Fiscal 2025 Year-End Close

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In preparation for fiscal year-end (FY25 – June 30, 2025), 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 to understand the impact on your budget and areas of responsibility.

Year-End Close:

The June 30, 2025 actuals ledger closing will be on Friday, July 18th. SUMMIT and PeopleSoft reports will be available to view/download after the June month-end close on Saturday, July 19th.

SUMMIT Reporting:

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

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

FY26 July Balances – Will be available in SUMMIT on Tuesday, July 22nd.

  • Prior to the roll forward of FY25 balances to FY26, users will not see available balances for Fund Balance type funds (i.e., Research Investment Funds and Department Discretionary funds) in SUMMIT.
  • If the chartfield did not have activity in FY25, the chartfield will not be listed on the Summary page in SUMMIT.
  • If the chartfield had activity in July 2025, the chartfield will be listed on the dashboard summary page in SUMMIT; and the beginning fund balance will be $0 until Tuesday, July 22nd.
  • If a user changes the “Through Fiscal Period” filter back to “2025-12 (June, 2025)”, the user will see their ending balance as of June 30, 2025.

Due Dates for Campus Transactions:

Transaction Type DescriptionDue Date
Journal Requests All journal entry requests for FY25 must be received by Wednesday, July 16th. Please email journal entry requests to Controller@uml.edu July 16
Cash DepositsAll cash is to be picked up by Brinks or delivered to Cash Management Services by end of business day on Thursday, June 19thJune 19
Cash Transmittals The cash transmittal is to be submitted to Cash Management Services by Friday, June 20thJune 20
Endowment SweepPlease have all journal entries and transactions posted by Friday, June 20th for endowment projects set to sweep. Balances remaining after this date will be returned to the UMass Foundation.June 20
Account Deficits Budget deficits and any anticipated transactions through fiscal year-end should be fully funded by Friday, June 20th. Budget transfers will be done thru June 30th. Please contact Budget_Office@uml.edu with any questions.June 20
New Chartfield RequestsRequests New chartfield requests must be submitted by Monday, June 23rd. Chartfield changes received after this date, will be held and processed after Monday, July 7th (this includes sponsored and non-sponsored requests).June 23
Equipment Retirements For equipment no longer in service as of June 30, 2025, please complete an equipment decommission form by Friday, July 18th: Asset Decommission/Surplus Form. Please contact Inventory@uml.edu with any questions.July 18
Rollback of Invoices
(General Operating Funds)		Invoices for FY25 processed in July 2025, will initially be posted to FY26, then later posted back to FY25. This activity will be available to view in SUMMIT after the July month-end close on Monday, August 11th. August 11

Accounts Payable:

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

Transaction TypeDescriptionDue Date
Supplier RequestsSupplier requests should be submitted in BuyWays by Friday, May 9th. This includes foreign, domestic, entities and students.May 9
Sourcing/BidsA sourcing event takes an average of 6 to 8 weeks to complete. Staff are encouraged to submit all requests to UPST by Monday, May 12thMay 12
Contracts ProcessingStaff are encouraged to submit requests by Monday, May 12th. May 12
Supplier RegistrationSupplier registrations need to be completed by the supplier on Monday, May 19th. Automatic reminders will be sent out to suppliers to remind them to take action.May 19
Bank Card AllocationsAll Bank Card allocation and expense activities for FY25 should be submitted in Concur no later than Friday, June 20th.June 20
Accounts PayableAll supplier invoices must be received on or before Saturday, June 21st. This also includes all transactions that are entered directly in Peoplesoft.June 21
Travel & Expense ReportsApproval The last day to approve expense reports in Concur is Monday, June 23rd.June 23

Administrative Oversight

All 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, comparing actual expenses to budget, and resolving any significant variances. Routine review and reconciliation of transactions are necessary to verify the accuracy of records, the appropriateness of transactions, and compliance with policies. This is best accomplished using 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.

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Contact Emails: