As the fiscal year-end approaches, it is time again for auxiliary and service accounts to prepare year-end entries. In compliance with University Policy I-350, all auxiliary and service center accounts are required to meet financial reporting standards based on accrual accounting principles. Accrual accounting is the process of matching revenues and expenses in a given period. (This is in contrast to cash-basis accounting, where income and expenses are determined as cash is received and disbursed). You may need to post additional accrual entries to meet those standards. It is critical that all auxiliary and service center organizations fairly reflect their financial condition as of Thursday, June 30, 2016. Contact Auxiliary Accounting and/or your Campus Administrative Representative with questions about recording accrual entries.
Balance Sheet Back-up
As part of the fiscal year-end process, Auxiliary Accounting requires that all non-system generated Balance Sheet amounts be supported by detailed documentation at the object code level for auxiliary organizations with total revenue of more than $250,000 in Fiscal Year 2016. The documentation supporting these object code balances should be forwarded to your auxiliary accounting consultant no later than Friday, August 5, 2016. The balance sheet object code listing and all supporting documentation should equal balances on the Balance Sheet; if not, any discrepancies must be explained. If your organization carries an inventory, be sure to advise your consultant as to when the last physical count was taken. See the related Auxiliary Accounting ASOP 44.0 for in-depth guidelines.
Listed below are the key dates for Auxiliary and Service accounts:
|Thursday, June 30||All financial documents generated prior to June 30 and not approved as of the night of June 30 will be automatically disapproved. For exceptions, see "Disapproval of Outstanding Documents" on the KFS/FP Documents page.|
|Thursday, July 7||
Depreciation for June runs.
Standard monthly operating reports (Monthly Operating Statements and Monthly Operating Detail) as of first closing are available in IUIE.
|Monday, July 18||All auxiliary vouchers must be entered and approved|
Wednesday, Thursday & Friday, July 20, 21 & 22
|Campus Closing Meetings|
|Monday, July 25||Final closing at 5 P.M.
*Note: Since the campus and University Administration can continue to make entries until final close, we encourage you to NOT run your financial statement reports and complete your variance analysis until after July 25.
Listed below are the key due dates for “reporting” organizations:
|Monday, August 1||Variance Analysis and Balance Sheet Backup reports must be provided to Auxiliary Accounting. Different departments/campuses may have earlier deadlines.|
|Monday, August 8||Follow-up questions distributed to units.|
|Monday, August 15||Deadline for the responses to the follow-up questions from the units must be provided to Auxiliary Accounting.|
Non-Reporting Organizations with Over $250,000 in Revenue
Listed below are the key due dates for “non-reporting” organizations with more than $250,000 in revenue for Fiscal Year 2016:
|Monday, August 1||Variance Analysis and Balance Sheet Backup Deadline. Different departments/campuses may have earlier deadlines.|
|Friday, August 26||Variance Analysis questions distributed to units.|
|Friday, September 2||Responses to the variance analysis follow-up questions must be provided to Auxiliary Accounting.|
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