Fiscal Year-end Close

1. Fiscal Year-end Close FY14

2. Documents for Year End • August 2014 Close Memo • Year-End Calendar FY14 • Allowable Funding Transfers • Funds Management and Overdrafts

3. 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

4. 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?

5. 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

6. 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

7. 154 Fund Statement Summary

8. 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

9. 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

10. Allowable Fund Transfers

11. 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.

12. Overdraft Coverage – 154a

13. Reconciling Operating Budgets

14. Year End Close Report

15. 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.

16. 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

17. 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

18. 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

19. 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

20. 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)

21. Adjustments to OB Support

22. Operating Budget Instructions

23. 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

24. 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

25. 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

26. Operating Budget Orientation Questions or Suggestions?