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Fiscal Year-End Close Review FY15 1 Documents for Year End • August 2015 Close Memo • Year-End Calendar FY15 • Allowable Funding Transfers • Funds Management and Overdrafts 2 Link for Detailed YE Instructions A detailed calendar of close dates is available on the Financial Management Services website at: http://www.stanford.edu/group/fms/fingate/staff/moyrendclose/year.html 3 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? 4 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 5 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 6 154 Fund Statement Summary Receipts - Receipts Transfers - Transfers Beginning Endowment Other Transfers - Transfers Transfers Net Balance Payout Additions OB Support In Out Expenses Investments Award Award Name Avail Balance KZSOZ Brown Eyes Only Flshp (4,721.59) 28.96 EZNQZ Best Practices Seminar (580.71) 70.59 - - - - - AARQZ Accounting Travel Clearing Acct 16,249.45 - (21,000.00) - - - - - - - (651.30) - - - - - - - - 640.00 - - - (600.00) DBNKI Conferences - Accounting 1,783.75 1,743.75 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) - 139,924.79 167,935.31 - - (5,000.00) (39,410.52) - BZEPF Budget Savings Accounting - 10,900.00 5,500.00 7 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 8 Corrective Actions • Move incorrect or excess expenditures using iJournals or LDA by 5 pm Thursday, September 3 • 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 9 Allowable Fund Transfers Operating Budget Designated Endowment Expendable Gift Grants & Contracts NONE Operating Budget AAAAA-ABZZZ WAAAA-WZZZZ (Univ Rsrch/Cost Share) FZAAA-FZZZZ (Faculty Support no transfers out, restricted transfers in) Designated BAAAA-FYZZZ Endowment KAAAA-NZZZZ Expendable Gift GAAAA-JYZZZZ Grants & Contracts PAAAA-PZZZZ (NIH) QAAAA-QZZZZ (NSF) RAAAA-RZZZZ NASA) SAAAA-SZZZZ (other Fed) TAAAA-TZZZZ (DoD) UAAAA-UZZZZ (Non-Fed) 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. 10 Commitments and Fund Overdrafts By 5 pm, Wednesday August 19th • Annotate your Commitments Report and return to your liaison for year-end transfers. By 5 pm, Tuesday August 25th • Complete the first pass to cover fund overdrafts by annotating the 154 report. 11 Overdraft Coverage – 154a Award Award Name Receipts - Receipts Transfers - Transfers Avail Beginning Endowment Other Transfers - Transfers Transfers Net Balance Balance Payout Additions OB Support In Out Expenses Investments KZSOZ Brown Eyes Only Flshp (4,721.59) 28.96 EZNQZ Best Practices Seminar (580.71) 70.59 - - - - - AARQZ Accounting Travel Clearing Acct 16,249.45 - (21,000.00) PTA - Pull back from GA 9028898-1-AABZA - Transfer from Conferences 9134567-1-DBNKI - - - - - - (651.30) - - - - - - - 640.00 - - - (600.00) DBNKI Conferences - Accounting 1,783.75 1,743.75 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) - - Instructions 12 Reconciling Operating Budgets 09/01 Funding + + + Mid-Year Commitments you’ve already received Mid-Year Commitments you haven’t received yet Other transfers in or (out) From Budget Template – Budget Summary Page and Fund Statement From August fund statements From August commitments reports From August fund statements = Total OB Funding for the year 13 Year End Close Report Dept/Prog Accounting Account Type BEG BALANCE Project Award Project Name Beg Bal Rev GF Txf 1000000 AABZA Beg Balance 1,683.10 0.00 (1,683.10) AAMZZ Beg Balance 55,462.96 0.00 57,146.06 BEG BALANCE Total Other Txf Capital Inv Funding 0.00 0.00 0.00 0.00 Expense Commit 0.00 0.00 End Bal 0.00 0.00 0.00 0.00 0.00 55,462.96 0.00 0.00 55,462.96 0.00 (1,683.10) 0.00 0.00 0.00 55,462.96 0.00 0.00 55,462.96 0.00 1,618,111.26 1,050,429.66 0.00 0.00 2,668,540.92 0.00 546,017.21 0.00 1,618,111.26 1,050,429.66 0.00 FAC_SALARY FAC_SALARY Total 9028829 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 33,864.71 (82,844.86) 0.00 (48,980.15) 0.00 1,824,681.61 670,142.71 AABZA Faculty Salaries-Accounting GRAD_AID Total NON_BASE 0.00 Grand Total (3,643.39) 0.00 (3,643.39) 2,491,180.93 (2,214,160.69) 0.00 546,017.21 0.00 277,020.24 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 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) 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) (2,682.00) 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 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 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 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 OPERATIONS Total UG_PROG UG_PROG Total (2,122,523.71) 0.00 2,668,540.92 (2,122,523.71) 9028899 NON_BASE Total OPERATIONS 0.00 0.00 9063478 AABZA UG Prog Accounting 550.68 (10,797.06) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (780.25) 0.00 (780.25) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (780.25) 0.00 (780.25) 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 14 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 (budget) figures. 15 Other Sources for OB Funding • FY 14/15 Budget Template – Budget Summary • Dean’s Office Allocation • Departmental funding in the green section • FY15 Commitments Report • Mid-year commitments to the operating budget 16 Operating Budget Funding • Reconcile Budget Template to Fund Statement • FY 14/15 Budget Template – Budget Summary Page • This should equal the OCT-2014 GF transfer on your fund statement by project (use data download to get source PTA data) • There are separate OCT-2014 lines for department controlled funding transfers • 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 17 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 FY15 commitments from your commitments report to project year-end funding 18 Help with Reconciliation If you’re having trouble reconciling your expenditures, take a look at the Financial Management Services website: https://web.stanford.edu/group/fms/fingate/staff/resources/courses/fin0160.html 19 Complete YE Close Instructions By 5 pm Tuesday, September 1: • Complete preliminary instructions on the Year End Operating Budget Report and return to your liaison • Provide 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 By 5 pm Wednesday, September 2: • Complete instructions on your 154 report for covering overdrafts (Since reports are updated daily, you should be able to project your year-end balances closely) 20 Adjustments to OB Support Receipts - Receipts Transfers - Transfers Beginning Endowment Other Transfers - Transfers Transfers Net Balance Payout Additions OB Support In Out Expenses Investments Award Award Name Avail Balance BZFFP GA Savings-Accounting 25,617.42 348,759.11 KZQSY Accounting General Support 14,814.09 11,721.71 KZSOZ Brown Eyes Only Flshp (4,721.59) KZWHQ Greenspan Mem Flshp KZTQI Canellos Flshp AARQZ Accounting Travel Clearing Acct EZNQZ Best Practices Seminar Instructions PTA - (305,099.81) - - 96,092.38 - (93,000.00) - - - 28.96 16,249.45 - (21,000.00) - - - 3,620.90 3,618.71 19,002.19 - (19,000.00) - - - 3,468.00 9,232.18 8,235.82 - (14,000.00) - - - 9028898-1-AABZA - Pull back from Operations 9028828-1-AABZA - Pull back from GA 9028898-1-AABZA - Transfer to GA Peck to zero 9028898-1-AABZA - Transfer to GA Kital to zero 9028898-1-AABZA - (18,041.88) - Pull back from GA - - - - - - - - - (580.71) 70.59 - - - - - (651.30) - - - - - (3,000.00) - KZVRY Fund Accounting 20,422.73 18,041.28 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) - DBNKI Conferences - Accounting 1,783.75 1,743.75 - - 640.00 - - - (600.00) BZEPF Budget Savings Accounting 139,924.79 167,935.31 - - 10,900.00 5,500.00 BZEGO Dept Chair Discretionary 23,751.64 - - 15,000.00 9,810.83 5,381.45 - (5,000.00) (39,410.52) - (1,059.19) - 21 Operating Budget Instructions Dept/Prog Accounting Account Type Project BEG BALANCE 1000000 Award Project Name AABZA Beg Balance AAMZZ Beg Balance BEG BALANCE Total GRAD_AID 9028898 AABZA Grad Aid-Accounting 9028830 AABZA TA-Accounting 9065264 AABZA Grad Stu Incidental Acct GRAD_AID Total NON_BASE 0.00 Funding 0.00 Expense 0.00 0.00 0.00 55,462.96 0.00 (1,683.10) 0.00 55,462.96 0.00 1,248,959.32 312,219.90 1,561,179.22 538,214.19 357,922.81 37,508.10 0.00 896,137.00 33,864.71 1,824,681.61 670,142.71 2,491,180.93 (1,436,488.99) End Bal Instructions AABZA Accounting Lecture Series 0.00 32,184.00 32,184.00 (34,866.00) AABZA Great Accounting Films 0.00 49,424.64 49,424.64 (49,424.69) 9028826 AABZA Accounting/A-21 Relief 4,661.00 0.00 4,661.00 (5,050.58) 4,661.00 81,608.64 86,269.64 (89,341.27) 55,462.96 Use to cover overdraft in OB 124,690.23 Pullback O/D $4,371.84 (2,682.00) Transfer from Gen Sppt End (0.05) Transfer from Conferences (389.58) Transfer from Operations 9,682.60 Transfer to Operations AABZA Other Teaching-Accounting 112,596.00 0.00 112,596.00 (102,913.40) AABZA Office Operations-Accounting 261,587.11 284,322.89 547,814.69 (460,510.40) 9028829 AABZA Graduate Admissions-Accounting 13,000.00 0.00 13,000.00 (20,350.81) (7,350.81) Transfer from Operations 9948975 AABZA Faculty Search-Accounting 0.00 0.00 0.00 (1,296.36) (1,296.36) Transfer from Operations 9909748 AABZA Events - Accounting 27,250.00 0.00 27,250.00 (32,864.86) (5,614.86) Transfer from Operations 9028823 AABZA Computing-Accounting 5,000.00 0.00 5,000.00 (4,449.32) 550.68 Transfer to Operations 9028825 AABZA Commencement-Accounting 6,000.00 0.00 6,000.00 (16,797.06) (10,797.06) Transfer from Operations 9998683 AABZA Accounting Labs UG_PROG 9063478 UG_PROG Total AABZA UG Prog Accounting 0.00 5,000.00 (1,830.33) 284,322.89 716,660.69 (641,012.54) 0.00 0.00 0.00 (780.25) 0.00 0.00 0.00 (780.25) 3,876,203.88 2,086,503.90 6,018,115.14 9034565-1-KZSOZ 9098765-1-BZFFP 9028898-1-AABZA 9028898-1-AABZA 9076543-1-KZQSY 9134567-1-DBNKI 9028828-1-AABZA (3,071.63) 9028828 5,000.00 9063478-1-AABZA 55,462.96 9028827 430,433.11 PTA 0.00 Partial pullback to GA Savings (694,826.84) 201,310.16 Transfer to GA (82,844.86) (48,980.15) Transfer from GA (2,214,160.69) 277,020.24 9028820 OPERATIONS Total Grand Total Other Txf 9028899 NON_BASE Total OPERATIONS GF Txf (1,683.10) 87,304.29 Use Gen Sppt End to balance 3,169.67 Transfer to Operations 9028828-1-AABZA 9076543-1-KZQSY 9028828-1-AABZA 9028828-1-AABZA 9028828-1-AABZA 9028828-1-AABZA 9028828-1-AABZA 9028828-1-AABZA 75,648.15 (780.25) Transfer from UG Prog 9876543-1-AAMZZ (780.25) (5,067,818.46) 950,296.68 22 Complete Revised Instructions By 5 pm Friday, September 4th: • Complete and return to your liaison any revised instructions on the Year End Operating Budget Report if there are material differences from your original instructions 23 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 24 Cost Sharing Entries in August • Please review your cost share funding with your liaison • Cost sharing for faculty salaries and benefits during the academic year should be covered before August Month-End (Soft) Close Thursday, September 3 • Other cost sharing expenses should be covered from an appropriate departmental source 25 Finance Web Site and Repository • The H&S Finance web site has reports, policies, procedures, training, and calendar information for year-end close https://finance-humsci.stanford.edu/ • Instructions for using the Repository to access and upload reports and other documents is available on the H&S Finance web site https://finance-humsci.stanford.edu/training/repository-quick-start-guide 26 Operating Budget Orientation Questions or Suggestions? 27
