Consult the following resources and dates to ensure you are prepared for fiscal year-end close activities.
If you are responsible for any year-end close activities and were unable to attend the 2019-20 Year-End Close Presentation held on June 8, watch a recording and review presentation slides on the Controller's Office website.
Year-End 2020 Key Dates
As we prepare for year-end, note the following key dates:
- June Prelim Close: Friday, July 10
- June Interim Close: Friday, July 24
- June Control Point Final Close: Tuesday, July 28
These key dates and other close deadlines are available on the General Ledger Monthly Schedule.
Recharge Management Reminders from Budget and Resource Management (BRM)
- June 30, 2020: submission of equipment depreciation schedules for exclusion from F&A rate were due to Recharge Review.
- Recharge activities with equipment purchased and capitalized on or before December 31, 2019, that had not been previously included in a recharge rate proposal must have submitted an updated depreciation schedule in order to exclude the depreciation from the Facilities & Administration (F&A) rate cost pool.
- Any capital equipment purchases not reflected on a recharge activity depreciation schedule will be included in the campus F&A rate cost pool and will no longer be allowable on recharges.
- July 8, 2020: complete year-end review and submit journals to transfer expenses as needed.
- Submit depreciation journals to transfer planned depreciation from the recharge fund to the renewal and replacement reserve fund. If the depreciation transfer amount differs from the approved plan, submit an updated depreciation schedule to Recharge Review.
- Review the General Ledger and transfer any unallowable expenses from recharge projects to an appropriate funding source.
Contact Gabriella Hato should you have questions or need clarification related to recharge management.
Guidelines for Transferring Across Funds
As a reminder, rules for making transfers across Funds using net position transfers or expense reclassifications are established by Budget and Resource Management and have been updated recently. Please refer to Guidelines for Transferring Monies Across Funds available on the Budget and Resources Management website should you have questions or need clarification.
You can use the scheduling feature in MyReports to automate production and delivery of your reports for the June Prelim, Interim, and Final Close. To use this feature, schedule your desired reports to run "At campus month-end close." The MySchedule function will run the report the day after the close date (e.g. for June Prelim on Saturday, July 11) and notify the designated recipients by email. See the Managing and Scheduling MyFavorites in MyReports job aid for detailed instructions.
If you have questions about fiscal year-end close, contact General Accounting & Reporting at [email protected].