DATE: March 5, 2015
TO: Deans, Financial Managers, Directors, and Department Heads
FROM: Deborah Wallace Sharon Eichten
AVP, Financial Services AVP, Budget Planning & Management
SUBJECT: FY 2014-15 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.
- In accordance with recent ICSUAM changes, the following are the new threshold limits that require formal bids (see calendar information on April 24-Friday):
Contracts for goods and services greater than $100,000 shall be awarded as the result of a formal solicitation process. Acquisitions of Information Technology Resources (ITR) requirements estimated to result in contracts greater than $500,000 shall be awarded as the result of a formal solicitation process.
- Memorandums of Understanding (MOUs) are processed annually. All MOUs for FY 2015-2016 are due to Financial Services no later than Monday, June 15, 2015. The FY 2015-16 MOU form will be available Wednesday, April 1, 2015 under Financial Forms A-Z. The forms and instructions have been modified to accommodate the new account and class code structure.
- Effective July 1, 2015, the allocation process for cost recovery funds (543/544) will be automated. This automation uses an allocation process for expenses with a new account and class code structure. No journal entries are needed with this process. Departments may opt out of the process if they would like to continue to expend from funds 543XX and 544XX. These departments will have to do the cost recovery entries manually to close out all 54XXX funds by June 24, 2016.
- Friday, July 31, 2015 is the deadline to submit student fee accountability information for 2014-15 fiscal year activity. This information is reported to the Chancellor’s Office and reviewed by the Student 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.