1. Gillian Heisz, Controller Gillian.Heisz@uwindsor.caGillian.Heisz@uwindsor.ca, x5019 Planning for year end General Accounting Find us online at: www.uwindsor.ca/finance

2. Why Do We Have a Year End The University reports to its various stakeholders annually as at April 30th through audited financial statements. This year is Fiscal 2015/16. It is the responsibility of Finance to ensure that the results reported are accurate and congruent with Accounting standards for not-for-profit organizations. Our results are audited annually by KPMG. The statements of the University are approved by the Audit Committee and the Board of Governors in Fall

3. Overview of Year End Process PLANNING PHASE Finance commences planning Campus community members receive communications and training Accounting standards reviewed for changes and significant transactions of the University reviewed by the auditors Jan - Apr YEAR END CLOSE Campus community members review performance against budget and post final year end entries Finance closes the general ledger in phases Results are reviewed on an individual object account, business unit, and consolidated basis; working papers for audit are prepared May AUDIT AND REPORTING The auditors review the working papers prepared by Finance and Campus community members. Balances are confirmed externally and testing of invoices, transactions, journal entries are performed. Finance prepares the financial statements, transforming the data from FIS into financial statements for GAAP (Generally Accepted Accounting Principles) Jun - Aug FINISH LINE The Financial statements are finalized and the auditors provide the unqualified Audit Report Management presents the financial statements to the Audit Committee; the Board of Governors approves the audited statements and they are published …Finance takes a vacation! Sep - Oct

4. How You Make a Difference Finance is completely reliant on the information that is provided by the campus community members to ensure that the financial statements are complete and accurate. The financial statement preparation process is lengthy, and any delays or missed deadlines threaten our ability to be prepared for the auditors or for the Audit Committee. Your assistance with working directly with the auditors helps to ensure they are getting the most accurate information

5. Key Departmental Deadlines Purchasing Cards Our financial statements include P-Card activity from April 15, 2015 to April 15, 2016. Any transaction on your statement between these dates is captured in fiscal 2015/16. Any charges incurred between April 16th and April 30th do not impact your fiscal 2015/16 budget of our fiscal 2015/16 audited financial statements. We rely on you to keep your transactions low from April 16th to 30th, and consistent with last year’s volume so that we do not have an error. Action Item: Encourage colleagues to keep transactions low April 16th to 30th. Scotiabank Purchasing Card DeadlineApril 15, 2016

6. Key Departmental Deadlines Purchase Requisitions Upon receipt of a purchase requisition, it can take a few days for the accounts payable department to prepare a purchase order [PO] and record it in FIS. PO’s are recorded in the “PA Ledger” so that they adjust your budget through the “Commitments” column. PO’s are not recorded in the “AA Ledger” so they are correctly not captured in the audited financial statements. If an invoice for the PO is received before we close AP, the item is recorded in the AA ledger and appears in the audited statements. If no invoice is received, the PO is “rolled over” into the next fiscal year, but doesn’t impact the fiscal 16/17 budget. Action Item: Evaluate your purchase needs and available budget as soon as possible and submit all PR’s the first week of April to avoid missing the cutoff. Purchase Requisitions DeadlineApril 8, 2016

7. Key Departmental Deadlines Petty Cash Reimbursement Finance will be sending out a survey to confirm the petty cash balances with holders as of March 31st. If you did not get a confirmation request (via email survey) by April 4th and hold petty cash, please contact Rachel McRae immediately. To help us reconcile the petty cash confirmations to FIS, please be diligent about submitting receipts as early and often as possible, and for year end, before April 15th. If possible, please use P-Cards in lieu of petty cash. Action Item: Send in any petty cash receipts as soon as possible; talk to your frequent petty cash users about other methods of payment. Petty Cash Reimbursement Forms DeadlineApril 15, 2016

8. Key Departmental Deadlines Travel Expense Reports Our financial statements include travel expense activity from April 15, 2015 to April 15, 2016. Any travel activity between these dates is captured in fiscal 2015/16. Any travel related charges incurred between April 16th and April 30th which are not filed with AP before April 15th do not impact your fiscal 2015/16 budget of our fiscal 2015/16 audited financial statements. We are reconciling our travel advances now (comparing the amount issued in advance to the amount expensed) to assess any differences and identify any missing travel expense reports and will be contacting campus members in April. Action Item: Send in any travel expense reports as soon as possible. Travel Expense Reports Deadline April 15, 2016

9. Key Departmental Deadlines Supplier Invoices Goods received or services rendered in fiscal 2015/16 must be reflected in the fiscal 2015/16 financial statements. We do this in two ways: –Recording invoices in the AA Ledger before we close on May 9, 2016 –Recording accruals for invoices we know are on their way. Accruals are extremely rare. We only book accruals in extraordinary circumstances (i.e.: $25,000 or more). It is extremely important that invoices related to fiscal 2015/16 arrive before April 15th. If sent after the deadline, but relate to fiscal 2015/16, campus members should attach a note so we can book it to the correct year (if it arrives before May 9) or assess whether we should accrue. All invoices received after April 15th have a risk of being applied against your fiscal 2016/17 budget. Action Item: Ask your vendors to send invoices as soon as possible. Supplier Invoice DeadlineApril 15, 2016 AP Close DateMay 9, 2016 Supplier Invoice DeadlineApril 15, 2016 AP Close DateMay 9, 2016

10. Key Departmental Deadlines Invoice Requests (Accounts Receivable) Accounts receivable must receive your request to prepare an invoice by April 20th to have sufficient time to prepare and record the invoice. Absolutely no invoices issued after April 29th will be captured in the fiscal 2015/16 financial statements or the fiscal 2015/16 budget. Action Item: Review your revenues in FIS to assess if any billings still need to be prepared and send requests to Janice Facecchia as soon as possible. Additional information on the invoice request process can be found here here Invoice Request DeadlineApril 20, 2016 AR Close DateApril 29, 2016 Invoice Request DeadlineApril 20, 2016 AR Close DateApril 29, 2016

11. Key Departmental Deadlines Cash Receipts (Accounts Receivable) Ensuring that the deposit of cash and cheques gets to our bank before April 30th helps to reduce the number of reconciling and “in transit” items we have on our bank reconciliations at year end. A high volume of in transit items could result in an audit difference. Please take the time to ensure that your deposits are submitted either to us, or through your standard deposit process (Brinks, etc.) by the deadline to assist with cutoff. Action Item: Submit cash and cheques for deposit near the end of April. Additional information on the deposit process can be found herehere Deposits performed by the departmentApril 26, 2016 Deposits performed by Finance on your behalfApril 25, 2016 Deposits performed by the departmentApril 26, 2016 Deposits performed by Finance on your behalfApril 25, 2016

12. Key Departmental Deadlines Interdepartmental Billing Journal Entries For interdepartmental charges, we include the 52 weeks starting the last week of April for our audited financial statements (i.e.: activities in the last week of the fiscal year are captured in fiscal 2016/17). The accuracy of budget to actual analysis will depend on whether interdepartmental entries have been performed before April 29th. Action Item: Please ensure your journal entries are posted, and that you are reviewing any journal entries posted to the accounts that you are responsible for on an ongoing basis in April to ensure records are accurate. Inter departmental billing journal entries deadlineApril 29, 2016

13. Key Departmental Deadlines Purchase Orders Blanket purchase orders for fiscal 2015/16 are closed on April 29th. Regular purchase orders are closed for fiscal 2015/16 on April 29th and then reopened for fiscal 2016/17 on May 2nd. Action Item: Please assess if you’ll need any blanket purchase orders from fiscal 2015/16 again in 2016/17 and prepare requisitions in May. Review preliminary month end reports for regular purchase order rollovers. Blanket purchase order cut off deadlineApril 29, 2016 Regular (non blanket) purchase order turnover dateApril 29, 2016 Blanket purchase order cut off deadlineApril 29, 2016 Regular (non blanket) purchase order turnover dateApril 29, 2016

14. Key Departmental Deadlines Inventory Counts A separate memo will be distributed to those people who are required to perform inventory counts at year end. Some departments holding inventory will perform their counts at a “hard close” date; this is arranged through internal audit. Consistent with previous years, some inventory counts will be supervised by a member of the internal audit or finance group. Action Item: Refer to inventory count memo should your department hold inventory. Most inventory counts to be performed as atApril 29, 2016

15. Key Departmental Deadlines Month End Reports and Final Journal Entries By Tuesday May 3rd you will receive your standard month end reports which will be a “snap shot” of what is in FIS as of end of day Monday May 2nd. These are not necessarily reflective of your final results since the general ledger is open for entries past May 2nd. The week of May 2nd you can post any final journal entries for fiscal 2015/16. FIS automatically updates the date in your JE’s– you must remember to manually override to be “2016/04/30” if you want the entry to be booked in fiscal 2015/16. Campus members cannot make JE’s for fiscal 2015/16 past May 9th. Contact Finance if extraordinary circumstances exist. Action Item: Set aside time on Tuesday May 3rd to review your statements. Preliminary month end reports will be sentMay 3, 2016 Last day for journal entries isMay 9, 2016 Preliminary month end reports will be sentMay 3, 2016 Last day for journal entries isMay 9, 2016

16. Who Can You Call? Questions about….Appropriate Person Accounts payable: purchase orders, commitments, P- Cards, PO’s, PR’s, Travel expenses Alicia Pomeroy (x.2120) Rachel McRae (x.2119) Budgets and allocations: budget to actual analysis, budget ledger, entries posted for allocations Stephanie McMahon (x.2022) David Smith (x.2082) Leanna Prior (x.2021) Accounts receivable: cash deposits, invoicesJanice Facecchia (x.2125) Jenifer Gritke (x. 2139) Day to day processing: interface journal entries, access to data in FIS, etc. Karen Gorospe (x.2151) Jenifer Gritke (x.2139) Trusts: Trust accounts, donations, endowments and capital projects Elaine Clark (x.2141) Paul Scobie (x.2121) for capital projects only Research Grants: Grant accounts, opening and closing of grants, reporting, etc. Joe Branget (x.2132) Kathy McGorman (x.2129) Gillian Heisz (x.5019) Other items: Requests for accruals, general questions, etc. Gillian Heisz (x.5019) Jenifer Gritke (x.2139)

17. DEPOSITING FUNDS

18. Depositing Funds Any department handling cash must following the cash handling policycash handling policy A deposit form should be filled out and sent with all deposits to Accounts Receivable (CHT405). If there is cash in the deposit it should but placed in the drop box outside of the cashiers office. Cash and cheques have separate deposit forms and can be found here here http://www1.uwindsor.ca/receivable/ar-deposit-forms

19. INVOICE REQUESTS

20. Invoice Requests If you have provided goods or services to a customer, and require an invoice to be sent, please use the Invoice Request Form Invoice Request Form The form should be submitted to A/R as timely as possible so that your account can be credited for the revenue. The invoice directs customers to send payment to the A/R department. In the event that payment is received by your department, please forward to the A/R department to be applied against the invoice. http://www1.uwindsor.ca/receivable/ar-invoice-request

21. Accounts Receivable Fiscal Year-end Cut off for processing invoices and receipts in the current fiscal year. Deadline date: For submitting invoices April 20, 2016 For submitting receipts April 25, 2016 Purpose: Ensure goods & services are invoiced and cash/cheque deposits are recorded by the end of the fiscal year. End user responsibilities: –Forward all invoice requests and cash/cheque receipts to A/R ahead of the year-end deadlines.  A Note should be placed on all invoice requests or receipts submitted that relate to fiscal year 2016/17 so they can be recorded in the proper year.