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University of Hawai’i

University of Hawai’i. Presented by the Financial Management Office May 21, 2007. YEAR-END AND OTHER ISSUES. Order of Presentations. David McClain – President Linda Johnsrud – Vice President for Academic Planning and Policy Howard Todo – Vice President for Budget and Finance/CFO

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University of Hawai’i

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  1. University of Hawai’i Presented by the Financial Management Office May 21, 2007 YEAR-END AND OTHER ISSUES

  2. Order of Presentations • David McClain – President • Linda Johnsrud – Vice President for Academic Planning and Policy • Howard Todo – Vice President for Budget and Finance/CFO • Accuity, LLP • General Accounting • Disbursing and Payroll • Property and Fund Management • Procurement • Treasury

  3. GENERAL ACCOUNTING

  4. FY2007 Year-End Calendar • Please visit FMIS website: http://www.fmo.hawaii.edu/FMIS/ for various central office year-end deadlines. (No exceptions to deadlines will be granted) • FMIS on-line input extended to 6:30pm from May 15th to July 3, 2007, EXCEPT for scheduled downtimes. Please  periodically check: • Scheduled downtimes at:  http://www.fmo.hawaii.edu/fmis/downtime.html • FMIS month-end schedule at  http://www.fmo.hawaii.edu/fmis/MEDates.html 

  5. FY07 Year-End Accounting Data Required • To present the University’s financial statements on the full accrual basis in accordance with Governmental Accounting and Financial Reporting Standards. • Accrual basis: revenues are recorded when earned and expenditures are recorded when incurred-when goods and services are received but not necessarily paid.

  6. FY07 Year-End Accounting Data Required • APM A8.671: Year-End Accounting Data Provides instruction on how to record the accounting data necessary at year-end for the preparation of financial statements.

  7. FY07 Year-End Accounting Data Required • Memorandum “ Recording Year-End Accounting Data” and sample journal vouchers will be sent via email in June 2007. • Fiscal Officer responses are due NLT July 3, 2007. • Journal vouchers to record Year-End Accounting data required by GALC due by 11:00am, July 13, 2007.

  8. Recording Year-End Accounting Data Memorandum

  9. Year-end FMIS On-Line JV • Please visit the FMO FMIS website: http://www.fmo.hawaii.edu/FMIS/OnlineJV • The year-end FMIS On-Line journal voucher system must be used to prepare your JVs for the following accrual adjustments in this presentation.

  10. YEAR-END FMIS ON-LINE JV WEBSITE

  11. Year-End Accounting Data to be recorded by fiscal officers: • Unrecorded accounts receivable: Amount due to the University from the sale of goods or services, credit memos from vendors, and reimbursements of expenditure transactions that is not recorded as an accounts receivable in FMIS via Accounts Receivable System “ARS” or Banner.

  12. Year-End Accounting Data to be recorded by fiscal officers: • Allowance for uncollectible accounts: The portion of accounts receivable (including Banner student receivables) that is not on the University’s ARS which is estimated to be uncollectible.

  13. Year-End Accounting Data to be recorded by fiscal officers: • BANNER Accounts Receivable balance reversal: • Revenue and related Banner accounts receivable for tuition, housing, etc. for academic sessions which start after June 30, 2007, must be reversed. • Revenue fully attributable to next fiscal year is not considered earned as of June 30th. (Reclassify cash payments received to deferred revenue)

  14. Year-End Accounting Data to be recorded by fiscal officers: • Deferred revenues: Revenue collections made in the current fiscal year for services to be rendered entirely in the subsequent fiscal year, e.g. Fall tuition collected in June should be deferred. Revenue recorded for sessions that cross fiscal years (e.g. First Summer Session), should be prorated between the two (2) fiscal years.

  15. Year-End Accounting Data to be recorded by fiscal officers: • Due from RCUH: Unexpended RCUH G,S,R,B service ordered funds (object code 7232) should be reclassified to Due from RCUH (account control 1560) • Due to RCUH: Reimbursement of expenses owed to RCUH for G,S,R,B service ordered funds (acct control 2560)

  16. Year-End Accounting Data to be recorded by fiscal officers: • Inventory of supplies: Cost of un-issued inventorial supplies which are charged to other departments, external agencies or customers as part of departmental operations should be recorded as inventory. • See APM A8.636-Supply Inventory

  17. Year-End Accounting Data to be recorded by fiscal officers: • Deferred charges/prepaid expenses: Amounts paid as of June 30th for goods and services to be consumed or expended in the subsequent fiscal year, e.g. summer session expenses paid in June should be prorated between the two (2) fiscal years or subscription paid in June for publications of the ensuing year, etc.

  18. Year-End Accounting Data to be recorded by fiscal officers: • Accrued Payroll: Payroll related services rendered on or prior to June 30 and payment documents have not been submitted to Disbursing/Payroll by the year end deadlines and thus not paid on 7/5, 7/15 or 7/20 payroll paid dates should be recorded as an accrual.

  19. Year-End Accounting Data to be recorded by fiscal officers: • Tuition and Housing Discounts and Allowances (Waivers): • Student tuition and housing waivers must be recorded as revenues and contra-revenues. • Employee tuition and housing waivers must be recorded as revenues and expenditures.

  20. RCUH Reclassification JV-Reminders • RCUH expense to proper object code JVs should be done during the regular year instead of during the year-end accrual period. • Especially for “Project” accounts (year-end process = P) and Fixed asset subcode reclassifications

  21. RCUH Reclassification JV-Reminders • If you “Forget,” and RCUH expense reclassifications are recorded during the accrual period (13th month) for SLs with year-end process=P, two additional JVs must be prepared: • JV to record expense reclassification in the new fiscal year • JV to reverse expense reclassification during the accrual period of the new fiscal year

  22. RCUH Reclassification JV-Reminders • Don’t forget to input RCUH 7-digit project number in Ref. No. 1 of journal vouchers for: • RCUH expense to proper object code (for expended funds) • RCUH expense to Due from RCUH (for unexpended funds)

  23. RCUH Expense Reclassification Subcodes • Use subcode 2087**-RCUH Wages to record salaries/wages paid by RCUH • Use subcode 2097**-RCUH Fringe Benefits to record fringe benefits paid by RCUH • **Subcodes2987,RCUH Wages (7232) and 2997, RCUH Fringe Benefits (7232) available to accommodate budget restrictions for subcode 7232 reclass only

  24. RCUH Expense Reclassification Subcodes • Refer to the handout for other expense reclassification subcodes

  25. Handout on Transactions with RCUH • Types of payments to RCUH • RCUH Budget Categories to UH Subcode crosswalk • Table of Account code ranges requiring 3 JVs if expenses are reclassified during the accrual period (13th month)

  26. GASB Attribute Reminders • Please do not use the “ZZ” Exchange/Nonexchange GASB attribute for any Fund Group 11 or Fund Group 12 accounts. • Fund groups 11 and 12 accounts should be coded as one of the following: • EX (Exchange) • MN (Mandatory Nonexchange) • VN (Voluntary Nonexchange)

  27. FINANCIAL REPORTS WEBSITE • Please visit the Vice President for Budget & Finance/CFO’s website: http://www.fmo.hawaii.edu/cfo/ for the FY2002, FY2003, FY2004, FY2005 and FY2006 audited financial statements.

  28. FINANCIAL REPORTS WEBSITE

  29. OTHER REMINDERS • Please do not input FY07-08 data until July10, 2007 when the system is available for FY2008 transactions. • For example, ARS invoices created in FMIS by 7/03/07 must be for the period up to 6/30/07 only. If the invoice covers a period beyond 6/30/07, either revise your invoice by 07/03/07 or prepare a year end JV to adjust the receivable for financial statement purposes.

  30. Questions/Discussion? • Please contact the General Accounting & Loan Collection Office at 956-8278 if you have any questions or need assistance.

  31. DISBURSING and PAYROLL

  32. Disbursing and Payroll • Miscellaneous Encumbrances • Payments to New Employees • Accounts Payable

  33. Payroll & Miscellaneous Encumbrances References: • Memorandum dated May 7, 2007 “Miscellaneous Encumbrances and Payment” • Memorandum dated May 12, 2007 “Fiscal Year-End Procedures for Payroll Encumbrances and Payments/ Liquidation” • A8.839 Accounts Payable Processing

  34. Miscellaneous Encumbrance (other than payroll) • Reference A8.841 • Used to obligate funds for goods and services received in FY2007 and paid after July 1, 2007. • Supported with a valid contractual obligation. • Examples include: • Mileage -Utilities • Stipends -DCS transactions • Mileage -Relocations • Library Purchases of books and periodicals • Deadline for submission: June 20, 11:00 a.m.

  35. Payroll Payroll transactions to be booked by central offices: Est. Date • Payment of payroll for 06/20/07 paid date 06/18/07 • “After-the Fact” Payroll – Encumbrance 06/19/07 • SCOPIS Payroll (worked performed 06/15/07) 06/20/07 • Payroll Misc encumbrance (FMIS-35) 06/21/07 (worked performed thru 06/15/07) 5. Payment of Payroll for 06/29/07 paid date 06/26/07 Do not process a miscellaneous encumbrance form for SCOPIS and “After the Fact” Payroll this is being booked centrally. Deadline for submission: June 14, 11:00 am

  36. Payments to New Employees Departments must accrue (but not necessarily encumber) payroll for new hires if hired before July 1, 2007 and not paid by: • June 30, 2007 for Faculty & Faculty Overload • July 20, 2007 for new After-the-Fact and Emergency Hires, and SCOPIS (student, casual, and other BOR overload)

  37. What is an Accounts Payable? • An Accounts Payable (AP) is a liability or amount owed by the University to outside vendors and individuals or University employees for goods and services received or performed but not paid for by the end of the fiscal year June 30, 2007. • Applies to all University organizations and all sources of funds.

  38. AP - What’s the Big Deal? • Past 6 years, cited by independent auditors • Distorts our financial statements

  39. AP FY2007 A8.866 Accounts Payable Listinghttp://www.hawaii.edu/svpa/apm/disb/a8866.pdf FMIS-22YR, Accounts Payable Journal Voucher Replaces FMIS-11 A/P Listing Form JVs done on-line in FMIS Allows 50 entries per JV Dept submits A/P JV to Disbursing for approval Dept retains supporting documents June 30th FHMR009B Open Commitment Status by FO report available on-line in Page Center. 39

  40. AP FY2007 (cont’d) P-Card Transactions • AP will be downloaded (includes P-Card transactions posted from June 15-30, 2007). • AP will not include P-Card transactions that are still in-transit and have not been posted on PVSNet as of June 30, 2007. • Fiscal Officers are then responsible to record these in-transit/not posted P-Card transactions.

  41. Questions/Discussion? • Please contact Disbursing at 956-7126 or Payroll at 956-7444 if you have any questions or need assistance.

  42. PROPERTY and FUNDMANAGEMENT

  43. SUBMISSION DEADLINES • Equipment Acquisitions, Deletions & Changes; including Fabrication in Progress 06/08/07 • Installment Contracts Adjustment between Principle & Interest 06/22/07 • Installment Contracts Payable 07/06/07 • Library Books (Increase/Decrease) 07/12/07

  44. ON-LINE ACCESS Disable eInventory 06/29/07 Enable eInventory 07/20/07

  45. INVENTORY ISSUES • Fixed asset acquisitions and disposals have not been properly submitted in the year of occurrence. • Reclassification of RCUH advances (subcode 7232) involving fixed assets should be processed throughout the fiscal year. • Room number location is now required for all movable assets (if applicable).

  46. INSTALLMENT CONTRACTS • Installment contracts are defined as agreements to purchase or lease with option to purchase: • Involves a series of payments on a debt. • Each payment is specified as to principal and interest (i.e., existence of an amortization schedule). • Have specified due dates on the payments

  47. INSTALLMENT CONTRACTS • Assets and liabilities (installment contract) are recorded in the FMIS when the asset is first placed in-service • Principal payments that are coded with 5606 or 7706 reduce the installment contract liability • Subcodes 5606 and 7706 operate differently from “regular” expense subcodes. Do not include installment contract principal payment subcodes 5606 or 7706 on your AP listing because the subcodes are designed to reduce the liability rather that increase it.

  48. SUBCODE CORRECTIONS • Governmental Accounting Standards Board Statement 34 (GASB 34): • Only capital purchases are reflected on the UH’s financial statements as capital assets (subcodes in the 77X0 format). • Controlled property are not reflected on financial statements as capital assets (subcodes in the 77X9 or 77X8 format).

  49. SUBCODE CORRECTIONS • GASB 34 (Continued) • Capital purchases (subcodes in the 77X0 format) are eliminated from the Statement of Revenues, Expenditures, and Changes in Net Assets. • The current year’s depreciation expense is calculated to allocate the cost of the fixed asset over its useful life.

  50. SUBCODE CORRECTIONS • Special requirements for ORS administered funds : • Three JVs will be required to correct subcode errors if corrections are made after July 1st: • One JV to correct the subcode error in the accrual period. • Second JV to correct the subcode error in the succeeding fiscal year. • Third JV to reverse the correction of the subcode error in prior fiscal year accrual period.

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