1. Fiscal Year-end Close
FY14

2. Documents for Year End August 2014 Close Memo Year-End Calendar FY14
Allowable Funding Transfers
Funds Management and Overdrafts

3. Link for Detailed YE Instructions
A detailed calendar of close dates is available on the Controller’s Office website at:

4. Year-End Close – Basic Process
Funds:
What is my year-end position?
What funds do I need to analyze?
Do I have overdrafts that must be corrected?
Operating Budget:
What is my funding?
What are my expenses?

5. Fund Overdrafts Outside Operating Budget
Designated, Expendable, Endowed & University Research funds should end the year with a balance ≥ zero
These funds may be closed with a deficit if it does not exceed $1,000 (but the deficit must ultimately be funded)
Sponsored Project award balances (awards beginning with P-V) are not reviewed as part of this year-end balance analysis

6. Fund Balance Review
First, do a high-level review of all your fund balances. This will give you an idea of whether or not you have balance problems and where they are
In ReportMart3, run Oracle report FIN FUND 154 YTD Fund Bal List

7. 154 Fund Statement Summary

8. Possible causes
Too much funding transferred to support Operating Budget
Dean’s Office or President’s Office funding transfers have not yet been made
Incorrect expenses or too many expenditures charged to a faculty-controlled fund

9. Corrective Actions
Move incorrect or excess expenditures using iJournals or LDA by 5 pm Thursday, September 4
Pull back Operating Budget support – send request to Finance liaison as soon as possible
Transfer funding from a “like” fund to the fund in overdraft

10. Allowable Fund Transfers

11. Commitments and Fund Overdrafts
By 5 pm, Monday August 18th
Annotate your Commitments Report and return to your liaison for year-end transfers.
Complete the first pass to cover fund overdrafts by annotating the 154 report.

12. Overdraft Coverage – 154a

13. Reconciling Operating Budgets
09/01 Funding
From Budget Template – Budget Summary Page and Fund Statement
+ Mid-Year Commitments you’ve already received
From August fund statements
+ Mid-Year Commitments you haven’t received yet
+ Other transfers in or (out)
From August commitments reports
= Total OB Funding for the year

14. Year End Close Report

15. Operating Budget Funding
The Fin Fund 153 Fund Statement Report is the best source for detailed funding entries
During fiscal year-end close we are matching funding by project to expense by project. We no longer are concerned with expense control figures.

16. Other Sources for OB Funding
FY 13/14 Budget Template – Budget Summary Page
Dean’s Office Allocation
Departmental funding in the green section
FY14 Commitments Report
Mid-year commitments to the operating budget

17. Operating Budget Funding
Reconcile Budget Template to Fund Statement
FY 13/14 Budget Template – Budget Summary Page
This should equal the OCT-2013 GF transfer on your fund statement by project (use data download to get source PTA data)
There are separate OCT-2013 lines for department controlled funding transfers
Many entries were reposted in June to correct codes
Dean’s Office reconciles Faculty Salary project
Reconcile mid-year transfers on Fund Statement
Additional fund transfers during the year for mid-year funding commitments or transfers to/from other PTAs

18. Year-End Report for OB Actions you should be taking:
Review Year End Report for your OB Award to check funding and expense
Use the Fin Exp 279 Transaction Detail to check any questions about expenditure details. Reports are updated daily
Add any outstanding FY14 commitments from your commitments report to project year-end funding

19. Help with Reconciliation
If you’re having trouble reconciling your expenditures, take a look at the Office of Sponsored Research website:

20. Complete YE Close Instructions
By 5 pm Friday, August 29:
Complete instructions on your 154 report for covering overdrafts
Complete instructions on the Year End Report sent by your liaison for the operating budget
Give instructions for pulling back unused restricted funding, moving general funds allocations, or adding funding as needed
You can keep it simple, or make it complex, add rows and columns as needed to make it clear
(Since reports are updated daily, you should be able to project your year-end balances closely)

21. Adjustments to OB Support

22. Operating Budget Instructions

23. Complete Revised Instructions
By 5 pm Friday, September 5th:
Complete instructions on your most recent 154 report for covering any remaining overdrafts
Complete revised instructions on the Year End Report if there are material differences from original instructions

24. Budget Savings
Surpluses in graduate aid will be moved to the Grad Aid Savings account
Surpluses in non-base budgets should be cleared by pulling back funds to the original source
Budget savings decisions are made by Jim Henry and Adam Daniel based on the YE template and department/program reserves

25. Cost Sharing Entries in August
Cost sharing for faculty salaries and benefits during the academic year should be covered before August Month-End (Soft) Close Thursday, September 4. Please check with your liaison.
Other cost sharing expenses should be covered from an appropriate departmental source

26. Operating Budget Orientation
Questions or Suggestions?