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Year-End Planning and Checklist

Year-End Planning and Checklist. CSU Year-End Training Workshop LAX, May 21-22, 2007. AGENDA. Background Preparing and Planning Year-End Checklist and Timeline Includes RMP issues and guidelines Discussion and Q & A. Background: Why Is This Needed?. Frequently asked questions:

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Year-End Planning and Checklist

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  1. Year-End Planning and Checklist CSU Year-End Training Workshop LAX, May 21-22, 2007

  2. AGENDA • Background • Preparing and Planning • Year-End Checklist and Timeline • Includes RMP issues and guidelines • Discussion and Q & A

  3. Background: Why Is This Needed? • Frequently asked questions: • Why isn’t this written down anywhere? • Do you have a year-end checklist we can look at? • What is new about this year? • Condensed close and reporting timelines in recent years • Importance of preparation and planning to year-end close success • New campus staff

  4. Background: What are we trying to Change? • Overtime and Stress • Lack of communication • Lack of time for Management Review • More Standardization & consistency in reporting • Success in meeting deadlines

  5. Background: Where did this information come from? • Compilation of different Year-End presentations and/or checklists. • Year-End closing schedules for several campuses reviewed • Similarities in approach, if not in detail • RMP Interim Operating Guidelines • Yr-End Checklist prepared by CO

  6. Background: What has Changed? • SCO Deadlines • CO Deadlines • Focus on timeliness and importance of GAAP Reports • Revenue Management Program • CSU Interim Operating Guidelines

  7. Background: Issues We Can’t Solve Here • Lack of standardization • Campus policies vary • Campus procedures for implementing CSU policies vary • This represents a framework • Some Items ARE required • Others suggested to assist in meeting deadlines • One size may not fit all so plan ahead and customize

  8. Preparation and Planning • Monthly recons – Keep ‘em current and resolve factors • Preparation begins in January and February • Consider changes on YOUR campus - (PS Student Finance, GL issues, PS AR/BI, Asset Mgt) • Look at last year, how did you do?

  9. Preparation and Planning • Key Deadlines • Work backwards from these dates when planning • June 15 - SCO Cut-off for Claims\PFA’s\Transfer Requests • July 16 – FIRMS Submission COMPLETED (24 hour review backs this up a few days due to weekend) • All SCO required reports per legal manual

  10. Considerations for first RMP Close • Two Bank Recons – STO and WF • CO Pullback of $5K prior year payroll “subsidy” • Close GF without accruals or current year BBA • No GF Revolving Fund closure • Entries for Investments, Cash, unpaid Claims, Student Health Services fees • Do not accrue Payroll, CSURMA, SUG • Prepare for designated Fund Balance entries for Fund 0948.485

  11. Year-end Closing Checklist – March and April • Year end cut-off schedule to campus users • Reconcile 101001-Cash in State Treasury and 101006/108090 Accounts • Run preliminary data quality review • Begin to move accruals out of GF • If needed, develop a plan to migrate Student Health Service fee activity from Fund 948.451 to Fund 948.485 for year end

  12. Year-end Closing Checklist - May • Finalize year-end schedule and distribute to staff • Load SAM99 Accrual Reversal Tape • SAM99 should be run with Accrual Reversal checkbox marked from this point forward • Analyze data dependencies for month and year-end entries • Meet with departments or contact third-party providers to determine dates information will be ready or potential cut-off of activity to meet deadlines

  13. Year-end Closing Checklist - May • Develop strategy for reclassification of investment income to 499 • 101006 balances will be re-mapped to 108090 – investments • Campus can use 101006 or 108090 – both mapped to Object Code 108090 • All investment income posted to Fund 499 • Collect data and analyze capital leases, capital projects & other potential complex transactions • Develop strategy for booking to ledger

  14. Year-end Closing Checklist - May • Chancellor’s Office pull back of $5,000 in reverting General Fund year (in 2007, pull back 2003) • Review reverting funds • Clear any remaining assets and liabilities • CY revenues and expenses will close to fund balance clearing • Review closing rules and trees • Update for reverting/reverted funds • Confirm all of 0948 fund closes to 305002 (485, 499, etc.)

  15. Year-end Closing Checklist - May • Ensure budget and actuals equal (BBA=0) in the following CSU Operating Fund (485) accounts: 506100 – SWAT Transfers In 680100 – SWAT Transfer Out 690003 – General Fund Transfer In • Review Revenue in CSU Operating Fund • Make sure appropriate revenues are recorded • No investment earnings

  16. Year-end Closing Checklist - May • Review General Fund (SCO fund 0001) for the following: • FY 2006, BBA = zero • FY 2005, BBA = $5,000 • FY 2004, BBA = $5,000 • FY 2003, BBA = zero (reverting) • Budget and Accounting develop a plan for year-end reserve entries • Create campus accounts as needed for reserves

  17. Year-end Closing Checklist - Early June • Close and reconcile May data • Notify Auxiliaries of Year-End Deadlines • FIRMS 7/31/07 • GAAP 9/28/07 • IPEDS 10/31/07 • Request Contingent Liabilities list • June 15th SCO MUST have final 2006/07 Claims/PFA/Transfer Requests in Hand for guaranteed processing • Consider if enough 0948 balance available to meet June 30 payroll

  18. Year-end Closing Checklist - No later than June 22nd • Final Escheat Checks • Review and Adjust A/R Reserves • Clear all SAM99 reconciliation issues identified in May month-end or June mid-month review • Clear all known FIRMS error messages

  19. Year-end Closing Checklist - No later than June 29th • Record all chargebacks • All Requisitions must be sourced to a Purchase Order or cancelled • Final Student System feeds to A/P completed, prep for final fiscal year check run

  20. Year-end Closing Checklist - June 29-30 • Post/Reconcile Payroll • Post Final ProCard from June statement • Receiving Completed • Close Purchasing • Final recording of Cash Receipts • Close Cash Receipts • Final Check Run/Claims • Close Accounts Payable

  21. Year-end Closing Checklist – July Week 1 • CO Data will be communicated to campuses via AD NOAT no later than July 6 • Includes Non-Delegated CWIP, FBC, Risk Pool Claims Deductibles, and Interagency AR/AP Fixed Assets and Retention Entries Complete • Run and Post GL 15 process • Manually liquidate Reimbursed Activities remaining Encumbrance Balance • Complete Manual Obligations

  22. Year-end Closing Checklist – July, Week 1,Continued • Final Reimbursed Activities Billing Completed/Confirm RA in Balance by CSU Fund • Reconciliation of all subsystems to ledger complete: ARBI, Student, etc. • Complete routine month-end journal entries • Load Bank Recon/Paid Claims (CD102)/SAM99 Files

  23. Year-end Closing Checklist – July, Week 1,Continued • Bank Reconciliation Completed – Negative Cash Balances Resolved through reclass/remap of 101006 to 108090 investment account • All investment income reclassified/posted to 499 only • SAM99 Reconciliation Completed – All SAM99 Reconciling Items Cleared • Reclassify FBC for claims filed to Due To Trust for DVP • SCP goes to claims filed • If needed, accrue FBC entries created by LCD

  24. Year-end Checklist – July, Week 2 • All entries now under the supervision of Campus Budget Office • Ensure budget and actuals equal (BBA=0) in the following CSU Operating Fund (485) accounts: 506100 – SWAT Transfers In 680100 – SWAT Transfer Out 690003 – General Fund Transfer In • Review Revenue in CSU Operating Fund • Make sure appropriate revenues are recorded • No investment earnings • Any investment earnings required to cover CY expenditures in Fund 485 must be recorded in 506051 – Transfer-in investment earnings from fund 499

  25. Year-end Checklist – July, Week 2 • Review General Fund (SCO fund 0001) for the following: • FY 2006, BBA = zero • FY 2005, BBA = $5,000 • FY 2004, BBA = $5,000 • FY 2003, BBA = zero (reverting) • Clear any remaining FIRMS errors • Final review of program/ledger balances • Clear any remaining deficits

  26. Year-end Checklist – July, Week 2 • Final preliminary Data Quality Review • Reserve entries to CSU Fund 485 • 304015 Reserve for Operations • 304016 Reserve for Campus Dept/Obligations • 304018 Reserve for Encumbrances • Use campus accounts as needed, mapped to above FIRMS Object codes, to accommodate campus plans for contingency, roll forward and reserves

  27. Year-end Checklist – July, Week 2 • Close xxCMP Business Unit to prevent further entries • Generate Final SAM 99 File • Final FIRMS derivation • Prepare Manual Reporting Package for Mgt Review

  28. Year-end Checklist – July 12 and 13 • July 12 - Management Review/Approval • July 13 – Latest date for FIRMS submission to CO’s SFSR group since 24 hour review may still be in effect • July 16 – FIRMS Submission completed, pre and post close • Transmit Final SAM99 file to SCO

  29. Year-end Checklist – July and August • Submit all required SCO reports per instructions in year-end legal manual • Submit all CO required reports • Additional reporting dates in September and October for GAAP and IPEDs. • Reference http://www.calstate.edu/sfsr/

  30. Discussion and Close Questions?

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