5/28/10 – Year End Financial Close Memo


To: Vice Chancellors, Deans, Directors, Financial Administrators

From: Steven O’Riordan, Associate Vice Chancellor Financial Services

Thomas Hoole, Director of Purchasing

Date: May 28, 2010

Subject: FY 2010 Year End

June 30, fiscal year end is fast approaching. As we close out FY 2010 and open FY 2011, there are a few steps that need to be taken and several factors that you need to be cognizant of that directly impact your budget.

  1. Be sure to close out any old or inactive Purchase Orders to relieve any unnecessary encumbrance. You can send your close-out requests to pocloseout@uml.edu.

  1. The deadline for conducting all Purchasing and Accounts Payable transactions is the close of business on Wednesday, June 23rd. This deadline applies to ALL funds, including research. What this means is:

    1. Requisitions must be entered, fully approved and routed to Purchasing by the end of day on the 23rd in order to be entered this fiscal year. Any electronic requisitions not fully approved by this date will be cancelled and will need to be recreated in FY 2011.

    1. Reimbursement requests for Travel and Non-Travel Employee Reimbursement expenses through June 2010 must be received no later than close of busines on the 23rd.

    1. During the financial system close all system access will be removed and reopened on or around July 2nd.

    1. The last ProCard feed will be for transactions received by our bank (JP Morgan Chase) by June 30th. On average, a ProCard transaction will take approximately 3 ‘ 5 days to show up in our feed from the bank. If you intend to have your ProCard charges hit FY11 then you should leave plenty of time for the transaction to be posted with JP Morgan.

    1. In order to facilitate the fiscal year close and ensure your invoices are posted in FY2010 proper, we strongly encourage all departments to process all FY 2010 invoices prior to June 23, 2010.

Any FY 2010 Operating Budget (Fund 51161) invoices received in the Accounts Payable Department after June 23rd but prior to July 31 will be charged to the budget year in which the goods or services were received. For example, any invoices for goods and services delivered prior to July 1 will be charged to your FY 2010 budget provided there are sufficient funds to cover the invoice and it is received by Accounts Payable no later than July 30th. All invoices received after July 30th will be charged to your FY 2011 budget regardless of the date the goods or services were received.

FY2010 operating account balances (both positive and negative) may roll into FY2011, pending Executive Cabinet year-end review. We encourage personnel with budget responsibilities to manage all available funds wisely as we close out the fiscal year. Administration and Finance will review budget balances at year-end as part of the FY2011 budget load process.

The Financial Services and Purchasing Offices will be coordinating two open meetings to discuss year-end issues. The first meeting will be held Wednesday, June 2nd from 1 ‘ 2 p.m. in O’Leary 222 and the second will be held on Monday, June 7th from 2 ‘ 3 p.m. in Alumni Hall.

If you have any questions, please feel free to contact the Budget Office at Budget_Office@uml.edu or the Purchasing office at Purchasing@uml.edu. If you have any questions related to specific invoices or reimbursements, please contact our Accounts Payable Office at Ask_AP@uml.edu.

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