1. GUS Cloud &year end update
Expenses Module/policy changes and important fy19 dates

2. Today’s topics Gus cloud expenses module Policy and procedure updates
Terminology refresher
Enhanced expenses work area
Policy and procedure updates
New business office check printing procedures
Taxability issues – expense reimbursements
Year end fy19
Reviewing cost center balances
Due dates
Foundation year end presentation

3. Expense Module terminology
Expense Report – grouping of expense reimbursement and/or procurement card transactions. Provides high level information.
Expense item – single expense reimbursement or procurement card transaction. Provides detailed information.
Expense report owner – employee who is being reimbursed, or whose name is on the pcard.
Expense template – grouping of expense types. Expense template, travel template, and split- fund template Expense type – classification of expense transaction that determines the account code used in the funding string. Expense report delegate – person who processed the transaction on behalf of the expense report owner.
Expense Reports>Expense Items have kind of a parent/child relationship.
Expense report – Gives you high level information such as the total of all transactions, a general purpose of the transactions (this is what shows on transaction reports), and who is responsible for the transaction. Made up of multiple expense items.
Expense item – Gives detailed information such as the amount, card vs cash, merchant name, fuel gallons, and transaction description.
You can create an expense report and then add items to it, or create expense items and then add them to an expense report.
Try to include multiple transactions on expense reports when possible. For example, if an item is refunded try to put the original charge and the refund on the same expense report unless not possible due to long time delay. Also, travel items are good to group together on the same expense report. That way you only have to attach the T-form/agenda once.
Expense Template>Expense Type is another parent/child relationship.
Expense template – Made up of multiple expense types. Grouped together for more efficient transaction processing.
Expense type – Used to classify expenses and determine account code assigned to expenses.

4. new expenses work area Enhanced work area new itemization
Enhanced Work Area – same drop down list for name, same infotiles with expense items and reports. Available Expense Items area has changed to be more user friendly. You can now edit some of the high level details without drilling into the expense item. You can choose an expense type, add a description, and upload an attachment without drilling.
It is very important to let the expense type drive the account code.
New Itemization Area – same fields and information is required, but you can now enter itemizations in the main expense item screen instead of clicking on ‘itemize’ and going to a new screen.
See the updated Expenses Job Aids!

5. Policy and procedure updates
Check Printing – for increased efficiency, we will no longer process all checks on a daily basis
State payments – Monday, Wednesday, Friday
Local payments – Tuesday, Thursday
Imprest – as needed
Employee reimbursements – reimbursements to employees over 60 days old are taxable
Business office is working on an official policy
Please submit reimbursements within 30 days of when the expense occurs
Travel Reminder – If claiming M&IE reimbursement, an agenda must be provided

6. Reviewing cost center balances

7. Reviewing cost center balances
As year end approaches, please monitor cost center balances and correct any negative balances
Try to mitigate negative grant balances

8. Reviewing cost center balances
Use dashboard reports to look for incorrect fund- cost center combinations that may be causing negative balances
Remember to only select Cost Center and Period parameters. Don’t input FUND as a report parameter to limit report results!

9. Reviewing cost center balances
CC Bal – department report
Cc bal- department report by fund category

10. Reviewing cost center balances
Dashboard reports can be sent to my !
See the NEW Job Aid! Scheduling Departmental Cost Center Balance Reports

11. Year end processing dates – Business Office
Transaction Type
Date (12:00pm)
Corrections
06/06/2019
Service Clearings
Cash Advance Requests
06/07/2019
Outgoing Wire Transfers
06/13/2019
Cash Advance Reconciliation
06/14/2019
Expense Reports
06/21/2019
Invoices
Note that GUS Cloud transactions must be Workflow Approved by 12:00pm on the above date. If the transaction has been submitted but is not fully approved, it will not make it in FY19. If a transaction should not be paid until FY20, please do not submit it until 07/01/2019.

12. Year end processing dates – Cashier’s office
Transaction Type
Date (12:00pm)
Deposits (does not apply to Foundation deposits)
06/14/2019
Refunds (transcripts, registrations, etc.)
06/13/2019
Change Funds

13. Year end processing dates – Purchasing Office
Transaction Type
Date (12:00pm)
Bids
Contact Brad
Procurement Card Expense Items (through 6/5 statement date)
06/07/2019
New Suppliers
06/14/2019
Requisitions & Purchase Orders
06/28/2019
Pcard Expense Items (dated 6/6-6/30)
07/10/2019
Note that GUS Cloud requisitions and purchase orders must be Workflow Approved by 12:00pm on the above date. If the transaction has been submitted but is not fully approved, it will not make it in FY19. If a transaction should not be paid until FY20, please do not submit it until 07/01/2019.

14. Foundation year end

15. Year end processing dates – Foundation
Transaction Type
Date (12:00pm)
Foundation Deposits *
07/03/2019
State Procurement Card Expense Items
(Transactions dated June 6th-June 30th must be FY19-regardless of BPC statement date. Date of service also determines the appropriate FY – pay invoices ASAP. )
07/10/2019
Foundation Budgeted Accounts
(Fund 412U –purchases on or before 6/30 or date of service prior to 7/1/19 must be FY19)
Foundation Pro Card Expense Items- (cards issued by PSU Foundation)
07/12/2019
Note that GUS Cloud transactions must be Workflow Approved by 12:00pm on the above date.
*Deposits- FY is determined by when the revenue was earned. Important to take checks, cash and credit card to the Office of Advancement Services ASAP.

16. Foundation – Funds and Spending
PSU Foundation, Inc. is an IRS 501 (c) (3) charitable organization
The Foundation is the only entity that can issue a qualified charitable gift acknowledgement for donations in support of PSU which would be recognized by the IRS
Funds held in Foundation funds are the result of charitable gifts or fundraising activities
Must adhere to University policies and IRS regulations; i.e. Travel, IRS guidelines for gifts, prizes or awards, etc.
It DOES matter and is important how Foundation funds are spent
Expenditures are reviewed quarterly by the Finance Committee
KS Board of Regent auditors will audit every 5 years for all prior 5 fiscal years; descriptions and explanations are vital
Transparency to our donors

17. Foundation – Fund Descriptions
Foundation Funds
412U – Annual Budgeted Allocated Funds – Funds will lapse at Fiscal Year End
432u – Expendable Funds (Current Gifts or Endowment Earnings) – Funds can be spent
442p – Permanent Endowment – Funds can not be spent
442U – Quasi Endowment – Funds can be spent (some stipulations may apply)
Funds must first be transferred to Fund 432U in order to be spent
443u – Residual Endowments Earnings (Accumulated Endowment Earnings ) – Funds can not be spent
All Funds except Fund 412U will roll to the next FY

18. FOUNDATION – Cost Center Balances

19. Foundation – FY19 Accruals
Foundation uses accrual basis method vs. University uses cash basis method
Accrual basis – revenue is recorded when earned and expenses are recorded when consumed
ALL transactions posting in July as FY20 but are identified as FY19 transactions will be accrued
Accruals are posted by Journals and have the descriptions “Accrue FY19…” in Jun-19 and “Rev FY20…” in Jul-19
The original posting of the transaction in July-19 along with the journal “Rev FY20….” will net to $0
The journal posting to June-19 will reflect the actual amount of the transaction in the appropriate fiscal year

20. Foundation – Cost Center Balances 07/01/19 until FY19 Close
WARNING!!!! Proceed With Caution
Cost Center balances will not be correct for Foundation funds if pulling a July-19 Cost Center Balance report beginning 07/01/2019 until FY19 has been closed; 07/19/2019 anticipated closing of FY19.
Why?
Accruals are being backed out of July-19 and posted back to June-19 - Deposits and Expenditures
Earnings will be backdated to 06/30/2019
Once all accruals are completed and earnings posted, closing entries will be done and balances rolled forward
How to find your balance during the interim time:
Take Jun-19 Cash Balance + Jul-19 Revenue – Jul-19 Expense = Actual Balance at that time

21. Foundation – Annual Earnings
Endowment Earnings
Must wait for all 06/30/2019 investment statements to be received; typically received by 07/15
Earnings will be backdated and posted as 06/30/2019 transactions
All earnings are posted to the Fund 443U; some special stipulations may apply ( i.e. % to Corpus ]
Spending Policy approved annually by the Investment Committee and Executive Board
Spending policy amount will be transferred out of Fund 443U and received in Fund 432U

22. Foundation – Annual Audit
The Foundation is required to have an annual audit each year by an external Audit firm
Items audited:
Financial Statements at 06/30/2019
Gift agreements along with expenditures to ensure that they meet the donor’s intent
Adequate supporting documentation [ i.e. itemized receipts, invoices, travel forms ]
Each transaction tells a story and should be able to answer “Who, What, When, Where, and Why”
Policy compliance
Internal controls
Proper approvals have been completed
Compliance with FASB (Financial Accounting Standards Board)
Different from University which is under GASB [Governmental Accounting Standards Board]

23. Foundation – Annual Audit (cont’d)
Audit begins 09/03/2019 by the external Audit firm
Audit report issued no later than 10/01/2019 per State of Kansas requirement
Audit report is also used by KS Board of Regents, Standard & Poors, and many others
The Foundation has received a clean audit opinion (a.k.a unqualified opinion) for many years
VERY IMPORTANT for continued fundraising efforts by PSU as The Foundation has shown trustworthiness to their donors
Thank you for all your assistance in helping The Foundation attain and continue to receive a clean audit!
#teamwork #oneforallandallforone

24. Gus cloud & year end update
Wrap up and questions

25. Contact information
Business office
Barbara winter Ext. 4152
Kortney bevins ext. 4448
Rachel Cameron ext. 4150
Christina davis ext. 4159
Teresa kolarik ext. 4151
Brighid Dawson ext. 4158
Purchasing office
Jim hughes ext. 4154
Brad stefanoni ext. 4169
Barbara Jemison ext. 4167
Cashier’s office
Don hartshorn ext. 4153
Lyndy little ext
Foundation
Shari Brogan ext. 4936
Kindra o’connor ext. 4760
Don’t forget to watch Yammer for important updates and reminders as we approach year end, and check out our redesigned Business Office website.