The process of closing the books for fiscal year 2014 has begun. Key closing dates and important deadlines are outlined below. Please take special notice of the information contained in this document, and share it with your staff and others that you deem appropriate. If you have any questions or need further information, please do not hesitate to contact the Controller’s Office at 312.567.3377.

Salary Adjustments and Cost Transfers

Departments should begin reviewing their budget statement reports, including payroll expenditures, operating expenditures and open commitments by accessing Banner Self Service or Cognos reports. Review of detail payroll information is available via e-print reports, Cognos Labor report. Access request forms are located on the Controller’s Main webpage.

All payroll reallocations or transfers prior to May 2014 are due to the Controller’s Office no later than 12 pm on May 23, 2014. May payroll reallocations or transfers are due to the Controller’s Office no later than 12 pm on June 5, 2014. Please send non-grant reallocation or transfer requests to Allison Baldwin and grant reallocation or transfer requests to the Grant Accountant assigned to your department.

Please remember that Students and Temporary employee PA forms are required for the new fiscal year. The current assignments will end on May 31, 2014.

Non-salary cost transfers are due to the Controller’s Office by 5 pm on June 19, 2014. All grant cost transfers must follow Cost Transfer policy located on the Grants and Contracts website..

Purchase Orders, Invoices and Procurement Card

Purchases that are not critical to the completion of fiscal year 2014 operations will be delayed until fiscal year 2015. All fiscal year 2014 requisitions/purchase orders received, after April 23, 2014, will be reviewed and approved if the good or service is needed to complete a project or task started before May 1, 2014. All other requests will be delayed until fiscal year 2015. Requisitions deemed to be fiscal year 2015 activity will be deleted from the system. Departments will be required to reenter the requisition in Banner.

Purchases initiated in fiscal year 2014 will be applied to fiscal year 2014 budgets only to the extent that deliveries of goods and services have been received by May 31, 2014. Deliveries and services received after May 31, 2014 will be charged to fiscal year 2015 budgets. Reminder that all purchase orders will roll forward to the fiscal year 2015. If the good has been received or the service render and the purchase order has a remaining balance, please contact Purchasing to close the purchase order. Please review all open purchase orders older than one fiscal year to ensure the purchase order is still valid. Please contact Purchasing to close old purchase orders no longer valid from the system.

Requisitioning for items to be delivered in fiscal year 2015 can begin June 1, 2014. If an order is necessary prior to that date, contact Purchasing for assistance.

If a requisition/purchase order covers a service that is delivered both in fiscal year 2014 and fiscal year 2015 (for instance a software license) then the entire amount needs to be entirely charged to the appropriate expense account. Purchasing and General Accounting will reallocate the fiscal year 2015 portion to prepaid expense.

Invoices for fiscal year 2014 purchases must be received by Accounts Payable for processing no later than 12 pm on June 9, 2014. If an invoice is not received by June 9, 2014 for any goods and/or services provided before May 31, 2014, contact the Accounts Payable department by June 19 to accrue the expenditure to the fiscal year 2014 budget. Invoices for deposits on goods and/or services provided after May 31, will be applied to fiscal year 2015 budgets.

Reminder that all invoices received before May 31 for goods or services render after May 31, 2014 will be placed into a prepaid account in fiscal year 2014 and expensed in fiscal year 2015. A prepaid account enables the university to pay the invoice but not apply the payment to an expense account until the new fiscal year begins.

Procurement card purchases may be made through May 31, 2014, but must only be made for goods and services as allowed under the procurement card policy. Remember that charges made using procurement cards do not encumber funds and, if not tracked closely, can lead to overspent budgets.

Checks received

All checks received in May 2013 are to be deposited no later than May 31, 2014. Checks received after May 31 for a fiscal year 2014 payment that was not billed in fiscal year 2014 should be sent to the Controller’s Office no later than June 19. The payment will be applied in fiscal year 2014. All other payments will be applied in fiscal year 2015.

Important Dates Summary

Action Deadline

P-Card Charges May 31, 2014

Payroll reallocation or transfers
• Prior to May 2014 May 23, 2014 – 12:00pm
• May 2014 June 5, 2014 – 12:00pm

Accounts Payable
• Payment of Invoices June 9, 2014 – 12:00pm
• Accrual of Invoices June 19, 2014 – 5:00pm

Non-Salary Cost Transfers June 19, 2014-5:00pm

Checks for Payments
• Deposit in 2014 May 31, 2014 – 3:00pm
• Accrued in 2014 June 19, 2014 – 5:00pm

Preliminary May 2014 reports will be available June 16, 2014.