1. Maymester Accounting Change Maymester tuition revenue and related expenses need to be recorded in current fiscal year – “one time shift” Maymester payroll charges will not be reversed in June as done in previous years Tuition funds available to fund Maymester expenses in CY Tuition return funds for study abroad and field schools will be allocated before final budget amendment deadline. –Additional guidance will be provided by OIE

2. Maymester Accounting Change Prior Years: Tuition collected in May/June Tuition deferred June 30 th Maymester salaries charged in June Maymester salaries moved to prepaid Tuition moved to revenue in July Maymester salaries moved to expense in July Current & Subsequent Years: Tuition collected in May/June N/A Maymester salaries charged in June N/A

3. DSS Accounts Carry Forward & Deferred Revenue Applies only to revenues from non-UGA customers Revenue type determines if carry forward or deferred revenue is used. Revenue is either earned or unearned. Revenue is considered earned when the goods and/or services have been provided to the customer. Unearned revenue exists when revenue (money) has been collected in advance for a product or service but the product has not been delivered or the service has not been provided yet (i.e., customer has prepaid) DSS accounts can have both.

4. DSS Accounts Carry Forward & Deferred Revenue Example: Workshop Registration Fees Deferred Revenue: Fee collected in May/June Fee deferred June 30th (unearned) Workshop conducted in July Fee moved to revenue (earned) Carry Forward: Fee collected in March N/A Workshop conducted in April N/A Funds remaining after all expenses paid Use carry forward to keep remaining funds for next FY

5. DSS Accounts Carry Forward Carry forward = excess actual earned revenue (http://askuga.uga.edu/default.asp?id=1735&Lang=1&SID)http://askuga.uga.edu/default.asp?id=1735&Lang=1&SID Revenue is considered earned when the goods and/or services have been provided to the customer. Excess funds = actual earned revenue > actual expenses Excess funds are reserved and carried forward In subsequent FY, reserved funds are budgeted as funds from prior years since revenue was earned and recorded in prior year –Carry forward funds are budget only

6. DSS Accounts Carry Forward

7. DSS Accounts Deferred Revenue Deferred revenue = unearned actual revenue (http://askuga.uga.edu/default.asp?id=1736&Lang=1&SID)http://askuga.uga.edu/default.asp?id=1736&Lang=1&SID Unearned actual revenue exists when revenue (money) has been collected in advance for a product or service but the product has not been delivered or the service has not been provided yet (i.e., non-UGA customer has prepaid) Must match revenue to expenses within same FY JV processed to remove unearned revenue from DSS account and record unearned revenue as deferred In subsequent FY, JV processed to record revenue as earned since goods or services have been provided –Allows matching of revenue to expense in proper FY

8. DSS Accounts Deferred Revenue

9. DSS Accounts Carry Forward & Deferred Revenue Requesting Carry Forward: Carry forward requests due mid April –http://www.busfin.uga.edu/forms/dss.pdfhttp://www.busfin.uga.edu/forms/dss.pdf Explanation on how carry forward will be spent since CY funds carried into next FY Requesting Deferred Revenue: Deferred revenue requests due 3 rd week of June –Obtain sample request letter from Accounting Request letter states department has documentation to show revenue is indeed unearned.

10. Year End Considerations/Tips Plan ahead, don’t wait until last minute Ensure account(s) used on initial transaction document is correct and appropriate account –Does item benefit activity of account? –Does item meet objectives of activity of account? –Allocate reasonably & accordingly Does the charge need to be split between accounts? JVs should not be used as normal way of doing business –Don’t rely on JVs to “fix it later” Use budget to spend against even if expected revenue not collected yet on income type accounts

11. Audit, Compliance, Fraud Awareness Audit, Compliance, and Fraud Awareness presentation –April 27, 2012 9:00 a.m.-10:30 a.m. GA Center Masters Hall –Topics such as: common compliance risks noted during internal audits, compliance observations noted in audits, and fraud awareness. –All interested parties welcomed –Business Managers & Accountants are encouraged to invite administrators/managers and persons with fiscal approval and financial management responsibilities to attend with them. Future BAAF agendas will include Internal Audit Increase in contract/grant project audits Departments need to notify OSP and C&G when contacted by sponsor regarding project audit