As of June 30, the General Ledger should accurately reflect the financial results of your business activity for the fiscal year. To achieve that accuracy, the fund managers are responsible for preparing reports showing the value of inventory and the amount of accruals and deferrals of income and expense that must be recorded in the General Ledger.

To assist you in the closing process for fiscal year 2021-2022, we have attached the following information:

  1. Summary of Due Dates

    June 3rd, 2022

     Inventory Count Notification Form


    July 1st, 2022 (10:00 AM)

      Form A  Physical Inventory

      Form B  Publication Inventory

      Form D  Work in Process Inventory


     
    July 7th,2022 (10:00 AM)

      Form C Materials Included in Physical Inventory but not Recorded as Expense

      Form E  Accrued Expense                              Please review the ledger after July 1, 2022 to see if any expenses need to be accrued and submit Form E                                                                            between July 2 and July 7, 2022. **For Sponsored Research funds see additional instructions below  

     Form F  Deferred Expense

     Form G  Accrued Income

     Form H  Deferred Income

  2. Guidelines for Reporting Finished Inventory
  3. Guidelines for Reporting Work-in-Process Inventory
  4. Guidelines for Reporting Income and Expenditure Accruals and Deferrals
  5. List of Funds:

All of the above reports should be completed and submitted for processing by the noted deadline dates for the June PRELIMINARY ledger. Departmental transactions and adjustments will not be processed after the preliminary cutoff. The exception to this will be any individual transaction or adjustment exceeding the campus materiality limit of $25,000.

All forms must be submitted online, with the exception of large inventory reports, which may be emailed. (No hardcopies will be accepted.) Please contact the appropriate accountants, as indicated below, for further instructions on submitting large inventory reports.

After preparer completed a form, preparer will be prompted to send the form to department approver. The approver will then be responsible for submitting the final report for processing, within the stated deadlines.

** To accrue expenses for sponsored research funds, please submit Form E. In addition, please complete the journal justification and submit with supporting documents to ORA EFM Operations by the stated deadline. For any specific questions, please contact your respective EFM Accountant.

Due to the automation of the re-appropriation process, ledger balances in the unexpended balance and revenue account area must be zero at fiscal year end. Campus fund managers are expected to allocate all activity in these accounts by the preliminary cutoff.

If you have any questions about this material or are unable to open any of the attachments, please contact the accountants listed below:

Agency Funds Yonas Alemu 46727
Endowment Funds Yonas Alemu 46727
State Appropriations Nalina Shivers or Yonas Alemu 50730 & 46727
General Funds Nalina Shivers 50730
Local Government Katie Cadle 40223
Federal Government Katie Cadle 40223
Private Gifts Addison Chiang 46757
General Campus and Health Science Funds within Range 60000-69999 Jennifer Moncibaez or Susan Ngo 61644 & 46980
Auxiliary Enterprises Christine Ng 49868
Reserves Christine Ng 49868
Grants and Contracts Katie Cadle 40223

Reminder: With the implementation of Statement on Auditing Standards (SAS 115) entitled Communicating Internal Control Related Matters Identified in an Audit , departments need to retain documentation, electronic or hard copy, providing proof of internal controls and their operation. Without substantiation that key controls are in operation, the auditors could identify this lack of documentation as a control deficiency and note it on their report to the Chancellor and the Regents.