April 23, 2014
TO: Deans, Directors, and Administrative Managers
FR: David Crozier, Senior Director for University Financial Services
Amanda Visser, Senior Director for Auxiliary Financial Services
RE: Closing Dates for Fiscal Year 2013/2014 – ALL BUSINESS UNITS
As you know, June 30, 2014 marks the end of fiscal year 2013/2014. Financial Services conducts many year end related activities from May through September to comply with financial reporting requirements established by the California State Controller, Department of Finance and the CSU Chancellor’s Office. During this time we must also prepare for the annual financial audits.
The State Controller has mandated that the CSU close its books and submit year end reports in early 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 are the same for and apply to ALL Sonoma State business units (SOASI, SOCMP, SOFDN, and SOSSE).
We also want to remind you of SSU’s Cash Operations Guidelines for offices that receive cash, checks or credit card payments. It is important that you note and comply with the Chancellor’s Office requirement for double custody during the transportation and delivery of all deposits. Please review the guidelines closely to ensure your compliance.
We request your assistance and partnership in accomplishing the many tasks associated with our year-end process. Please take time to review this document carefully and incorporate the closing dates into your year-end planning. As always, we greatly appreciate your cooperation.
The following individuals may be contacted for assistance and guidance:
CFS/Data Warehouse Issues: Cindy Miller, x4-2099
University Accounting Adjustments/Issues: David Crozier, x4-3442
Auxiliaries Accounting Adjustments/Issues: Amanda Visser, x4-3251
Grants and Contracts: Jeff Wilson, x4-3715
Cash Operations/Accounts Receivable Billings: Nicholas Saschin, x4-2338
Budget Transfers/Issues: Laura Lupei, x4-3132
Expenditure Adjustments: Michelle Van Fossen, x4-3833
Requisitions/Purchase Orders/Contracts/Encumbrance Adjustments: Jenifer Barnett, x4-3102
Compensation/Payroll Issues: Trisha Torgrimson, x4-2178
SONOMA STATE UNIVERSITY FY 2013/2014
ADMINISTRATIVE PROCESSING TIMELINES
ALL BUSINESS UNITS
The following timelines are established to facilitate an efficient fiscal year closing and minimize disruptions to ongoing campus operations. These deadlines are applicable for FY 2013/2014 and will be revised for subsequent fiscal years.
To avoid unnecessary delays in Purchase Order and payment processing, a current signature sample must be on file in Financial Services for all individuals in your department who are authorized to approve expenditures. If you have questions or require assistance, please contact Joy Sun, x 4-2274.
To ensure that each unit’s planned FY 2013/2014 expenditures are encumbered by June 30, 2014, it is extremely important that these administrative timelines be followed. Unit transactions that are received after the dates indicated are at risk of being processed against FY 2014/2015.
May 1, 2014 – Requisitions over $50,000
The 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, 2014.
May 19, 2014 – A/R Billing Requests
All accounts receivable billing requests through May 2014, 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 2013/2014.
June 3, 2014 – Requisitions under $50,000
This is the 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, 2014.
June 16, 2014– Critical Date to Facilitate Year End Close and to Comply with State Deadlines for Accounts Payable, Procurement Card, Travel Claims, Accounts Receivable, Petty Cash and Chargebacks
Accounts Payable Invoices
All 2013/2014 invoices must be submitted to Financial Services/Accounts Payable on or, preferably, before June 16, 2014 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.
SOCMP ProCard Transactions
Assign chartfield coding and submit SOCMP ProCard charges to Accounts Payable for recording in 2013/2014 by June 16, 2014. SOCMP ProCard charges incurred in June will be processed with the July ProCard statement against 2013/2014 expenditure allocations.
Auxiliary Procurement Card Charges
SOASI and SOSSE Procurement Card charges must be coded, approved and submitted to Accounts Payable by June 16, 2014 for recording in 2013/2014.
All completed travel claims, with supporting documentation, should be turned into Seawolf Services for processing by June 16, 2014.
For travel in progress or for a claim that has not been completed and submitted to Seawolf Services for processing by this date, claims will be processed in July against FY 2014/2015.
June 16, 2014 is the deadline for submission of any type of external Accounts Receivable billing request for June 2014. Submissions should include external billing for activities that occurred during June.
June 16, 2014 is the last day for Petty Cash Custodians to submit FY 2013/2014 reimbursement requests to Accounts Payable.
June 16, 2014– Submit Chargebacks
Campus service providers must submit Chargebacks calculated through May 2014 to Financial Services.
July 1, 2014 – Products or Services Received That Have Not Yet Been Invoiced
Please provide a listing of any products or services received on or before June 30, 2014 that have not yet been invoiced. Please email that information to David Crozier, firstname.lastname@example.org.
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 Budget Office will identify each Division’s carry forward balance.
Each Division’s Vice President will be provided a copy of a consolidated Roll Up Report with the amount being carried forward via memorandum from the Budget Office by July 31, 2014. 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:
- Any excess reimbursements/revenues remaining from a Division’s Cost Recovery 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.
- A remaining balance available from a restricted allocation will be returned to the original recipient.
In cases where the Division’s prior year encumbrances (commitments) are canceled, the savings will be reallocated to that Division’s Vice President for use in the new fiscal year.
GUIDELINES FOR CASH OPERATIONS
We want to remind you that all offices receiving cash, checks or credit card payments must adhere to the following general rules:
Checks should be immediately endorsed/stamped upon receipt and secured in a locking drawer or safe.
Cash or checks need to be deposited within two business days of receipt and supported by a CashNet receipt or completed deposit transmittal form.
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 a sealed tamper evident non transparent money bag with the tear off slip retained by the originating office.
To comply with Chancellor’s Office/Systemwide guidelines, all deposits must be transported under double custody (two employees).
Departments that accept credit card payments must also comply with the CSU’s Payment Card Industry Security policy and complete the required departmental application form.
Please visit http://www.sonoma.edu/finance/forms/ to review the policy documents and complete the application form. The application form and links to the policy documents are located under the “Merchant Credit Card Requests” heading of that web page.
Information regarding SSU’s Payment Card Industry Data Security Standard compliance can be found on the SSU IT Information Security Office web page at http://security.sonoma.edu/programs/pcidss/compliance.shtml
Please contact Nicholas Saschin (x4-2338) or Kurt Koehle (x4-3087) for additional information.