PeopleSoft Finance will be unavailable from 12:00 PM on Friday, November 15^th until 8:00 PM on Sunday, November 17^th . Please plan accordingly.

A speedtype lookup field has been added to the Sponsored Activity Page on the Summit Department Management dashboard. Users may now select or look up a speedtype to populate the associated department, fund and project chartfields in the main prompt or use the main prompt.

In preparation for fiscal year-end (FY24), we need your assistance to ensure an orderly financial closing process. This memorandum provides important information and cut-off dates to be followed.

Please take a moment to review the following information and understand the impact on your budget and areas of responsibility. Any questions or concerns may be addressed to the Controller’s Office at Controller@uml.edu. The Controller’s Office will host monthly drop-in sessions to assist with questions and concerns. See “Useful Resources & Links” at the bottom of this memo for more information.

Year-End Close:
The June month-end and FY24 actuals ledger closing will be on Friday, July 19.

Reports:
Please be sure to review your operating accounts and reconcile all transactions prior to year-end close. Contact the Budget Office or Controller’s Office for discrepancies needing correction. For help reading reports, please contact the Controller’s Office.

Reports During Year-End Close – Activity may be viewed online using SUMMIT. The reporting system is updated one day after transactions are posted in PeopleSoft.

June Reports – SUMMIT and PeopleSoft reports will be available to download after the June month-end close on Saturday, July 20.

July Reports – Are available in SUMMIT on Tuesday, July 23.Prior to the roll forward of balances to FY25, users will not see their Fund Balance type funds (i.e., Research Investment Funds and Department Discretionary funds) in SUMMIT:

• If the fund did not have activity in FY24, the fund will not be listed on the summary page in SUMMIT.
• If the fund had activity in July 2024, the fund will be listed on the summary page in SUMMIT; and the beginning fund balance will be $0 until Tuesday, July 23.
• If a user changes the “Through Fiscal Period” filter back to “2024-12 (June, 2024)”, the user will see their ending balance at June 30, 2024.

Cut-off Dates for Campus Transactions:

Accounts Payable:
Invoices for goods and services received prior to June 30 that are funded from operating budgets will be posted to FY24. Any invoices for FY24 processed in July 2024, will initially be posted to FY25, then later posted back to FY24.

UPST has published the following cut-off dates for contacts for procurement, expense reimbursement and accounts payable. For additional information, job aides, training assistance and other information please contact UPST directly at 
upst@umassp.edu.

Administrative Oversight

All administrators and employees are required to follow the Business and Travel Expense Policy and Standards and the Prior Approval and Exception Matrix for Lowell. Please also see the Asset Management of Capital and Non-Capital IT Assets and Sensitive Data policy and the Bank Card Use Standards for UML.

Administrators are expected to monitor expenses all year for appropriate classification and accuracy, comparing actual expenses to budget and resolving any significant variances. Routine review and reconciliation of transaction records to the PeopleSoft financial system is necessary to verify the accuracy of records, the appropriateness of transactions and their compliance with policy. This is best accomplished using the SUMMIT reporting dashboards.

Administrators are also entrusted to ensure cash, inventories, equipment and other property are secured physically, counted periodically (at least annually) and compared with control records. In addition, safeguards should be in place to prevent the loss or unauthorized use of university assets, including data.

Useful Resources & Links

• SUMMIT users, please see UMass Lowell Financial System blog for important updates.
• Concur has been added for your convenience to the EMPAC page.
• Controller’s Office monthly drop-in sessions via Zoom
• June 20, 2024 – 2:30 p.m.
• July 25, 2024 – 2:30 p.m.
• August 22, 2024 – 2:30 p.m.

Contact Emails

• Purchasing & Accounts Payable: upst@umassp.edu
• Bank Card and Travel Expense & Reimbursements: travelexpense-services@umassp.edu
• Budget Office: Budget_Office@uml.edu
• Controller’s Office: Controller@uml.edu

Due to the implementation of the Concur system for business/travel expenses and bank card transactions, there have been two changes to the Department Management-Transaction Detail Page in Summit:

1. Concur Bankcard Transactions are listed in a new section

2. The previous section labeled Expenses (Expense Module) is now called Expenses (Employee Reimbursements), and it lists all employee reimbursements including those processed through Concur

The UMass Lowell Controller’s Office is responsible for financial management and reporting, tax compliance and controlling the proper use of funds in accordance with Federal, State, and University policies and procedures.

Our office provides financial guidance, information and control to departments; prepares campus financial statements; coordinates records management; maintains business continuity; and serves as liaison to internal and external auditors.