1. Fiscal Year-End Close Review
FY17

2. Documents for Year-End
Close Memo and Calendar
Funds Management and Overdrafts
Allowable Funding Transfers
Operating Budget Close Instructions

3. Reports for Year-End ReportMart3 154a Fund Statement Summary
ReportMart3 153 Fund Statement Detail
OBI Consolidated Expenditure Reporting
HandSOn commitment reports
Year-End Operating Budget Close report

4. Link for Detailed YE Calendar
A detailed calendar of University fiscal year-end close dates is available on the Financial Management Services website at:

5. Year-End Close – Basic Process
Non Operating Budget Funds:
What is my year-end position?
Will I have overdrafts that must be corrected?
Operating Budget:
Do I expect additional external transfers in to cover expenses?
Have I used department controlled funding appropriate for the expenses?
Will I have deficits to fund or surpluses to pull back?

6. Year-End Close – Basic Process
Funding Commitments:
Are there any outstanding funding commitments to your faculty controlled, department controlled, and Operating Budget funds?
These commitments may include:
HandSOn commitments from the Dean’s Office or President/Provost Office.
Faculty salary savings from academic salary charges to grants and contracts.
Other external funding commitments.

7. Resolve Non-Operating Budget Overdrafts
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).
Cost-share accounts must be fully funded.
Sponsored Project award balances (awards beginning with P-V) are not reviewed as part of this year-end balance analysis.

8. 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 deficit problems.
In ReportMart3, run ReportMart3 154a Fund Statement Summary.

9. 154a Fund Statement Summary

10. Possible Causes
Dean’s Office or President’s Office funding transfers have not yet been made.
Incorrect expenses or over-expended funding.
Too much funding transferred to support Operating Budget.

11. Corrective Actions
Move incorrect or excess expenditures using LDA by 3pm or iJournals by 5pm Wednesday, September 6.
Pull back Operating Budget support. Either send a request to your Finance liaison or include in your OB Close instructions due Friday, September 1.
Request a fund transfer from an appropriate source to cover the overdraft. Non-OB funding instructions are also due Friday, September 1.

12. Allowable Fund Transfers

13. Cost Sharing Entries in August
Please review your cost share funding with your liaison.
Provide cost share funding instructions to your liaison by Monday, August 21.
Academic faculty salary charges (SAL) will be reviewed and funded by your Finance liaison.
Other cost sharing expenses should be covered from an appropriate department or faculty controlled source.

14. Funding Commitments
HandSOn commitment reports will be posted to the Finance Web Repository on Thursday, August 17.
Annotate your commitment report with the required information or instructions and post to the Finance Web Repository WIP by Thursday, August 24.

15. Operating Budget Close
During fiscal year-end close we are matching funding by project to expense by project. We no longer are concerned with expense control (budget) figures.

16. Year-End Operating Budget Close Report
Preliminary Year-End OB Close reports will be posted to the Finance Web Repository on Monday, August 28.
Final Year-End OB Close reports will be posted to the Finance Web Repository after Soft Close on Thursday, September 7.

17. Year-End Operating Budget Close Report

18. Year-End Operating Budget Close Report
Actions you should be taking:
Review the Year-End OB Close Report for your OB Award to check funding and expense.
The ReportMart3 153 Fund Statement Detail Report is the best source for detailed funding entries.
Use the OBI Consolidated Expenditure Reporting to check any questions about expenditure details.
Add any outstanding FY17 funding commitments from your commitments report to project year-end funding.

19. Year-End Operating Budget Close Report
Preliminary Year-End OB Close instructions should be posted to the Finance Web Repository WIP folder by Friday, September 1.
Final Year-End OB Close instructions should be posted to the Finance Web Repository WIP after Soft Close by Friday, September 8.
These instructions may include pulling back unused restricted funding, moving general funds allocations, or adding department controlled funding as needed.
You can keep it simple or make it complex, add rows and columns as needed to make it clear.

20. Help with Reconciliation
If you’re having trouble reconciling your expenditures, take a look at the Financial Management Services website:

21. Budget Savings
Surpluses in graduate aid will be transferred to the department Grad Aid Savings account.
Surpluses in non-base budgets should be cleared by pulling back funds to the original source.
Surpluses in base funding are evaluated by Jim Henry and Steve Olson based on the YE close information and department/program reserves.
Your Finance liaison will work with you to complete the required forms to request applicable budget savings.

22. Finance Web Site and Repository
The H&S Finance web site has reports, policies, procedures, training, and calendar information for year-end close.
Instructions for using the Repository to access and upload reports and other documents is available on the H&S Finance web site.

23. Finance Web Site and Repository

24. Finance Web Site Calendar

25. Fiscal Year-End Close Review
Questions or Suggestions?