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Fiscal Close

Fiscal Close FY2016-17

SOM Fiscal Close Guidelines and Procedures

State Unrestricted Fund - 1900, 1924

Close-out Guidelines (aggregated at DeptID level 2):

  • Surplus balance of $25,000 or less will automatically carry forward.
  • Surplus balance in excess of $25,000 is not allowed. For exceptional requests, please contact Frances Haney.
  • Deficits are not allowed; there are no exceptions.
  • Projects in deficit must be cleared.
  • Net position transfers (Account 78xxx) between 1900 and non-1900 funds are not allowed.
  • GME fund 1900 allocations must be spent down; no deficits are allowed.

Close-out Journal Process:

  • To transfer surplus balances between your department DeptIDs: prepare and submit a SC535 financial journal using net position Account 78050.
  • To use surplus balances of more than $25,000: prepare and submit a SC535 financial journal to move non-payroll expenses from another fund (e.g.; sales & service) to fund 1900 using the posting expense accounts.
  • Deficits must be transferred to a discretionary source using the posting expense accounts. Use of Account 58451 (unusual, non-recurring) or 58351 (sponsored deficit) is not allowed.
  • To clear payroll overdrafts: prepare and submit PETU (payroll expense transfer uploader) to the Controller's Office.
  • To clear non-payroll overdrafts: prepare and submit a SC535 financial journal.

Key Dates (Please do not wait until the last day):

  • PET deadline - Monday, July 10
  • Financial Journal (SC535) deadline - Friday, July 21

Campus Core Fund - 5000

Close-out Guidelines (aggregated at DeptID level 2):

  • There is no surplus carry forward balance limit/threshold - all surplus balances will automatically carry foward.
  • Net position transfers (Account 78xxx) between 5000 and non-5000 funds are not allowed.
  • Projects in deficit must be cleared.

Journal Process and Key Dates:

Same as above.