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Introduction
Purpose
Provide information to the university community
about the year end closing and reporting process and
deadlines
Objective
Facilitate an orderly, efficient and compliant year end closing
process both at the departmental and institutional levels
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Presenters
Finance & Budget
Reda Bernoussi
Barbara Manzi
Greg Argueta
Jennifer Mayes
Director of Accounting & Financial
Reporting
Assistant Director of Accounting
Operations
Karol Miller
Treasury & State Accounting Manager
Jené Janich
Business Process Analyst
Manager of Budget Systems
Financial Compliance Manager
Audit & Compliance
Toni Stephens
Executive Director of Audit & Compliance
Adam Cantwell
Director of Payroll
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Agenda
• Overview of the Year-End Closing Process
• Year-End Required Accounting Information
• Procurement Management Deadlines and Reminders
• Payroll Deadlines and Reminders
• Budget Deadlines and Reminders
• Account Reconciliation
• Certification Process (Letters of Representation)
• Audit & Compliance
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Overview of the YearEnd Closing Process
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Overview of Year-End Process
 Steps necessary to properly close out the University’s
financial systems for the current fiscal year
 Timeline of critical tasks/processes required to ensure
that all prerequisites are met before final ledgers and
reports are generated
 Mechanism for gathering data used in the year end
reporting processes (e.g., Receivables, Inventory, etc.)
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August 2013 (FY13 period 12) - YEAR END CLOSE
WK 23 ‘13
WK 24 ‘13
June Reconciliations
Due
Finance
Accounting
29 30 01
03
04
05
06
07
08
09
10
Aug 05 -- 09
July 28 – Aug 02
Aug SM1 Timesheets
PAF due
Due
for Aug
Payroll
Monthly
HCM
Campus
Solutions
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WK 27 ‘13
FY13 Submit Non-Catalog Purchase & Travel Vouchers,
Print Shop Orders, Purchase Card Statements, Request AP
Check/ Petty Cash
FY14 budget period open; Purchases Can Begin
Last Day to Reallocate USAS Funds
FY14 budget load
period; must be
loaded by EOB 08/16
02
WK 26 ‘13
July ‘13
Month-End
FY13 COA Changes
Deadline
Purchasing
Budget
Benefits
28
WK 25 ‘13
11
12
13
14
15
16
Aug 12-- 16
Aug SM1 Confirm
Aug Monthly
Timesheets Due
17
18
19
20
21 22
23
24
Aug 19-- 23
Aug SM2 Timesheets
Due
25
26
27
28
29
FY13 Last Day
For Catalog
Vendor
Purchases
30 31 01
02
Aug 26 – Aug 30
Aug SM2
Confirm
Aug Monthly Confirm
Classes Begin: 16-wk
and 1st 8-wk
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September 2013 (FY14 period 1)
WK 40 ‘13
WK 41 ‘13
WK 42 ‘13
WK 43 ‘13
WK 44 ‘13
Adjustment Period
Finance
Accounting
July Reconciliations
Due
Process PO
& Travel ROLL
Purchasing
Budget
Benefits
01
02
Aug ‘13 Month-End
Final Close
(Preliminary Close)
(Accounting)
Due Date for
LOR Distribution
Adjustments
FY13
Budget
Year
Closed
Campus
Accruals Due
03
04
05
06
07
08
09
Sept. 02 -- 06
Payroll
HCM
AFR Due
Date
10
11
12
Sept . 09 - 13
13
14
15
16
17
18
19
Sept. 16 - 20
20
21
22
23
24
25
26
Sept. 23 - 27
27
28
29
30 01
02 03
04
Sept. 30 – Oct. 04
Aug SM3 Confirm (EOB)
Aug SM3 Timesheets Due (noon)
Labor Day
Campus
Solutions
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05
Year-End Reports
 The preliminary close will begin Thursday,
September 5 and ends on Tuesday, September 10.
 The account reconciliation application will be updated for
period 12 on Wednesday, September 11.
 The final year-end close will occur on Monday, September 16.
 The account reconciliation for period 12 starts on Tuesday,
September 17.
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Deadlines for IDTs and
Automated Journal Entries
 In order to accommodate this schedule and to ensure
that transactions are processed in an orderly fashion,
please ensure all Inter-Departmental Transfers for
August business receive both departmental approvals
with proper documentation and in the Finance Office
no later than Wednesday, September 4.
 The deadline for automated (spreadsheet) journal
entries is Wednesday, September 4.
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Material Adjustments After
Preliminary Close
 If you determine that material adjustments are needed to
FY13 costs or revenues after the preliminary close, you will
have until Friday, September 13 to contact the Finance
Office (ext. 2602) to discuss the nature of these adjustments
and the process to be followed.
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Year-End Required
Accounting Information
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Year-End Accounting
Information
• Inventory Adjustments
– Physical inventory for FY13 is due to Kerry
Freeman in Accounting, no later than Friday,
August 23.
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Revenue and Expenditures
 IDT’s (Inter-Departmental Transfers)
oApprovals by Wednesday, September 4
oProper documentation with either Account Reconciliation or Ledger
Inquiry screen shots
oAdequate IDT description
 Cost Overruns
oBudget Transfers (if appropriate)
oIDT to move expenditures to appropriate cost center
oPayroll re-allocations
 Receivables and Revenue
oForms will be sent to be completed and returned by September 6
oHave you invoiced for goods or services outside of the
Accounting System and have not been paid?
oHave you provided goods or services and not invoiced?
oIs this revenue applicable to FY13 or FY14 (deferred revenue)?
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Petty Cash
• Last day to submit reimbursements for FY13 petty cash
expenses: Friday, August 16
–
All FY13 expenses must be reimbursed by this date.
• Confirmation of all of the open petty-cash accounts
balances and custodians: Friday, August 16.
–
–
–
Cash on hand + unreimbursed receipts must = total authorized
fund amount.
New: Imprest fund forms must be completed annually
Signature of custodian confirms that fund is reconciled.
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Procurement Management
Deadlines and Reminders
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Purchasing Deadlines
08/16
08/16
08/16
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• Last day to close an open PO
• Last day for Non-Catalog orders
• Begin Purchasing In FY 14
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Purchasing Deadlines (cont)
• Last day for Catalog Purchases. Must be
approved by Cost Center Manager or Alternate
08/30
• eProcurement Down at 3:00 PM All nonapproved FY 13 orders will be cancelled.
08/30
• Contact Paul Watson or
• purchasing@utdallas.edu
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Purchasing Card
Program Deadlines
Purchasing Card deadline for posting of purchases against FY13
with ability to change Cost Center
– Friday, August 16
Purchasing Card Program contact:
• Christy Baxter, Joel Wilson or Maria Morris
purchasingcard@utdallas.edu
ONLY emergency orders should be placed with the purchasing card
from the 8/17/13 to 8/31/13. Anything posted by Citibank after
8/17/13 will be charged against your default Cost Center in FY13
budget and cannot be changed. Changes WILL NOT be allowed.
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Accounts Payable Deadlines
Purchase Vouchers and Request for Check
• Friday, August 16
Accounts Payable contact:
• Gina Niemann accountspayable@utdallas.edu
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Travel Deadlines
Travel Vouchers for actual reimbursement
in FY13
•
•
Friday, August 16
Vouchers received after this date will be accrued if
greater than $2,000
Travel Coordinator:
• Trudy Muller and Becky Mickey
travel@utdallas.edu
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Travel Deadlines
•
Airfare charges for travel taking place in
July/August will be posted or accrued if booked
with UT Dallas Travel Agents.
•
Airfare charges for travel taking place before
8/31/13,that has not yet been paid will be
posted or accrued if booked with UT Dallas
Travel Agents and greater than $2000.
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Print Shop Deadlines
Print/Copy Center Jobs:
• Friday, August 16
Print Shop contact:
» Chris Rench rench@utdallas.edu
Copy Center contact:
» Donna Lane donna.lane@utdallas.edu
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Accrual Procedures
Best practices require that we account for expenditures related
to goods and services in the fiscal year they were actually
received.
If you are aware of an expenditure with a value of $2,000 or
more that has been received but not yet invoiced, please advise
Accounts Payable so it can be accrued.
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Accrual Reminders
• Do consider services greater than $2000 that have been performed, but
not yet been paid.
• Do send estimated travel reimbursements for travel completed before
8/30 but not yet submitted for reimbursement.
• Do send estimated business expense reimbursements for expenses that
have been incurred, but not yet submitted for reimbursement.
• Do send even if your account is negative; expenses should be reported in
the correct FY.
• Do not send airfare; we will accrue from reports from CTP and Anthony.
• Do not send an expense to be accrued that you have already submitted for
payment.
Try to keep accruals at a minimum—send the actual payment request
before 8/16, if possible, so we can pay instead of accrue.
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Payroll Deadlines
and Reminders
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Payroll Deadlines
Semi-Monthly Payroll
• August 20th payday – Forms due to Budget July 23rd – Time
sheets due to Payroll Augusts 6th
• September 5th payday – Forms due to Budget August 12th –
Time sheets due to Payroll August 20th
• Last FY 13 Semi Monthly Payroll – September 16th payday –
Forms due to Budget by August 20th – Time sheets due to
Payroll September 3rd at noon (Submit August 30th if
possible)
Monthly Payroll
• September 3rd payday – Forms due to Budget August 8th –
Time sheets due to Payroll August 16th
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Budget Deadlines
and Reminders
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Final Day to Process Budget
Journals for FY 2013
• Wednesday, September 4 to the Budget Office
• All budget journals must be initiated and sent
through the proper approval workflow and to
your budget analyst by this date.
• Budget journals for FY 2013 created first week
of September should be dated 8-31-2013.
• NOTE: Departments are expected to adjust
spending or process required transfers in order
to eliminate deficits during FY 13.
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Budget Processing Dates
FY14 Operating Budget
• The original budgets for FY14 will be loaded in
PeopleSoft by August 16th.
• Open purchase orders and their budgets will be
rolled forward on September 2nd.
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Use of Roll Forward Balances
• Any FY13 net ending balances that roll forward into
FY14 will be shown as Beginning Balance in the cost
center by October 1 (after completion of fiscal yearend process).
• To set up budget for these funds, a budget journal
may be initiated at any time by the department
during FY14.
• The use and allocations of these funds are at the
discretion of the department.
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Salary Roster FY14
• Preliminary FY 14 approved Budget Workbooks
sent to departments Friday, August 16
• FY14 Payroll Validation Query
• Salary Rosters loaded to PeopleSoft HCM by Payroll
by September 1.
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Budget Reminders
• If you have received goods or services from
university departments and have not been billed, be
sure to make provision for these costs when
preparing your year-end budget journals.
• Be aware of all charges that are to be billed to your
cost center through year-end and make appropriate
provisions.
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Anticipate
• Anticipate your Service Department charges and any other
charges that will be posted to your cost center so that it will
not be deficit at the end of the year.
Copy Center
Food Service
Print Shop
Gas
Postage
Staples Orders
Purchasing Card
IDTs
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Manage Your Budget
• Please make sure funds are available in the
correct Cost Center/account by the Budget
Journal deadline: Wednesday, September 4.
• Payroll reallocation requests affecting State
Funding cost centers need to be submitted to
your Budget Analyst by Monday, August 19.
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Manage Your Budget (con’t)
• August payroll distribution query will be the only
opportunity to change funding affecting state cost
centers.
• Query for monthly employees available Wednesday,
August 28. All change requests due by 5pm
Thursday, August 29.
• Query for semi-monthly will be available Thursday,
September 5. Change requests due by 5pm that
same day.
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Follow-Up
• Budget Journals can take several days to process
through workflow for required approvals
• Monitor the progress of Budget Journals
• Make follow-up phone calls or emails to expedite
completion
• If you have questions, please call your Budget
Analyst, or Dave Gaarder in the Budget Office
and we will be glad to assist you.
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Account
Reconciliation
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Account Reconciliation
• Due Date for Period 12 reconciliations: October 1
• All FY 13 cost centers should be reconciled and
approved by this date
• If you do not believe the cost centers in your area
will be reconciled and approved by October 1,
please inform your fiscal officer.
• In addition, please contact Jennifer Mayes
(mayes@utdallas.edu), Office of Budget & Finance.
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Account Reconciliation Status
There is still over
$24M in revenue
needing
reconciliation for
periods 1-10.
There is still
almost $53M in
expenses needing
reconciliation for
periods 1-10.
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Certification
Process
(Letters of Representation)
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Year-End Certification
Letters of
Representation
 All cost centers have been
reconciled, reviewed and
approved.
 Funds were used in
accordance with any
restrictions.
 Transactions were
appropriate, allowable and
properly recorded.
 Reconciling items have
been resolved or have been
noted.
 Segregation of duties have
been maintained.
 Any internal control
weaknesses have been
reported.
 There is no known fraud,
omissions or misstatements.
 Those authorized to execute
contracts comply with
ethics certification.
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UT Dallas
Financial
Statements
FY 2013
UT System
Financial
Statements
Chancellor,
Controller & Chief
Audit Exec
FY 2013
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Audit and Compliance
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Purpose
What is Audit and Compliance?
What are the Plans for FY 2014?
New Policies
Audit & Compliance Tips
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What Is Audit and Compliance?
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What Is the Difference
between Audit and Compliance?
Compliance
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What Are the Plans for FY 2014?
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FY 2014 Audit
Plan
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Financial
Expenditure Process: Payables and Receiving
FY 2013 Financial Statement Audit
FY 2014 Interim Financial Statement Audit Work
Sponsored Programs Billing and Receivables
Operational
Assistance to UT System Audit for Presidential Travel and
Entertainment Audit
Callier Center for Communication Disorders
Cash Handling/Treasury Management
Center for Brain Health
Contracting Process
Executive Education
Executive Travel and Entertainment Expenses
Hiring and Compensation Process
International Students/SEVIS
Travel Process
Meals and Catering
Construction Management: Repairs, Renovations, and Work Orders
Parking Services
Compliance
Clery Act
CPRIT (Cancer Prevention Research Institute of Texas) Grants
Endowments and Gifts
HIPAA Privacy
Human Subjects
Lab Safety
Lena Callier Trust
NCAA Compliance
Time and Effort
Information Technology
Cloud Computing
Data Centers
Education Research Center
eLearning/Blackboard
HIPAA Security
IT Governance: Policies and Procedures Consulting Review
IT Security
PeopleSoft Roles
Unix
Vulnerability Scanning Process
Follow-up Audits & Special Projects
External Quality Assurance Review of Internal Audit
Follow-up Audits
Fraud Awareness and Training
Consulting Projects
Change in Management Audits
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FY 2014 Compliance Plan
• Work with high-risk areas on their risk
assessment and monitoring plans
• Conduct departmental reviews to ensure top
compliance risks are being addressed
• Implementation of UTS 180
• Training
• Standards of Conduct Guide
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Compliance Risks
•
•
•
•
•
•
•
•
•
•
IT Security
PeopleSoft Access
HIPAA Privacy
Time and Effort Reporting
Tax Compliance
Property (Controlled
Assets)
Cash/Check/Credit Card
Handling
Title IX
Code of Ethics – Financial
Conflict of Interest (UTS
180)
Account Reconciliation &
Segregation of Duties
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• Lab Safety
• Emergency Management
• University Events & Student Travel, including
Summer Camps
• Financial Aid
• Purchasing Cards
• Clery Act
• Conflict of Interest in Research
• Contract & Grants – Unallowable Costs, Cost
Sharing
• FERPA
• Gramm Leach Bliley (PCI Compliance, credit
cards)
• Business Expense Reimbursements (Travel,
Entertainment)
• Export Controls
• Human Subjects
• Callier Medical Billing
• Endowments & Gifts
• Animal Care
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UTS 178
Significant events are defined, but not limited to,
the following:
How to Report:
http://www.utdallas.edu/auditcompliance/significant-events.html
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 Reports of death or serious injury occurring on campus or
involving a member of the university community;
 Allegations of fraud or fiscal loss of $100,000 or more;
 Allegations involving impropriety or failure to follow law
or policy by the Chancellor, a System Executive Vice
Chancellor or Vice Chancellor, the General Counsel to the
Board, or the System Chief Audit Executive; or an
institutional president or vice president;
 Allegations of sexual misconduct;
 Allegations related to the care or safety of minors;
 Material concerns expressed by federal and state oversight
agencies;
 All security breaches involving confidential records;
 Potential media reports that may impact the reputation of
the university;
 Matters that reflect a systemic threat to patient safety;
 Other allegations, significant reports, and investigations
that could be viewed as a significant event.
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UTS 180
The new UT System policy Conflicts of Interest, Conflicts
of Commitment, and Outside Activities is intended to
provide a current system of disclosure, approval, and
documentation of employee activities and ensure
compliance with state ethics laws.
Policy is currently in revision
https://www.utsystem.edu/bor/procedures/policy/policies/UTS180.pdf
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Audit & Compliance Tips
What Are the Most Common
Audit Recommendations?
Lack of timely account reconciliations
Noncompliance with purchasing card procedures
Lack of policies and procedures
Lack of documentation, including business purpose for
expenses
 Travel and business expense reimbursements




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Audit & Compliance Tips
How to Prevent an Audit Recommendation
 Follow UT Dallas policies and procedures
 Take compliance training
 Analyze your risks
 See “Top 20 Departmental Risks”
http://www.utdallas.edu/auditcompliance/training.htm
 Implement procedures to minimize risks
 Ask questions: your supervisor, your co-workers, Audit
& Compliance
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Hotline & Contact
Information
Toni Stephens, Executive
Director of Audit & Compliance
• tstephens@utdallas.edu
• 972-883-4876
Website:
• http://www.utdallas.edu/auditcompliance
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Open Discussion
You won’t know if you don’t ask!
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