Year-End Planning and
Checklist
CSU Year-End Training Workshop
LAX, May 21-22, 2007
AGENDA
• Background
• Preparing and Planning
• Year-End Checklist and Timeline
– Includes RMP issues and guidelines
• Discussion and Q & A
Background: Why Is This Needed?
• Frequently asked questions:
– Why isn’t this written down anywhere?
– Do you have a year-end checklist we can
look at?
• What is new about this year?
• Condensed close and reporting
timelines in recent years
• Importance of preparation and planning
to year-end close success
• New campus staff
Background: What are we trying
to Change?
• Overtime and Stress
• Lack of communication
• Lack of time for Management Review
• More Standardization & consistency in
reporting
• Success in meeting deadlines
Background: Where did this
information come from?
• Compilation of different Year-End
•
•
•
•
presentations and/or checklists.
Year-End closing schedules for several
campuses reviewed
Similarities in approach, if not in detail
RMP Interim Operating Guidelines
Yr-End Checklist prepared by CO
Background: What has
Changed?
• SCO Deadlines
• CO Deadlines
• Focus on timeliness and importance of
GAAP Reports
• Revenue Management Program
• CSU Interim Operating Guidelines
Background: Issues We Can’t
Solve Here
• Lack of standardization
– Campus policies vary
– Campus procedures for implementing CSU policies
vary
• This represents a framework
– Some Items ARE required
– Others suggested to assist in meeting deadlines
– One size may not fit all so plan ahead and customize
Preparation and Planning
• Monthly recons – Keep ‘em current and
resolve factors
• Preparation begins in January and
February
• Consider changes on YOUR campus - (PS
Student Finance, GL issues, PS AR/BI,
Asset Mgt)
• Look at last year, how did you do?
Preparation and Planning
• Key Deadlines
– Work backwards from these dates when
planning
– June 15 - SCO Cut-off for
Claims\PFA’s\Transfer Requests
– July 16 – FIRMS Submission COMPLETED (24
hour review backs this up a few days due to
weekend)
– All SCO required reports per legal manual
Considerations for first RMP Close
•
•
•
•
•
Two Bank Recons – STO and WF
CO Pullback of $5K prior year payroll “subsidy”
Close GF without accruals or current year BBA
No GF Revolving Fund closure
Entries for Investments, Cash, unpaid Claims, Student
Health Services fees
• Do not accrue Payroll, CSURMA, SUG
• Prepare for designated Fund Balance entries for Fund
0948.485
Year-end Closing Checklist – March
and April
• Year end cut-off schedule to campus users
• Reconcile 101001-Cash in State Treasury and
•
•
•
101006/108090 Accounts
Run preliminary data quality review
Begin to move accruals out of GF
If needed, develop a plan to migrate Student Health
Service fee activity from Fund 948.451 to Fund 948.485
for year end
Year-end Closing Checklist - May
• Finalize year-end schedule and distribute to staff
• Load SAM99 Accrual Reversal Tape
– SAM99 should be run with Accrual Reversal checkbox
marked from this point forward
• Analyze data dependencies for month and yearend entries
– Meet with departments or contact third-party
providers to determine dates information will be ready
or potential cut-off of activity to meet deadlines
Year-end Closing Checklist - May
• Develop strategy for reclassification of
investment income to 499
– 101006 balances will be re-mapped to 108090 –
investments
– Campus can use 101006 or 108090 – both mapped to
Object Code 108090
– All investment income posted to Fund 499
• Collect data and analyze capital leases, capital
projects & other potential complex transactions
– Develop strategy for booking to ledger
Year-end Closing Checklist - May
• Chancellor’s Office pull back of $5,000 in reverting
•
•
General Fund year (in 2007, pull back 2003)
Review reverting funds
– Clear any remaining assets and liabilities
– CY revenues and expenses will close to fund balance
clearing
Review closing rules and trees
– Update for reverting/reverted funds
– Confirm all of 0948 fund closes to 305002 (485, 499,
etc.)
Year-end Closing Checklist May
• Ensure budget and actuals equal (BBA=0) in the
following CSU Operating Fund (485) accounts:
506100 – SWAT Transfers In
680100 – SWAT Transfer Out
690003 – General Fund Transfer In
• Review Revenue in CSU Operating Fund
– Make sure appropriate revenues are recorded
– No investment earnings
Year-end Closing Checklist - May
• Review General Fund (SCO fund 0001) for the
following:
–
–
–
–
FY
FY
FY
FY
2006,
2005,
2004,
2003,
BBA =
BBA =
BBA =
BBA =
zero
$5,000
$5,000
zero (reverting)
• Budget and Accounting develop a plan for yearend reserve entries
– Create campus accounts as needed for reserves
Year-end Closing Checklist Early June
• Close and reconcile May data
• Notify Auxiliaries of Year-End Deadlines
– FIRMS 7/31/07
– GAAP 9/28/07
– IPEDS 10/31/07
• Request Contingent Liabilities list
• June 15th SCO MUST have final 2006/07
Claims/PFA/Transfer Requests in Hand for guaranteed
processing
– Consider if enough 0948 balance available to meet June 30
payroll
Year-end Closing Checklist - No
later than June 22nd
• Final Escheat Checks
• Review and Adjust A/R Reserves
• Clear all SAM99 reconciliation issues
identified in May month-end or June midmonth review
• Clear all known FIRMS error messages
Year-end Closing Checklist - No
later than June 29th
• Record all chargebacks
• All Requisitions must be sourced to a
Purchase Order or cancelled
• Final Student System feeds to A/P
completed, prep for final fiscal year check
run
Year-end Closing Checklist June 29-30
•
•
•
•
•
•
•
•
Post/Reconcile Payroll
Post Final ProCard from June statement
Receiving Completed
Close Purchasing
Final recording of Cash Receipts
Close Cash Receipts
Final Check Run/Claims
Close Accounts Payable
Year-end Closing Checklist –
July Week 1
• CO Data will be communicated to campuses via AD
NOAT no later than July 6
– Includes Non-Delegated CWIP, FBC, Risk Pool Claims
Deductibles, and Interagency AR/AP Fixed Assets and Retention
Entries Complete
• Run and Post GL 15 process
• Manually liquidate Reimbursed Activities remaining
•
Encumbrance Balance
Complete Manual Obligations
Year-end Closing Checklist – July,
Week 1, Continued
• Final Reimbursed Activities Billing
•
•
•
Completed/Confirm RA in Balance by CSU Fund
Reconciliation of all subsystems to ledger
complete: ARBI, Student, etc.
Complete routine month-end journal entries
Load Bank Recon/Paid Claims (CD102)/SAM99
Files
Year-end Closing Checklist – July,
Week 1, Continued
• Bank Reconciliation Completed – Negative Cash
•
•
Balances Resolved through reclass/remap of
101006 to 108090 investment account
All investment income reclassified/posted to 499
only
SAM99 Reconciliation Completed – All SAM99
Reconciling Items Cleared
– Reclassify FBC for claims filed to Due To Trust for DVP
– SCP goes to claims filed
– If needed, accrue FBC entries created by LCD
Year-end Checklist –
July, Week 2
• All entries now under the supervision of Campus Budget
•
•
•
Office
Ensure budget and actuals equal (BBA=0) in the
following CSU Operating Fund (485) accounts:
506100 – SWAT Transfers In
680100 – SWAT Transfer Out
690003 – General Fund Transfer In
Review Revenue in CSU Operating Fund
– Make sure appropriate revenues are recorded
– No investment earnings
Any investment earnings required to cover CY
expenditures in Fund 485 must be recorded in 506051 –
Transfer-in investment earnings from fund 499
Year-end Checklist –
July, Week 2
• Review General Fund (SCO fund 0001) for the
following:
–
–
–
–
FY
FY
FY
FY
2006,
2005,
2004,
2003,
BBA =
BBA =
BBA =
BBA =
zero
$5,000
$5,000
zero (reverting)
• Clear any remaining FIRMS errors
• Final review of program/ledger balances
– Clear any remaining deficits
Year-end Checklist –
July, Week 2
• Final preliminary Data Quality Review
• Reserve entries to CSU Fund 485
• 304015 Reserve for Operations
• 304016 Reserve for Campus Dept/Obligations
• 304018 Reserve for Encumbrances
– Use campus accounts as needed, mapped to
above FIRMS Object codes, to accommodate
campus plans for contingency, roll forward
and reserves
Year-end Checklist –
July, Week 2
• Close xxCMP Business Unit to prevent
further entries
• Generate Final SAM 99 File
• Final FIRMS derivation
• Prepare Manual Reporting Package for Mgt
Review
Year-end Checklist –
July 12 and 13
• July 12 - Management Review/Approval
• July 13 – Latest date for FIRMS submission to
•
•
CO’s SFSR group since 24 hour review may still
be in effect
July 16 – FIRMS Submission completed, pre and
post close
Transmit Final SAM99 file to SCO
Year-end Checklist – July and
August
• Submit all required SCO reports per
instructions in year-end legal manual
• Submit all CO required reports
• Additional reporting dates in September
and October for GAAP and IPEDs.
– Reference http://www.calstate.edu/sfsr/
Discussion and Close
Questions?