Archive for June, 2022

FY22 Financial Services Year End Deadlines

Wednesday, June 1st, 2022

Loyola Community,

Loyola’s Fiscal Year-end of June 30, 2022 is rapidly approaching! Please review the important year-end deadlines below.

Why is the Fiscal Year-end so important?

The University is required to prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP). The financial statements provide an overview of the financial position of LUC as of June 30th, therefore it is critical that all revenues and expenses that relate to the fiscal year (July 1 – June 30) are captured accurately.

Year-End Procedure and Deadline Presentations

The Financial Services Division Fiscal year end presentations can be found at the following link: https://www.luc.edu/finance/fiscalyear-endinformation/

Accounts Payable

Departments should ensure that all invoices for goods received or services rendered during FY2022 are reflected in the FY2022 financials.

  • June 3, 2022 (Extended deadline): All requests, including Expense Reimbursements, for May 2022 and prior are due to AP.
  • June 16, 2022: Invoices with Sponsored Program Accounting Units (2XXXXX, 5XXXXX, etc.) are due to AP to ensure they are processed in FY2022.
  • July 1, 2022:  All requests, including Expense Reimbursements, for FY2022 are due to AP.
    • Requests must be received by Friday, July 1, 2022 at 5 p.m to ensure they are posted in FY2022.
  • Please contact your vendors for electronic invoices if paper invoices are on campus and not accessible.
  • Please indicate on the payment requisition form if the request is for FY2022 or FY2023 to ensure the request is posted in the appropriate fiscal year.
  • July 6, 2022:  Expense Transfer forms for AP transactions are due to AP.
  • July 8, 2022: FY2022 Expenses NOT posted by July 8th may be accrued by the AP department.

Expense Accruals

  • Please continue to send payment requests to Accounts Payable after July 8th. AP will make the determination if the request qualifies for an accrual.
  • Service POs must be accrued manually for services June 30th and prior. If you do not have an invoice for services rendered in FY2022, please send an expense accrual to the General Accounting department.

If you DO NOT have an FY2022 invoice to submit a payment requisition by July 8, 2022, submit an expense accrual form to General Accounting (accounting@luc.edu) to set up an expense accrual, documentation to support the accrual will be needed. Use the Year End Expense Accrual Form found under the General Accounting Forms. 

 

Purchasing: Purchase Orders

  • Invoices received by departments for items ordered using a purchase order should be sent immediately to Accounts Payable for payment processing.
  • Purchase orders that have not been paid, but have a receipt processed against the order in the Lawson system (“received, not invoiced”) by June 30th will be accrued as an expense in FY 2022.
  • Please make sure that all items that have been physically received are also recorded as “received” in the purchasing system by June 30th.
  • Health Science Campus: Orders must be physically received on Dock 8 by 4:00pm on Thursday, June 30, 2022.
  • Lakeside and Water Tower Campus: items received by a department must be substantiated with the packing list (or signed PO, if necessary) to purchasing by no later than 4:00pm on Thursday, June 30, 2022.
  • There will be no exceptions made for items in transit or back ordered even if the order has been placed prior to June 30th, therefore, please plan accordingly and place all orders as soon as possible.

Procurement Card

  • Procard transactions must be posted to PNC Active Pay by no later than Monday, June 27, 2022 to be applied to the FY2022 budget as this is the end of the June billing cycle. The “posted” date is not the transaction date, so please plan on making all FY2022 transactions as soon as possible.
  • Please use account code 1810 (Prepaid expenses) in active Pay for any purchases on your Procard that relate to FY2023 services/expenses if made prior to June 30th. (Examples include: Hotel deposits, conference registrations, etc.)

Payroll Adjustments

  • General Accounting Payroll Adjustments: To transfer salary expenses between Operating or Endowment Accounting Units (excluding Gift or Grant AU’s), please submit a completed Salary Transfer Request Form to General Accounting (send to cfraczkowski@luc.edu) by no later than Wednesday, June 15, 2022. No salary corrections will be processed for FY2022 after this date.
  • Sponsored Program Accounting Payroll Adjustments

For Salary transfers involving Gift, Grant, or 103XXX/104XXX AU’s, please refer to Sponsored Program Accounting section below.  

Outstanding Gift Card Logs

  • Gift cards purchased on or before March 31, 2022 should have been distributed and a completed gift card log returned. If you have an outstanding gift card log, it must be sent in by no later than Friday, June 17, 2022, prior to the end of Fiscal Year 2022. It is University policy for the purchaser to complete a gift card log found at: http://www.luc.edu/finance/giftcardpolicy/.
  • If any gift cards have been outstanding longer than this 3-month period, please reach out to accounting@luc.edu (For AUs that begin with 1XXXXX, 4XXXXX, 6XXXXX) or grntcon@luc.edu (For AUs that begin with 2XXXXX, 5XXXXX, 103XXX, 104XXX) to confirm the cards are still in your possession and notify Accounting of when they are to be distributed.

Cash Management      

Repetitive EFT’s/ACH’s

  • Repetitive EFT’s/ACH’s that need to be processed in Fiscal Year 2022, must be sent electronically to the Treasurer’s Office at CashMgmt@luc.edu by Tuesday June 29, 2022 at 12pm. These transactions will be processed on June 29th and clear Loyola’s bank account on June 30, 2022.
  • Any repetitive EFT’s/ACH’s that come in after 12 pm on June 29, 2022 will be processed on June 30th and clear Loyola’s bank account on July 1, 2022.

Non-Repetitive Wire Transfers

  • Non-Repetitive Wire Transfers that need to be processed in Fiscal Year 2022, must be sent in with all supporting documentation to the Treasurer’s Office at CashMgmt@luc.edu by Friday June 17, 2022 at 12pm.  If any documentation is missing or has incomplete banking information, the request will not be processed and will be returned to you for additional information to be processed in Fiscal Year 2023.

Credit Card Deposits/Checks/Cash

  • Please reference the Cash Management presentation for updated banking information to receive electronic payments or Lockbox mailing instructions for checks.
  • Credit Card deposits should be sent to the Bursar’s office (cashier@luc.edu) by June 3, 2022 for any activity that relates to May and prior. Please do NOT combine deposits for different months.
  • Credit card deposits for June activity should be sent to the Bursar’s office (cashier@luc.edu) as soon as possible after the transaction has been processed. Final deposits are due by 3 pm Thursday, June 30, 2022.
  • Negative deposits should be sent to General Accounting to accounting@luc.edu with the supporting documentation showing the refunds processed. Refunds related to COVID-19 cancellations should reflect that in the notes section.
  • All University deposits for FY2022 should be sent to the Bursar’s office by no later than Thursday, June 30, 2022 by 3pm to ensure they are recorded for FY2022.
  • The Year-End Revenue Deferral/Receivable forms and instructions can be found under the General Accounting Forms under “Year End Accrual Form

Fiscal Year-End Revenue

  • Revenue Deferral: Revenue received/deposited prior to June 30th for programs or services taking place in FY2023 must be deferred to the new fiscal year.
  • Revenue Receivable: Any revenues not received by June 30th that relate to services provided by the University in Fiscal Year 2022 should have a revenue receivable set up.
  • Please refer to the General Accounting Fiscal Year End Presentation for more details on how to defer revenue to FY2023 or set up a receivable for FY2022.

Sponsored Program Accounting

  • All LUMC-P salary adjustments in FY2022 will need to be received by SPA with all necessary approvals by Wednesday, May 25, 2022.  Please remember that LUMC-P PAFs may take longer to reach SPA than other EIFs/PAFs, sometimes up to a full two to six weeks in processing “lead time” to reach Sponsored Program Accounting.

  • All PAFs and EIFs (excluding LUMC-P) for salary adjustments in FY2022 will need to be received by SPA with all necessary approvals by Friday, June 3, 2022 to ensure they are processed with the final payroll of the fiscal year. 
  • Lakeside and SON: All supplemental salaries to be paid by Tuesday, June 14, 2022 must be completed and submitted to SPA by Friday, May 27, 2022. All requests will be evaluated on a case by case basis due to return to campus protocols.
  • All non-salary journal entries/expense transfer requests for FY2022 should be submitted to your SPA GA with all necessary approvals by Monday, June 20, 2022.

  • Advances in account code 1271 & 1273 opened prior to December 31, 2021 should be substantiated & reconciled by Monday, June 20, 2022. For SPA related accounts, send completed logs & supporting documentation to GRNTCON@luc.edu
  • Overdraft incurred in May or earlier will need to be resolved by the end of May.  Overdraft occurring in June needs to be resolved by Friday, June 24, 2022.  Overdraft cannot be carried forward into the next fiscal year.
  • Any budget appropriations for FY2022 must be submitted to SPA by Friday, June 24, 2022.
  • Pro-card transactions for FY2022 must be posted in PNC Active Pay by Monday, June 27 to be included in FY2022 budgets.  Pro-card transactions not meeting the deadlines will be included in FY2023 budgets.  Note: if items are backordered, for example, and the vendor does not ‘run the card’ in time the charge will likely post in FY2023.
  • For any grants with a 6/30/2022 or earlier end date that are expected to continue into the next fiscal year SPA will need one of the following provided by Friday, June 10, 2022: (a) an Advanced Account Form with appropriate back-up to guarantee expense past the end date in the absence of a fully executed agreement/extension OR (b) the fully executed agreement/extension.  Find the Advanced Account Authorization Policy and form online at http://www.luc.edu/spa/policies.shtml.
  • Please contact your Sponsored Program Accounting representative for additional information and resources

Note: FY2022 budgets will be carried forward to FY2023 in July.  In mid-July budgets on sponsored program reports may appear to be $0.00 and your AU may appear to be overdrawn during the reconciliation/carry-forward process but you may continue to spend on your sponsored AUs normally during this time.  Budgets will be viewable again on reports run toward the end of July.  Please contact GRNTCON@luc.edu if you have questions about the annual budget reconciliation and carry forward process for the University’s sponsored programs.

 

If you have any questions regarding the above procedures, please contact the appropriate department   (see Finance Key Contacts). The entire Financial Services team appreciates your efforts and we look forward to a successful and efficient year-end close!

The Financial Services Division

https://www.luc.edu/finance/