TO: All Financial Managers and Staff
FR: Amanda Visser, Senior Director for Accounting & Financial Reporting
RE: Closing Dates for Fiscal Year 2020/2021 – ALL BUSINESS UNITS
June 30, 2021 marks the end of fiscal year 2020/2021. 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 California 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 requirement 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 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 appreciate your cooperation.
SONOMA STATE UNIVERSITY FY 2020/2021
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.
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. To ensure that each unit’s planned FY 2020/2021 expenditures are expensed or encumbered by June 30, 2021, 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 2021/2022.
April 30, 2021 – Requisitions over $100,000
Last day to submit requisitions to Purchasing for acquisitions of $100,000 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, 2021.
This is the last day to submit requisitions to Purchasing for acquisitions of less than $100,000. 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, 2021.
This is the last day to submit claimable invoices (PS funds AD and/or GK) to Financial Services/Accounts Payable to ensure payment this fiscal year. Claimable invoices received after June 1, 2021 will not be processed until July 1, 2021.
· Cash Posting Orders (CPOs)
All requests for CPOs, with supporting documentation, should be turned into Dusty Magallon in Financial Services for processing by June 11, 2021.
· Accounts Payable Invoices (excluding claimable funds, mentioned above)
All 2020/2021 invoices must be submitted to Financial Services/Accounts Payable on or, preferably, before June 11, 2021 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 route them to Financial Services for immediate processing.
· Travel Claims
All completed travel claims, with supporting documentation, should be turned into Accounts Payable for processing by June 11, 2021. For travel in progress or for a claim that has not been completed and submitted to Accounts Payable for processing by this date, the claim will be processed in July against FY 2021/2022.
· ProCard Transactions
May ProCard Reconciliation: Assign chartfield coding and submit ProCard charges to Accounts Payable for recording in 2020/2021 by June 14, 2021.
June ProCard Reconciliation: Any ProCard purchases made after June 6, 2021 will be processed with the July ProCard statement against FY 2021/2022.
· Accounts Receivable
June 14, 2021 is the deadline for submission of any type of external Accounts Receivable billing request for June 2021. Submissions should include external billing for activities that occurred during June.
· Facility Chargebacks
All completed facility chargebacks, with supporting documentation and appropriate approvals, should be turned into financial services (through the journal reclass process) for processing by June 14, 2021.
· Petty Cash
June 14, 2021 is the last day for Petty Cash Custodians to submit FY 2020/2021 reimbursement requests to Accounts Payable.
Please provide a listing of any products or services received on or before June 30, 2021 that have not yet been invoiced. Please email that information to Amanda Visser (email@example.com).
This is the last day for campus end users to submit FY 2020/2021 ORSP related transactions to the ORSP team. Please have all transactions submitted by Noon on the 2nd. (ORSP = Office of Research and Sponsored Programs).
This is the last day for departments to submit FY 2020/2021 journal reclass requests, please have all journals submitted by 4pm on the 6th. Note: Labor Cost Distribution (LCD) should be posted by June 28th and available in the Data Warehouse by June 29, 2021.
CAMPUS BUDGET YEAR END BALANCES
Year end balances for the Campus Budget are available at the end of the fiscal year for expenditure in the next fiscal year at the discretion of the Cabinet and the Division Vice Presidents.
Year end balances available are defined as Revised Budget less expenditures and encumbrances. These balances are determined by Finance Data Warehouse reports. The University Budget and Planning Office will verify each Division’s balance. Distribution of the Division’s year-end balance is the responsibility of the Division Vice President.
Year end balances will be adjusted for the following items:
· A remaining balance available from a restricted allocation will be returned to the original recipient.
· In cases where the Division’s prior year encumbrances are canceled, the savings will be reallocated to that Division’s Vice President for use in the new fiscal year.
GUIDELINES FOR CASH OPERATIONS
All offices receiving cash, checks or credit card payments must complete the “Request to Establish/Maintain Cashiering Collection Point” form and obtain approval prior to accepting payments. Please visit https://web.sonoma.edu/