DATE: March 7, 2016
TO: Deans, Financial Managers, Directors, and Department Heads
FROM: Deborah Wallace Sharon Eichten
AVP, Financial Services AVP, Budget Planning & Management
SUBJECT: FY 2015-16 Year-End Calendar
We would like to take this opportunity to highlight a few items pertaining to year-end. Please take note of the deadlines on the calendar to ensure that the year-end closing process can be completed on schedule.
- The allocation process for cost recovery funds (543/544) was automated on July 1, 2015. This automation uses an allocation process for expenses with a new account and class code structure. No journal entries are needed with this process, which should assist in making this year-end activity seamless. However, departments that opted out of the process, including chargeback service providers, will have to do the cost recovery entries manually to close out all 54XXX funds by June 24, 2016.
- All correcting entries for 2015-16 fiscal year activity are due by the following dates. Correcting entries will not be allowed after these due dates.
- Transactions posted between July 1, 2015 – April 30, 2016 – Correcting entries due by May 13, 2016.
- Transactions posted between May 1 – May 31, 2016 – Correcting entries due by June 10, 2016.
- Transactions posted between June 1 – June 30, 2016 – Correcting entries due by July 5, 2016.
- Memorandums of Understanding (MOUs) are processed annually. All MOUs for FY 2016-2017 are due to Financial Services no later than Wednesday, June 15, 2016. The FY 2016-17 MOU form will be available Friday, April 1, 2016 under Financial Forms A-Z.
- Monday, August 1, 2016 is the deadline to submit student fee accountability information for 2015-2016 fiscal year activity. This information is reported to the Chancellor’s Office and reviewed by the Campus Fee Advisory Committee. Specific information regarding this process will be distributed at a later date.
- The year-end calendar listing the processing deadlines, memo and financial forms can be located on the University Financial Management home page.