In This Issue

CA

M

PUS CONTROLLER’S OFFICE presents FI$CAL NEWS

Area Accounting | Sponsored Projects Accounting | Central Operations

Cost Accounting | Technical Operations

4

5

5

5

6

7

7

7

Get Ready for Fiscal Year End 2016!

CCO Fiscal Year End Town Halls - June 8

FY2017 Fringe Benefits - Great News!

DAICR Reports to be Distributed for Review

Fiscal Year End Reminder Checklist

PeopleSoft Finance System Training is June 14

CCO FYE Webpage - Tools & Resources for FYE Close

Staff Interview: CCO Welcomes Joshua Firestone

JUNE 2016

Monday Tuesday Wednesday Thursday Friday

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

J U N E2 0 1 6

J U N E2 0 1 6

• Finance System campus close for May 2016 – 6 PM

6

13

20

27

7

14

21

28

9

16

23

30

1

10

17

24

1

• May allocations run and Finance System closes

• All unposted May Journals will be deleted starting at 10:00 AM - copy them into the next period

• Reminder: please do not create, validate, or approve May JEs, Cash Transfers and PETs after 6 PM

• Check for unposted May Journals to correct, approve or delete

May 30

8

15

22

29

JUNE 2016

2 3

JUNE - JULY 2016

FOR REMAINING DEADLINES AND KEY DATES FOR JUNE AND JULY 2016 DURING FISCAL YEAR END (FYE) REVIEW THE FISCAL YEAR END MEMO AND

CALENDAR ON THE CCO WEBSITE - FYE 2016 PAGE:http://www.colorado.edu/controller/fiscal-year-end-2016

May 31

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

J U N E2 0 1 6

Key Dates and DeadlinesDate ActivityFri, June 17 6 PM - last day to submit vendor information and invoices and/or to

approve Payment Vouchers (PVs) to ensure payment in FY 2016

Tues, June 21 6 PM - last day to provide campus approval for employee travel/expense reimbursements in Concur to ensure payment in FY 2016 (remaining transactions do not accrue automatically)

Thurs, June 23 6 PM - last day to provide campus approval for Procurement Card expense reports (the remainder will be automatically accrued)

Wed, June 29 6 PM deadline for fund 3x journals, PETs and cash transfers from departments for 1st Close (Period 12)

Sun, July 3 6 PM - deadline to allocate Procurement Card reports for accrual

6 PM - deadline for campus approval for PVs in CU Marketplace for FY2016

Thurs, July 7 1st Preliminary Close for Campus – all journals must be approved by 6 PM (Period 12)

Mon, July 11 6 PM - deadline for cash transfers and Fund 3x journals from departments for 2nd Close (Period 996). (Funds 30/31 and 34 JEs must have departmental approval and all docu-mentation to CCO/SPA by the deadline)

6 PM - Departmental cut-off for all FY2016 PETs

Procurement Card accruals will post

Tues, July 12 CU Marketplace accruals will post

Wed, July 13 Review accruals to ensure they are accurate

Thurs, July 14 6:00 PM - 2nd Preliminary Close for Campus - all journals must be approved (Period 996)

Mon, July 18 6:00 PM - Final Close for Departments and Final Cutoff forDepartments to enter all JEs, BJEs and cash transfers (Period 997)

Thurs, July 21 6 PM - FINAL CAMPUS CLOSE

Dates are subject to change. Check the CCO website frequently for updates.

Questions?Please contact your Area Accountant. For more information on FYE closing activities, please visit CCO’s FYE 2016 webpage.

J U N E2 0 1 6

CCO UPDATESKickoff FYE 2016 by attending a CCO Town Hall on June 8!

Join us to learn what’s new for FYE, which essential accounting tasks and processes must be completed in order to close out your FY2016 books, what’s new this year based on the FIN 9.2 upgrade and what resources are available to assist your department.

You are invited to attend either the morning or the afternoon session. You do not need to attend both sessions.

CCO Fiscal Year End Town Halls - June 8

DAICR Reports to be Distributed for Review

Date: June 8, 2016

Morning Session: 9:30 - 11:00 AM orAfternoon Session: 1:30 - 3:00 PM

Location: Wolf Law, Wittemyer Courtroom(Main Courtroom, First Floor)

RSVP and indicate your session: Controller.Training@Colorado.EDU

June 30, 2016 marks the end of CU’s fiscal year. During this time, CCO works with departments to prioritize year-end responsibilities and ensure expenses and revenues have been recorded to the appropriate SpeedType, in the appropriate Account Code and in the appropriate fiscal year.14Fiscal Year End (FYE) is important for many reasons: accurate reports are essential for decision-making by departments, sponsors, donors, administration and external stakeholders; audit findings can impact funding levels and our reputation - both of which are based in part on our ability to maintain clean, transparent financial records.

In order to assist you in completing the tasks and daily activities necessary to properly and accurately close Fiscal Year 2016, CCO and the Office of University Controller (OUC) compile several helpful resources. Check the FYE 2016 page on CCO website often for information and look for emails from CCO’s Deputy Controller and Director, SPA, Leila McCamey. Some of the information includes:

FYE Departmental Memo and CalendarCCO’s annual FYE Departmental Memo is a robust resource designed to guide you through the daily activities you must complete in order to successfully close year-end. The Memo canvases Boulder-specific dates and deadlines, pertinent information and the year-end checklist. Important to note, is that some of the CU-Boulder deadlines may be earlier than those noted on the CU System calendar. This is to allow sufficient time for campus central offices (such as CCO, PBA, OCM, etc.) to complete the remaining year-end responsibilities for the campus. The Memo will be available on CCO’s website in plenty of time for the FYE Town Halls on June 8, 2016 (for details and to register, see the call-out box on the next page).

OUC’s FYE 2016 InfoPacket for Departments Provided by the OUC and the Procurement Service Center (PSC), the InfoPacket is comprised of several related sets of instructions that identify processing deadlines for purchasing and payables. It includes sample year-end transactions on financial statements, such as accruals and an explanation of PO encumbrances, and more.

Fiscal Year End Town HallsCCO and the PSC will provide an overview of the year-end process at two Town Halls on June 8. See the call-out box on the next page for details. We hope you are able to join us for these informative events, in particular to learn what’s new for FY2016 based on the FIN 9.2 upgrade.

Key Deadlines The chart contains a few of the most critical fiscal year-end deadlines. The comprehensive calendar runs from June through August and is part of the FYE Departmental Memo, which will be available prior to the FYE Town Halls (June 8).

Get Ready for Fiscal Year-End 2016!

Hooray!! The FY2017 fringe benefit rates have been approved by the Department of Health and Human Services (DHHS) in May 2016. The table shows our new fringe rates for FY 2017.

The rates will be entered into the PeopleSoft Finance System Allocations Module, so that they will be correctly applied during July month-end close. The signed rate agreement will be posted on our website as soon as it is available, along with the updated rates at: http://www.colorado.edu/controller/about-us/cost-accounting.

FY2017 Fringe Benefits - Great News!

FY2017 Fringe Benefit RatesEmployee Category RateRegular Faculty 30.6%FT Professional/Classified Perm 37.7%PT Professional/Classified Temp 15.3%Student Faculty 13.7%Hourly 1.2%LASP Leave Rate 22.7%

Please contact Tzuyea Yu at Tz.Yu@Colorado.EDU or 303.735.6587 if you have any questions.

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

Please make sure that your department has reviewed your report and provide any feedback to Cost Accounting as soon as possible. The data will be used for the preparation of FY2017 DAICR budget allocation journals that will be posted at the end of July.

Please contact Tzuyea Yu at Tz.Yu@Colorado.EDU or 303.735.6587 with any questions.

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

&TrainingEvEnTs

Join us for PeopleSoft Finance System Training. This course is geared toward new employees and provides basic information on fund accounting, budget theory and how to access and use the system. This includes navigation, Chartfields, reporting and journal entries (JEs).

This month’s class will be hosted on June 14 from 9:00 AM - 4:00 PM. Classes are held on the East Campus in the Marine Street Science Center (MSSC), located at 3125 Marine Street, Room W179.

To register, please email: Controller.Training@Colorado.EDU

J U N E2 0 1 6

J U N E2 0 1 6

PeopleSoft Finance System New-User Training is June 14

Fiscal Year End Reminder ChecklistHave I recorded as prepaid expense any payments for goods/services received this year but related to revenue generating artistic, athletic or conference events to be held after June 30?

Have prepaid expenses recorded last year been moved to expense?

Is my sales tax payable liability properly stated for all unremitted sales taxes that the department has collected? Have I sent the required sales tax information to CCO?

Have I received any payments from customers for goods and services not provided by Midnight, June 30? If so, have I recorded these as unearned revenue? Does my customer detail reconcile to the amounts in the Finance System?

Have I recognized as revenue any previously recorded unearned revenue for which the department has now provided the goods/services?

Have I recorded as deposits held in custody any amounts received from customers pending the return of goods issued to the customer? Does my customer detail reconcile to the amounts in the Finance System?

Do I need to move any deposits held in custody into revenue because the customer failed to return the goods as required?

Have I submitted a Payment Authorization to reimburse my petty cash fund and record in the Finance System all petty cash purchases made in FY2016?

Have I submitted my FY2017 auxiliary budget worksheets to ucb.budget@colorado.edu in the Budget Office by the June 30 deadline? (Funds 20 and 28 require budgets; Funds 26 and 29 are optional.)

Have I submitted the supporting details for my accounts receivable, allowance for doubtful accounts, travel advances, unearned revenue, and deposits held in custody to CCO by the deadline?

Have HCM Community Members (formerly Business Partners or PPLs) reviewed funding distributions on both monthly and biweekly employees to be sure that pay information is correct so that payroll suspense will be avoided?

Have I submitted a Gift-in-Kind Acceptance Form prior to acceptance for all qualifying non-cash gifts during FY2016 in accordance with the Gift-in-Kind section of the Accounting Handbook?

Have I submitted an UBIT Questionnaire form to report business activity that may not be substantially related to the university’s mission of education, research or service?

Have all departmental FY2016 Travel Card transactions, out-of-pocket expenses and cash advance transactions been assigned to an expense report, allocated, submitted and approved by the post/pay deadlines? If not fully approved, do I need to accrue these transactions?

Have all departmental FY2016 Procurement Card transactions been assigned to an expense report, allocated, submitted, and approved by the post/pay deadlines? Or by the accrual deadline?

Have all FY2016 payment vouchers in CU Marketplace been submitted and fully approved by the post/pay deadline? Or by the accrual deadline?

Have all FY2016 paper forms (NR, PA, SSP) and supplier invoices been submitted to the PSC by the post/pay deadline?

Has receiving been done for all purchase orders in CU Marketplace for goods/services received by June 30?

The FYE Memo, including a printable version of this checklist, is available at: http://www.colorado.edu/controller/fiscal-year-end-2016

CCO developed a quick-reference FYE checklist several years ago which covers many of the basic review steps departments must complete in order to successfully wrap-up year end. Keep in mind, this list is not exhaustive and not all items apply to all departments; however, it does provide a great starting point for your year-end review processes:

Has an expense been recorded for all goods/services received by Midnight, June 30? This includes goods/services purchased from other CU Departments.

Do I have any standing purchase orders for sponsored project subawards for which I need to accrue the best estimate of unpaid expenses for work done through June 30?

Was all cash received by June 30 deposited to OCM?

Have IN transactions been processed for all goods/services provided to the department’s customers as of Midnight, June 30?

Are all the assets (except allowance for doubtful accounts) in my auxiliary, gift fund and renewal and replacement plant funds in positive (debit) status?

Are all the liabilities in my auxiliary, gift fund and renewal and replacement plant funds in credit (minus) status?

Have all clearing SpeedTypes and Account Codes been cleared?

013106 Departmental Cash Clearing 280150 Aux Interdept Clearing/Dr

013109 Company Card Personal Charges

280151 Aux Interdept Clearing/Cr

025400 Loan Payment Clearing 315699 F&A Suspense Journals

070200 Travel Advances 410100 Suspense Salary

070500 Journal Suspense 430100 Suspense Deductions

070504 Treasury Gift Clearing Susp 430101 Suspense Taxes

150300 Undistributed Receipts 430999 Suspense Benefits

150301 Undistributed CC Revenue 552628 Bank Card Clearing

150600 Clearing Accounts 553201 Company Card Unallowable Expense

Have all accounting errors been identified and corrected, including payroll expenses?

Have I reported to my Area Accountant any errors over $10,000?

Are all amounts owed to the department by external entities recorded as an accounts receivable? Does my accounts receivable customer detail reconcile to the amounts in the Finance System?

Have I calculated and adjusted my allowance for doubtful accounts?

Have I submitted to Central Collection Services (CCS) or other applicable agency all accounts receivable more than 30 days past due?

Have I analyzed my past due accounts receivable and/or CCS reports and submitted to the CU-Boulder Campus Controller’s Office a request to write off those I have determined to be uncollectible?

Have I completed a physical count of my inventories and entered any needed adjustments into the Finance System? Have I turned in my inventory worksheets to CCO by the deadline?

Did I make any payments over $10,000 this year for goods/services to be received after June 30? If so, do I make this same payment each year for about the same amount? Yes = I do not have to record this payment as a prepaid expense. No = I need to consider recording part of this payment as a prepaid expense.

Have prepaid expenses previously recorded been moved to expense if the goods/services have been received?

Staff Interview: CCO Welcomes Joshua Firestone

Joshua Firestone joins CCO as a new Grant Accountant. His core focus will be

on DOE, FAA, OEDIT and misc. sponsors.

Get to know him a little better in our brief interview below:

Please tell us about your prior profes-sional experience and what brought you to CCO?

Well, there was a time before CU, but I consider that mostly my years of exploring different opportunities. I came to CU in July of 2012 as an Accounting Tech in the Arts & Sciences Financial Services Center. After some time there, I moved to the Philosophy department in January 2014 and became their Office Manager. I made this move because I wanted more experience working with and managing department budgets, as well as being a supervisor to help develop and hone my abilities as a leader.

What do you view as the greatest opportunity within this new role with CU-Boulder?

For me, the greatest opportunity presented by this new role is the chance to learn more about the research funding aspects of CU. So far I’ve really only worked with general,

gift and auxiliary funds. I’m also excited by the chance to grow professionally within the CCO. What best practices would you share with CU-Boulder departments or fiscal administrators?

Monthly reconciliation!! In my time with both the FSC and Philosophy I found that staying on top of the books by conducting monthly reconciliations made my FYE so much easier. Don’t let deficits linger in your SpeedTypes. Address issues as they come up and you will save yourself a lot of time at FYE.

On a personal note, what do you enjoy doing outside of CCO?

My favorite thing to do outside of work is to play soccer. I currently play on three leagues in Boulder, managing two of the teams. In the summer I really enjoy hiking and just being outdoors as much as possible. And in the winter, my roommate and I like to

get away for a surfing trip when we can. Additionally, I enjoy playing music, reading, playing chess and spending time with my friends.

Visit the CCO webpage dedicated to Fiscal Year End 2016. On this page, available from our main website, you will find information, calendars, the Departmental Memo and Checklist and resources to help you manage your FYE processes.

Please visit and bookmark the FYE 2016 webpage at: http://www.colorado.edu/controller/fiscal-year-end-2016

CCO FYE Webpage - Tools & Resources for FYE Close

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