Fiscal Year-end Close

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Fiscal Year-end Close

FY14

Documents for Year End

• August 2014 Close Memo

• Year-End Calendar FY14

• Allowable Funding Transfers

• Funds Management and Overdrafts

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Link for Detailed YE Instructions

A detailed calendar of close dates is available on the Controller’s Office website at:

http://www.stanford.edu/group/fms/fingate/staff/moyrendclose/year.html

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http://www.stanford.edu/group/fms/fingate/staff/moyrendclose/year.html

Year-End Close – Basic Process

• Funds:– What is my year-end position?– What funds do I need to analyze?– Do I have overdrafts that must be corrected?

• Operating Budget:– What is my funding?– What are my expenses?

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Fund Overdrafts Outside Operating Budget

• 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)

• Sponsored Project award balances (awards beginning with P-V) are not reviewed as part of this year-end balance analysis

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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 balance problems and where they are

• In ReportMart3, run Oracle report FIN FUND 154 YTD Fund Bal List

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154 Fund Statement Summary

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Award Award Name Avail

Balance Beginning

Balance

Receipts - Endowment

Payout

Receipts - Other

Additions Transfers - OB Support

Transfers - Transfers

In


Out Expenses Net

Investments

KZSOZ Brown Eyes Only Flshp (4,721.59) 28.96 16,249.45 - (21,000.00) - - - -

EZNQZ Best Practices Seminar (580.71) 70.59 - - - - - (651.30) -

AARQZ Accounting Travel Clearing Acct - - - - - - - - -

DBNKI Conferences - Accounting 1,783.75 1,743.75 - - 640.00 - - - (600.00)

KZTQI Canellos Flshp 3,468.00 9,232.18 8,235.82 - (14,000.00) - - - -

KZWHQ Greenspan Mem Flshp 3,620.90 3,618.71 19,002.19 - (19,000.00) - - - -

KZQSY Accounting General Support 14,814.09 11,721.71 96,092.38 - (93,000.00) - - - -

KZVRY Fund Accounting 20,422.73 18,041.28 5,381.45 - - - - (3,000.00) -

BZEGO Dept Chair Discretionary 23,751.64 9,810.83 - - 15,000.00 - - (1,059.19) -

BZFFP GA Savings-Accounting 25,617.42 348,759.11 - - (305,099.81) - - (18,041.88) -

HZGOL General Gifts Accounting 40,068.89 40,737.59 - 920.00 - - - (1,588.70) -

AAMZZ UG Prog Accounting 54,682.71 55,462.96 - - - - - (780.25) -

BZEPF Budget Savings Accounting 139,924.79 167,935.31 - - 10,900.00 5,500.00 (5,000.00) (39,410.52) -

Possible causes

– Too much funding transferred to support Operating Budget

– Dean’s Office or President’s Office funding transfers have not yet been made

– Incorrect expenses or too many expenditures charged to a faculty-controlled fund

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Corrective Actions

– Move incorrect or excess expenditures using iJournals or LDA by 5 pm Thursday, September 4

– Pull back Operating Budget support – send request to Finance liaison as soon as possible

– Transfer funding from a “like” fund to the fund in overdraft

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Allowable Fund Transfers

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Operating Budget Designated Endowment Expendable Gift Grants & Contracts

Operating Budget Designated Endowment Expendable Gift Grants & Contracts

NONE AAAAA-ABZZZ BAAAA-FYZZZ KAAAA-NZZZZ GAAAA-JYZZZZ PAAAA-PZZZZ (NIH) WAAAA-WZZZZ QAAAA-QZZZZ (NSF) (Univ Rsrch/Cost Share) RAAAA-RZZZZ NASA) FZAAA-FZZZZ SAAAA-SZZZZ (other Fed) (Faculty Support - TAAAA-TZZZZ (DoD) no transfers out, UAAAA-UZZZZ (Non-Fed) restricted transfers in) JZAAA-JZZZZ (Expendable Gifts &/or Endowments) Pending designation -- accounts should NOT be used, even though the system may allow expenses to go through against them.

Commitments and Fund Overdrafts

By 5 pm, Monday August 18th

• Annotate your Commitments Report and return to your liaison for year-end transfers.

• Complete the first pass to cover fund overdrafts by annotating the 154 report.

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Overdraft Coverage – 154a

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Balance Beginning

Balance


Payout

Receipts - Other



In


Out Expenses Net

Investments Instructions PTA

KZSOZ Brown Eyes Only Flshp (4,721.59) 28.96 16,249.45 - (21,000.00) - - - - Pull back from GA 9028898-1-AABZAEZNQZ Best Practices Seminar (580.71) 70.59 - - - - - (651.30) - Transfer from Conferences 9134567-1-DBNKIAARQZ Accounting Travel Clearing Acct - - - - - - - - -


KZTQI Canellos Flshp 3,468.00 9,232.18 8,235.82 - (14,000.00) - - - -

KZWHQ Greenspan Mem Flshp 3,620.90 3,618.71 19,002.19 - (19,000.00) - - - -

KZQSY Accounting General Support 14,814.09 11,721.71 96,092.38 - (93,000.00) - - - -



BZFFP GA Savings-Accounting 25,617.42 348,759.11 - - (305,099.81) - - (18,041.88) -




Reconciling Operating Budgets

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09/01 Funding From Budget Template – Budget Summary Page and Fund Statement

+ Mid-Year Commitments you’ve already received From August fund statements

+ Mid-Year Commitments you haven’t received yet

+ Other transfers in or (out)

From August commitments reports

From August fund statements

= Total OB Funding for the year

Year End Close Report

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Dept/Prog Accounting

Account Type Project Award Project Name Beg Bal Rev GF Txf Other Txf Capital Inv Funding Expense Commit End BalBEG BALANCE 1000000 AABZA Beg Balance 1,683.10 0.00 (1,683.10) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

AAMZZ Beg Balance 55,462.96 0.00 0.00 0.00 0.00 0.00 55,462.96 0.00 0.00 55,462.96

BEG BALANCE Total 57,146.06 0.00 (1,683.10) 0.00 0.00 0.00 55,462.96 0.00 0.00 55,462.96

FAC_SALARY 9028829 AABZA Faculty Salaries-Accounting 0.00 0.00 1,618,111.26 1,050,429.66 0.00 0.00 2,668,540.92 (2,122,523.71) 0.00 546,017.21

FAC_SALARY Total 0.00 0.00 1,618,111.26 1,050,429.66 0.00 0.00 2,668,540.92 (2,122,523.71) 0.00 546,017.21

GRAD_AID 9028898 AABZA Grad Aid-Accounting 0.00 0.00 1,248,959.32 312,219.90 0.00 0.00 1,561,179.22 (1,436,488.99) 0.00 124,690.23

9028830 AABZA TA-Accounting 0.00 0.00 538,214.19 357,922.81 0.00 0.00 896,137.00 (694,826.84) 0.00 201,310.16

9065264 AABZA Grad Stu Incidental Acct 0.00 0.00 37,508.10 0.00 0.00 (3,643.39) 33,864.71 (82,844.86) 0.00 (48,980.15)

GRAD_AID Total 0.00 0.00 1,824,681.61 670,142.71 0.00 (3,643.39) 2,491,180.93 (2,214,160.69) 0.00 277,020.24

NON_BASE 9028899 AABZA Accounting Lecture Series 0.00 0.00 0.00 32,184.00 0.00 0.00 32,184.00 (34,866.00) 0.00 (2,682.00)

9028820 AABZA Great Accounting Films 0.00 0.00 0.00 49,424.64 0.00 0.00 49,424.64 (49,424.69) 0.00 (0.05)

9028826 AABZA Accounting/A-21 Relief 0.00 0.00 4,661.00 0.00 0.00 0.00 4,661.00 (5,050.58) 0.00 (389.58)

NON_BASE Total 0.00 0.00 4,661.00 81,608.64 0.00 0.00 86,269.64 (89,341.27) 0.00 (3,071.63)

OPERATIONS 9028827 AABZA Other Teaching-Accounting 0.00 0.00 112,596.00 0.00 0.00 0.00 112,596.00 (102,913.40) 0.00 9,682.60

9028828 AABZA Office Operations-Accounting 0.00 1,904.69 261,587.11 284,322.89 0.00 0.00 547,814.69 (460,510.40) 0.00 87,304.29

9028829 AABZA Graduate Admissions-Accounting 0.00 0.00 13,000.00 0.00 0.00 0.00 13,000.00 (20,350.81) 0.00 (7,350.81)

9948975 AABZA Faculty Search-Accounting 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,296.36) 0.00 (1,296.36)

9909748 AABZA Events - Accounting 0.00 0.00 27,250.00 0.00 0.00 0.00 27,250.00 (32,864.86) 0.00 (5,614.86)

9028823 AABZA Computing-Accounting 0.00 0.00 5,000.00 0.00 0.00 0.00 5,000.00 (4,449.32) 0.00 550.68

9028825 AABZA Commencement-Accounting 0.00 0.00 6,000.00 0.00 0.00 0.00 6,000.00 (16,797.06) 0.00 (10,797.06)

9998683 AABZA Accounting Labs 0.00 0.00 5,000.00 0.00 0.00 0.00 5,000.00 (1,830.33) 0.00 3,169.67

OPERATIONS Total 0.00 1,904.69 430,433.11 284,322.89 0.00 0.00 716,660.69 (641,012.54) 0.00 75,648.15

UG_PROG 9063478 AABZA UG Prog Accounting 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (780.25) 0.00 (780.25)

UG_PROG Total 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (780.25) 0.00 (780.25)

Grand Total 57,146.06 1,904.69 3,876,203.88 2,086,503.90 0.00 (3,643.39) 6,018,115.14 (5,067,818.46) 0.00 950,296.68

Operating Budget Funding

• The Fin Fund 153 Fund Statement Report is the best source for detailed funding entries

• During fiscal year-end close we are matching funding by project to expense by project. We no longer are concerned with expense control figures.

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Other Sources for OB Funding

– FY 13/14 Budget Template – Budget Summary Page• Dean’s Office Allocation• Departmental funding in the green section

– FY14 Commitments Report• Mid-year commitments to the operating budget

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Operating Budget Funding

• Reconcile Budget Template to Fund Statement– FY 13/14 Budget Template – Budget Summary Page

• This should equal the OCT-2013 GF transfer on your fund statement by project (use data download to get source PTA data)

• There are separate OCT-2013 lines for department controlled funding transfers

• Many entries were reposted in June to correct codes• Dean’s Office reconciles Faculty Salary project

• Reconcile mid-year transfers on Fund Statement• Additional fund transfers during the year for mid-year

funding commitments or transfers to/from other PTAs

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Year-End Report for OB

• Actions you should be taking:– Review Year End Report for your OB Award to check

funding and expense

– Use the Fin Exp 279 Transaction Detail to check any questions about expenditure details. Reports are updated daily

– Add any outstanding FY14 commitments from your commitments report to project year-end funding

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Help with Reconciliation

If you’re having trouble reconciling your expenditures, take a look at the Office of Sponsored Research website:

http://ora.stanford.edu/expenditure/monthly_review_recon.asp

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http://ora.stanford.edu/expenditure/monthly_review_recon.asp

Complete YE Close Instructions

By 5 pm Friday, August 29:

– Complete instructions on your 154 report for covering overdrafts

– Complete instructions on the Year End Report sent by

your liaison for the operating budget • Give instructions for pulling back unused restricted funding,

moving general funds allocations, or adding funding as needed

• You can keep it simple, or make it complex, add rows and columns as needed to make it clear

(Since reports are updated daily, you should be able to project your year-end balances closely)

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Adjustments to OB Support

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Balance Beginning

Balance


Payout

Receipts - Other



In


Out Expenses Net

Investments Instructions PTA

BZFFP GA Savings-Accounting 25,617.42 348,759.11 - - (305,099.81) - - (18,041.88) - Pull back from GA 9028898-1-AABZAKZQSY Accounting General Support 14,814.09 11,721.71 96,092.38 - (93,000.00) - - - - Pull back from Operations 9028828-1-AABZAKZSOZ Brown Eyes Only Flshp (4,721.59) 28.96 16,249.45 - (21,000.00) - - - - Pull back from GA 9028898-1-AABZAKZWHQ Greenspan Mem Flshp 3,620.90 3,618.71 19,002.19 - (19,000.00) - - - - Transfer to GA Peck to zero 9028898-1-AABZAKZTQI Canellos Flshp 3,468.00 9,232.18 8,235.82 - (14,000.00) - - - - Transfer to GA Kital to zero 9028898-1-AABZAAARQZ Accounting Travel Clearing Acct - - - - - - - - -

EZNQZ Best Practices Seminar (580.71) 70.59 - - - - - (651.30) -







Operating Budget Instructions

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Dept/Prog Accounting

Account Type Project Award Project Name GF Txf Other Txf Funding Expense End Bal Instructions PTABEG BALANCE 1000000 AABZA Beg Balance (1,683.10) 0.00 0.00 0.00 0.00

AAMZZ Beg Balance 0.00 0.00 55,462.96 0.00 55,462.96 Use to cover overdraft in OB 9063478-1-AABZA

BEG BALANCE Total (1,683.10) 0.00 55,462.96 0.00 55,462.96

GRAD_AID 9028898 AABZA Grad Aid-Accounting 1,248,959.32 312,219.90 1,561,179.22 (1,436,488.99) 124,690.23 Pullback O/D $4,371.84 9034565-1-KZSOZPartial pullback to GA Savings 9098765-1-BZFFP

9028830 AABZA TA-Accounting 538,214.19 357,922.81 896,137.00 (694,826.84) 201,310.16 Transfer to GA 9028898-1-AABZA9065264 AABZA Grad Stu Incidental Acct 37,508.10 0.00 33,864.71 (82,844.86) (48,980.15) Transfer from GA 9028898-1-AABZA

GRAD_AID Total 1,824,681.61 670,142.71 2,491,180.93 (2,214,160.69) 277,020.24

NON_BASE 9028899 AABZA Accounting Lecture Series 0.00 32,184.00 32,184.00 (34,866.00) (2,682.00) Transfer from Gen Sppt End 9076543-1-KZQSY9028820 AABZA Great Accounting Films 0.00 49,424.64 49,424.64 (49,424.69) (0.05) Transfer from Conferences 9134567-1-DBNKI9028826 AABZA Accounting/A-21 Relief 4,661.00 0.00 4,661.00 (5,050.58) (389.58) Transfer from Operations 9028828-1-AABZA

NON_BASE Total 4,661.00 81,608.64 86,269.64 (89,341.27) (3,071.63)

OPERATIONS 9028827 AABZA Other Teaching-Accounting 112,596.00 0.00 112,596.00 (102,913.40) 9,682.60 Transfer to Operations 9028828-1-AABZA9028828 AABZA Office Operations-Accounting 261,587.11 284,322.89 547,814.69 (460,510.40) 87,304.29 Use Gen Sppt End to balance 9076543-1-KZQSY9028829 AABZA Graduate Admissions-Accounting 13,000.00 0.00 13,000.00 (20,350.81) (7,350.81) Transfer from Operations 9028828-1-AABZA9948975 AABZA Faculty Search-Accounting 0.00 0.00 0.00 (1,296.36) (1,296.36) Transfer from Operations 9028828-1-AABZA9909748 AABZA Events - Accounting 27,250.00 0.00 27,250.00 (32,864.86) (5,614.86) Transfer from Operations 9028828-1-AABZA9028823 AABZA Computing-Accounting 5,000.00 0.00 5,000.00 (4,449.32) 550.68 Transfer to Operations 9028828-1-AABZA9028825 AABZA Commencement-Accounting 6,000.00 0.00 6,000.00 (16,797.06) (10,797.06) Transfer from Operations 9028828-1-AABZA9998683 AABZA Accounting Labs 5,000.00 0.00 5,000.00 (1,830.33) 3,169.67 Transfer to Operations 9028828-1-AABZA

OPERATIONS Total 430,433.11 284,322.89 716,660.69 (641,012.54) 75,648.15

UG_PROG 9063478 AABZA UG Prog Accounting 0.00 0.00 0.00 (780.25) (780.25) Transfer from UG Prog 9876543-1-AAMZZUG_PROG Total 0.00 0.00 0.00 (780.25) (780.25)

Grand Total 3,876,203.88 2,086,503.90 6,018,115.14 (5,067,818.46) 950,296.68

Complete Revised Instructions

By 5 pm Friday, September 5th:

– Complete instructions on your most recent 154 report for covering any remaining overdrafts

– Complete revised instructions on the Year End

Report if there are material differences from original instructions

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Budget Savings

• Surpluses in graduate aid will be moved to the Grad Aid Savings account

• Surpluses in non-base budgets should be cleared by pulling back funds to the original source

• Budget savings decisions are made by Jim Henry and Adam Daniel based on the YE template and department/program reserves

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Cost Sharing Entries in August

• Cost sharing for faculty salaries and benefits during the academic year should be covered before August Month-End (Soft) Close Thursday, September 4. Please check with your liaison.

• Other cost sharing expenses should be covered from an appropriate departmental source

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Operating Budget Orientation

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Questions or Suggestions?

Fiscal Year-end Close

Documents

Transcript of Fiscal Year-end Close