In This Issue

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PUS CONTROLLER’S OFFICE presen

ts FI$CAL NEWS

Area Accounting | Sponsored Projects Accounting | Central Operations

Cost Accounting | Technical Operations

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FYE Reminders and Key Dates for July 2016

Thanks for Reviewing Your DAICR Reports

Accruals Demystified

Administrative Policy Statements (APS’s) Under Review (6/21/2016)

2016 CU Innovation & Efficiency Submissions

New Videos from the OUC! (Looking up Payments and Looking up SSPs)

CCO is not Hosting Training Courses in July

JULY 2016

Monday Tuesday Wednesday Thursday Friday

Campus Controller’s Office www.colorado.edu/controller2 3

• 6:00 pm - 1st Preliminary Close for Campus - all Journals must be posted (Period 12)

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• 6:00 pm - 2nd Campus Close (Period 996)

• Cutoff for all Non-Fund 30/31 PETs

• 6:00 pm - Fund 3x JEs, Fund 30/31 PETs, and all Cash Transfers due for 1st Close

• 6:00 pm - 3rd and Final Campus Close (Period 997)

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JUNE - JULY 2016

• Holiday

PLEASE VISIT THE CCO FYE 2016 WEBPAGE FOR A COMPREHENSIVE LIST OF FYE DEADLINES, KEY DATES, AND OUR HELPFUL CHECKLIST OF TO-DO ITEMS:

http://www.colorado.edu/controller/fiscal-year-end-2016

• 6:00 pm - Fund 3x JEs, Fund 30/31 PETs, and all Cash Transfers due for 2nd Close

• 6:00 pm - Final cutoff for departments to enter JEs, BJEs and Cash Transfers for Final Close

Campus Controller’s Office4 www.colorado.edu/controller 5

As you recall from the OUC’s blog on June 14, 2016, due to the Elevate 9.2 implementation, the Fiscal Year End (FYE) Close Dates have been moved one week to allow additional time for departments to complete tasks associated with FYE, to enter, approve, and receive secondary approvals on Journal Entries (JEs), and to ensure our systems are ready.

Below are key July FYE dates to keep in mind:

Key Dates - July 2016 FYE TasksDate FYE Task07/01 Noon - Invoices sent to the PSC (APInvoice@

cu.edu) on 07/01 by Noon are automatically considered FY2016 businessSponsored Projects - Moratorium on retiring projects for the month of July

07/03 Last day for campuses to allocate Procure-ment Card reports for accruals6:00 pm - Last day to provide campus approv-al for PVs in CU Marketplace for FY2016

07/04 Holiday07/07 6:00 pm - 1st Campus Close (Period 12)

Send final inventory reports and adjustments to CCO at Accounting@colorado.eduReminder: Invoices for FY2017 may now be sent to the PSC

07/08 Reminder: No journals should be approved or manually posted for FY2016All unposted Period 12 Journals will be auto-matically copied into the next Period (996)

07/09 8:00 am - 1st Close (Period 12) reports avail-able in the reporting system

07/11 OUC will post Procurement Card (ESP) accrual entry

07/12 OUC will post CU Marketplace (MKT) accrual entry

07/18 6:00 pm - deadline for Fund 3X JEs, Fund 30/31 PETs, and all Cash Transfers for 2nd Close

07/21 6:00 pm - 2nd Campus Close (Period 996)

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CCO UPDATESCCO Cost Accounting sent out the annual Departmental Administration Indirect Cost Recovery (DAICR) reports on June 10, 2016 for departmental review and comment. The reports include project level detail of F&A expenses during the DAICR Fiscal Year, which is April 1, 2015 through March 31, 2016, and are adjusted for the Departmental Split Agreements on file with OCG.

Thanks for Reviewing Your DAICR Reports

If your department has not finished your review, please complete it and provide any feedback to Cost Accounting as soon as possible. For those departments that have already reviewed your reports and provided comments, thank you. Accurate DAICR data is important for the final calculation of FY2017 DAICR budget allocation, which will be posted before July’s monthly close.

Please contact Tz.Yu@Colorado.edu with any questions.

FYE Reminders and Key Dates for July 2016

Key Dates - July 2016 FYE TasksDate FYE Task07/21 Cutoff for all Non-Fund 30/31 PETs07/22 Reminder: No journals should be approved or manually

posted for FY2016All unposted Period 996 Journals will be automatically copied into the next Period (997)Reminder: No accruals may be booked without prior approval of CCOBegin reporting errors >$10,000

07/23 8:00 am - 2nd Close (Period 996) reports available in the reporting system

07/25 6:00 pm - Final cut-off for departments to enter JEs, BJEs, and Cash Transfers for Final Close

07/28 Final Campus Close (Period 997)07/29 All unposted Period 997 FY2016 JEs need to be reviewed

by CCO07/30 8:00 am - 3rd and Final Close (Period 997) reports available in

the reporting system

To view comprehensive information on all key dates and FYE tasks, please visit: http://www.colorado.edu/controller/fiscal-year-end-2016.

If you need assistance, please contact your CCO Area Accountant or Grant Accountant.

What is an accrual? An accrual is a journal that recognizes revenue when earned or expense when incurred, regardless of when cash is received or disbursed. For example, if an order arrived on June 28, but will not be invoiced until July 15, the expenditure still must be recorded as a June expense and this is accomplished by an accrual JE.

What kind of accruals do we do? There are two CU expense accruals which are handled by the PSC at year-end and these rely on certain actions being taken by certain deadlines (see table below).

Date Time ActionJuly 1st 12:00 pm The last day to submit PO/SPO

invoices to the PSC to ensure accrual in FY2016

July 3rd 6:00 pm The last day to provide campus approval for PVs in CU Marketplace

July 3rd 6:00 pm The last day to allocate Procurement Card expenses in Concur

All FY2016 Procurement Card transactions that missed the posting deadline (June 23rd) should be assigned, allocated, and itemized (if not submitted and approved) on an expense report by July 3rd. This ensures that unassigned transactions will end up where they belong, i.e., in the correct SpeedType and with the right Account Code. Transactions that remain unassigned will wind up in default SpeedTypes and Account Codes, neither of which may be appropriate.

Manual accruals are JEs to record either something that missed or is not included in the PSC accrual process, or to correct an accrual that was recorded to the wrong SpeedType or Account Code. For example, travel that did not make the June 21st deadline for payment in FY2016, but should properly be recognized in FY2016 and is deemed material to your department.

How do you process a manual accrual? Follow these steps:• Start your journal ID with ACC- (note the hyphen)• Use a date of 6/30/16• Make sure to set your JE to auto-reverse at the beginning of

the next period• To accrue an expense, you will debit (positive number) the

correct expense Account Code and credit (negative number) 100100-AP-Manual

• To accrue revenue, you will credit (negative number) the appropriate revenue Account Code and debit (positive number) the appropriate accounts receivable Account Code

What to do with errant accruals? The Procurement Card accrual will appear on financial reports starting Tuesday, July 12th, and the Invoice accrual will show up on reports Wednesday, July 13th. If you find an error after the accrual posts, you have until July 25th to correct it. Please see our accrual example and contact your Area Accountant if you have any questions about the process.

Accruals Demystified

Campus Controller’s Office6 7www.colorado.edu/controller

&TrainingEvEnTs

No training courses are scheduled during the month of July, due to FYE.

If you have questions, please contact your Area Accountant.

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2016 CU Innovation & Efficiency Submissions

Each year, CU offers a recognition program designed to highlight the work of Individuals or teams who share fully implemented innovations, tools, strategies, or process improvements that support or enhance the performance of any university organizational unit’s work processes. This program is known as the CU Innovation and Efficiency Awards. To be considered, the implementation must:

• Result in significant savings, revenues, efficiencies, or process improvements

• Improve delivery of customer/client services; and/or

• Improve or enhance organizational unit performance or operations

Any permanent employees of the university who have a minimum of three (3) months of service are eligible to potentially win an award for their submission.

Winners are selected on the basis of:• Creativity• Ingenuity• Cost/Efficiency Savings• Revenue Generation

To review a list of the 2016 CU Innovation & Efficiency Award Submissions, please visit:https://www.cu.edu/controller/2016-cu-innovation-efficiency-award-submissions

Information on this year’s winners will be highlighted next month, after they have been officially announced.

CCO is not Hosting Training Courses

in July

The OUC has new training videos available:

Looking up Payments in the Finance System. This tool is designed to help you find out if your Non-Employee Reimbursement (NR) and Payment Authorization (PA) forms have been processes.

Looking up Subject Study Payments. Learn how to look up SSP’s in the Cognos Reporting System.

New Videos from the OUC!

Administrative Policy Statements (APS’s) Under Review (6/21/2016)

The following policies are under review as of June 21. No rescissions or new policies are noted at this time. CCO will provide additional information once the following policies are approved, modified, or another status change occurs.

Area RevisionsAcademic Affairs • 1008 - Procedures for the Establishment of Centers, Institutes, Laboratories and

Bureaus• 1024 - Approval of Sabbatical Assignments

Administrative / General • 2006 - Retention of University Records• 2007 - Student Notification of Graduating Class Rank (formerly Access to Student

Education Records)Human Resources • 5011 - Student Employee Retirement Plan (formerly Student Retirement Plan)

• 5024 - Tuition Assistance Benefit

To view policy drafts and/or justification for each policy, please review Administrative Policy Statements Under Review on the Office of Policy and Efficiency’s (OPE) website.

For questions, please contact OPE at: http://www.cu.edu/ope/forms/feedback. Boulder-specific questions may be sent to Mark.Berge@colorado.edu.

Campus Controller’s Office3100 Marine Street, 4th Floor, 579 UCB

Boulder, CO 80309-0579

phone 303.492.3166

email accounting@colorado.edu

web http://www.colorado.edu/controller

editor mirinda.scott@colorado.edu