Welcome to Fincial Services
The following memo was sent by John Hayes, Deputy Controller, Financial Services on March 21, 2008
TO: Deans, Directors, and Administrative Managers
FR: John Hayes, Deputy Controller - Financial Services
RE: Closing Dates for Fiscal Year 2007/2008 – ALL BUSINESS UNITS
As you know, June 30, 2008 marks the end of fiscal year 2007/2008.
Financial Services conducts a multitude of year end related activities during the period from May 1 through August 31 to enable the reporting of financial activity to the California State Controller, Department of Finance and the CSU Chancellor. During this time we must also prepare for the annual financial audit.
The State Controller has mandated that the CSU close its books and submit year end reports during the first part of July. Therefore, it is critically important that you understand the impact of the State Controller’s request on our closing schedule.
To ensure success, we have developed operational timelines to facilitate the orderly processing of transactions, closing of accounts, compliance with the State Controller’s closing schedule and subsequent financial reporting.
Please note, these timelines apply to ALL Sonoma State business units (SOASI, SOCMP, SOFDN, SOSSE and SOSUI). Except for Procurement Card deadlines, the operational timelines for all Sonoma State business units are identical.
We have also taken this opportunity to remind you of SSU’s cash operations guidelines.
We request your assistance and partnership in accomplishing the many tasks associated with our year end process. Please take extra time now to review this document carefully and incorporate the closing dates into your year end planning. We have organized this information under the following headings:
FY 2007/2008 ADMINISTRATIVE PROCESSING TIMELINES CARRY FORWARD POLICY FOR YEAR END BALANCES GUIDELINES FOR CASH OPERATIONS
As always, your cooperation is greatly appreciated.
The following individuals may be contacted for assistance and guidance:
PeopleSoft Issues: Jason Wenrick, x4-3155
University Accounting Adjustments/Issues: John Hayes, x4-2603
Auxiliaries Accounting Adjustments/Issues: Paulette King, x4-3251
Grants and Contracts: Lori Heffernon, x4-2495 Accounts Receivable Billings: Paul Santini, x4-3154
Budget Transfers/Issues: Janice Peterson, x4-2837
Expenditure Adjustments: Michelle Van Fossen, x4-3833 Requisitions/Purchase Orders/Contracts/Encumbrance Adjustments:
Linda Mikowicz, x4-2421
Compensation/Payroll Issues: Deanna Wilson, x4-2983
SONOMA STATE UNIVERSITY FY 2007/2008
ADMINISTRATIVE PROCESSING TIMELINES
ALL BUSINESS UNITS
Administrative Processing Timelines - The following timelines are established to enable an efficient fiscal year closing while minimizing disruptions to ongoing campus operations.
The following are applicable for FY 2007/2008 only and will be revised for subsequent fiscal years.
To ensure that each unit’s planned FY 2007/2008 expenditures are encumbered by June 30, 2008, it is extremely important that the administrative timelines be followed. Unit transactions that are received after the dates indicated are at risk of being processed against FY 2008/2009 allocations or being canceled.
May 5, 2008 – Requisitions over $50,000
Last day to submit requisitions to Purchasing for acquisitions of $50,000 or more. This date applies to all funding sources and is established to enable Purchasing to comply with formal competitive bidding requirements and issue contracts or purchase orders dated on or before June 30, 2008.
May 19, 2008 – A/R Billing Requests
All accounts receivable billing requests through May 2008, including documentation identifying who is to be billed, an address, amount to be billed, a description of services being billed, and account to be charged, must be received by Financial Services to ensure billing and recognition of May revenue in FY 2007/2008.
May 31, 2008 – Final 07/08 Chargebacks
Final processing day for May 2008 Chargebacks. Processing of chargebacks for postage, reprographics, telephone, facilities, police and other types of internal campus services will end. Charges incurred during June will be processed in July against FY 2008/2009 expenditure allocations.
June 6, 2008 – Submit Chargebacks
Chargebacks calculated through May 31, 2008 must be submitted to Financial Services.
June 9, 2008 – Requisitions under $50,000
Last day to submit requisitions to Purchasing for acquisitions of less than $50,000. This date applies to all funding sources and is established to enable Purchasing to comply with informal bidding requirements and issue contracts or purchase orders dated on or before June 30, 2008.
June 11, 2008 – Submit ProCard Transactions – SOCMP
Deadline for Submission of May ProCard Charges/June ProCard Statement – SOCMP
The deadline to assign chartfield coding and submit SOCMP May ProCard charges to Accounts Payable for recording in 2007/2008 is June 11, 2008. The May ProCard charges are detailed on the June ProCard statement. SOCMP ProCard charges incurred in June will be processed with the July ProCard statement against 2008/2009 expenditure allocations.
Please see the June 16 deadline for information regarding SOASI, SOSSE and SOSUI Procurement Card processing.
June 16, 2008 – Travel Claims
All completed travel claims, with supporting documentation, should be turned into Customer Services for processing.
For travel in progress or for a claim that has not been completed and submitted to Customer Services for processing by this date, claims will be processed in July against FY 2008/2009 expenditure allocations.
June 16, 2008 – Critical Date to Facilitate Year End Close and to Comply with State Deadlines
All 2007/2008 invoices must be submitted to Financial Services on or, preferably, before this date for payment in the closing year. Please do not hold invoices. Approve and submit them promptly as they are received. If you receive invoices after this date, please bring them to Financial Services for immediate processing. If you are unable to bring them to Financial Services, notify us and we will arrange to have them picked up.
Deadline for Submission of June 2008 Procurement Card Charges - SOASI, SOSSE and SOSUI Procurement Card charges must be coded, approved and submitted to Accounts Payable for recording in 2007/2008.
Deadline for submission of any type of external accounts receivable billing request for June 2008. Submissions should include external billing activities that occurred during June.
Last day for Petty Cash Custodians to submit FY 2007/2008 reimbursement requests to Accounts Payable.
SONOMA STATE UNIVERSITY
CARRY-FORWARD POLICY FOR YEAR END BALANCES
It is the financial policy of Sonoma State University that each University Division carries forward any budget balances available at the end of the fiscal year for expenditure in the next fiscal year.
Budget balances available are defined as Revised Budget less expenditures and encumbrances. The Division’s carry forward balance will be determined by PeopleSoft queries that will yield the same information as the legacy system’s Roll-up Report.
Each Division’s Vice President will be provided a copy of the consolidated Roll Up Report with the amount being carried forward via memorandum from the Budget Office by July 31, 2008. Final distribution of the Division’s carry forward balance is the responsibility of the Division Vice President.
Carry forward balances will be adjusted for the following items.
A remaining balance available from a restricted allocation will be returned to the original recipient.
o Any excess reimbursements/revenues remaining from a
Division’s reimbursed activities (formerly referred to as independent
operations) will be 100% available to that Division in the new fiscal year. In the event of a deficit, the amount will be assessed against that Division’s new fiscal year allocations.
o In cases where the Division’s prior year encumbrances
(commitments) are canceled, the savings will be reallocated to that Division’s Vice President for unrestricted use in the new fiscal year.
SONOMA STATE UNIVERSITY
GUIDELINES FOR CASH OPERATIONS
As part of the semiannual review of cash operations, we want to remind you that all offices receiving cash or checks should adhere to the following general rules:
Checks should be immediately endorsed/stamped on receipt and secured in a locking drawer or safe.
Cash or checks need to be deposited within two working days of receipt along with a completed transmittal sheet.
Cash or checks held overnight should be kept in a secured approved locked drawer or safe.
Transportation/delivery of cash or checks should be in sealed tamper evident non transparent money bag with the tear off slip retained by the originating office.
