http://www.ous.edu/dept/cont-div/accounting-reporting/annualfinreport

4. Overview of Closing - When? Activity that takes place between: July 1, 2011 and June 30, 2012 Including accruals thru July 23, 2012. Transactions must be recorded in the fiscal year that a majority of the event takes place, not when it is processed. This applies to all funds in FIS regardless of the funding source.

5. Overview of Closing - What? Close fiscal period 12. –Our goal is to have all June transactions recorded in FP-12. Open accrual period (fiscal period 14). Departments have one week for adjustments. BAO/BRP/SPS have one week for adjustments. Close fiscal period 14 (FY-12). OUS extracts our data & populates the HFM System. UO reports any FY-12 transactions to OUS through the date financial statements are released.

6. FY-13 Balances FY-13 balances will only include FY-13 transactions until fiscal period 14 is opened. When fiscal period 14 is opened, beginning balances in FY-13 (FP-00) are populated with FY-12 FP-12 ending balances. Each entry posted to FY-12 during FP-14 has a mirror entry in FY-13 (FP-00).

7. Balance Sheet Account Codes A = Assets B = Liabilities C = Income Statement Totals D = Fund Balance E = Fund Additions F = Fund Deletions Income/Expense Accounts are rolled up to Fund Balance at Fiscal Year-End.

8. Balance Sheet/Income Stmt. FGITBALFWIBUDG Balance SheetIncome Stmt C00100XXXXRevenue C20101XXXXLabor C10102XXXX- 8XXXX General Expense C50109XXXXTransfers

11. Subsidiary Ledgers The FIS general ledger is the official source of financial information for the UO. Provide a greater amount of detailed information. FIS Examples – Operating ledger, Student A/R, Grants, Fixed Assets, Accounts Payable, etc… Departmental shadow systems can be used as a subsidiary ledger. They can be useful in providing information for accounting and reporting to departmental staff. These subsidiary ledgers must be reconciled to Banner FIS.

12. Dates to Remember: June 7 June Regular Payroll Deadline June 22 Contact BAO for help accruing department non-student accounts receivable June 29 Last day to submit Student Receivables June 29 Last day to Deposit Cash by 3:00 p.m. June 30 Item(s) must be received by this day to pay with 11-12 funds July 3 Last day to Submit Payroll Form (PAA) for 11-12.

13. Dates to Remember: July 6 Last day to submit Service Department Upload JVs, “Z” documents through AppWorx, for Period 12 July 6 Last day to direct input Inter-Institutional JVs (Charts B-K) for Period 12 July 9 Last day to submit Budget changes for Period 12 July 9 Last day to input an invoice for Fiscal Period 12 July 9 Last day to input JVs for Period 12 July 9 Period 12 Close *** (Above items must have a June transaction date)

14. Dates to Remember: July 10 Availability of Fiscal Period 12 Reports July 10 Last day to direct input Inter-Institutional JVs (Charts B-K) for Period 14 July 16 Last day to input JVs for Period 14 July 16 Last day to input Budget Changes for Period 14 July 16 Last day to pay an invoice for 11-12 Period 14

15. Dates to Remember: July 20 Last day to Submit IIJVs to BAO for Period 14 July 20 Detail and aging reports due for all non-SIS accounts receivable July 23 Last day to Submit AP Reports July 23 Period 14 Close (FY12) July 24 Availability of Fiscal Period 14 Reports

16. Year End Accruals Prepaid Expense - A5901 Expenditures must be charged to the fiscal year in which goods are received or the majority of the services are performed. Example JV’s as follows: To record expenditure as a prepaid expense in FY12: Debit Department Fund A5901 - Prepaid Expense Credit Department Index Expense Account Code - ex. 24505 Performance Fees To record the reversal in FY13: Debit Department Index Expense Account Code - ex. 24505 Performance Fees Credit Department Fund A5901 - Prepaid Expense

17. Year End Accruals Prepaid Revenue - B5901 Revenue must be credited to the fiscal year that the goods or majority of the services are provided. Example JV’s as follows: To record revenue as a prepaid revenue in FY12: Debit Department Index Revenue Account Code - ex. 01102 Nonresident Undergrad Tuition Credit Department Fund B5901 - Accrued Undistr Income Prepaid Revenue To record the reversal in FY13: Debit Department Fund B5901 - Accrued Undistr Income Credit Department Index Revenue Account Code - ex. 01102 Nonresident Undergrad Tuition

18. Non-SIS Accounts Receivable Each department must submit a detail and aging report of their non-SIS accounts. These reports must be reconciled to banner as of period 14 (use FGITBAL). Includes service departments, auxiliaries, and designated operations accounts receivables from entities that are external to OUS institutions. All internal transactions need to be posted before the close of FP-14.

19. Dating FIS Documents Documents entered between July 1 and July 16 for fiscal year - 12, you will need to change the transaction date to June 30, 2012. This includes: Budget Changes Invoices JVs Travel Reimbursements

20. Encumbrances All open encumbrances (except zero balance items) will be rolled into fiscal year 13 Banner FIS operating ledger. Liquidate any encumbrances that you do not want to roll into fiscal year 13 before the close of fiscal period 12 (July 9th).

21. Expenditure Cut-Off Guidelines Expenditures must be charged to the fiscal year in which goods are received or services are performed. For goods and services received by June 30 for which vendor invoices have not been received as of July 23, fill out an A/P Report and forward it to BAO Financial Services. http://ba.uoregon.edu/sites/ba/files/forms/yearend ap.pdfhttp://ba.uoregon.edu/sites/ba/files/forms/yearend ap.pdf

22. Service Centers Service Center Compliance 5 yr. Plan (CAMP). See BAO Website for Detailed Instructions. http://ba.uoregon.edu/staff/service-centers

23. Reporting Property Not Owned by the UO Leased Asset Schedule for Year-End Reporting. Leased Property (LE/LP). Loaned Property (LN). Adequate Insurance Coverage. FWIFLST – Banner Form to Check for Completeness of Inventory Records.

24. Real Property Capitalization of construction in progress (CIP) expenses. Conversion of completed projects into the Banner FIS real property records. Componentization of specified buildings used for research.

25. BAO Help Accounting and Financial Management Contacts http://ba.uoregon.edu/staff/actg-and-finl-mgmt-contacts Accounts Payable (6-3143) http://ba.uoregon.edu/staff/ap-invoice-payment Travel (6-3158) http://ba.uoregon.edu/staff/travel

26. Year End COB Deadlines 2011-2012 http://ba.uoregon.edu/staff/year-end-deadlines-12 Other Links http://ba.uoregon.edu/staff/year-end-close http://ba.uoregon.edu/staff/year-end-departmental-instructions-12

27. Closing Remarks