{"id":491,"date":"2025-05-13T13:31:20","date_gmt":"2025-05-13T13:31:20","guid":{"rendered":"https:\/\/blogs.luc.edu\/finance\/?p=491"},"modified":"2025-05-13T13:31:20","modified_gmt":"2025-05-13T13:31:20","slug":"fy25-financial-services-year-end-deadlines","status":"publish","type":"post","link":"https:\/\/blogs.luc.edu\/finance\/fy25-financial-services-year-end-deadlines\/","title":{"rendered":"FY25 Financial Services Year End Deadlines"},"content":{"rendered":"<p><strong>Loyola Community,<\/strong><\/p>\n<p>Loyola\u2019s Fiscal Year-end of <strong>June 30, 2025,<\/strong> is rapidly approaching! Please review the important year-end deadlines below.<\/p>\n<p><strong>Why is the Fiscal Year-end so important? <\/strong><\/p>\n<p>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 30<sup>th<\/sup>; therefore, it is critical that all revenues and expenses that relate to the fiscal year (July 1 \u2013 June 30) are captured accurately.<\/p>\n<p><strong>Year-End Procedure and Deadline Presentations<\/strong><\/p>\n<p>The Financial Services Division Fiscal year end presentations can be found at the following link: <a href=\"https:\/\/www.luc.edu\/finance\/fiscalyear-endinformation\/\">https:\/\/www.luc.edu\/finance\/fiscalyear-endinformation\/<\/a><\/p>\n<p><strong><u>Accounts Payable<\/u><\/strong><\/p>\n<p>Departments should ensure that all invoices for goods received, or services rendered during FY2025 are reflected in the FY2025 financials.<\/p>\n<ul>\n<li><strong>May 19, 2025:<\/strong> All Payment Requests and Expense Reimbursements for FY2025, including March and April, are due to AP.<\/li>\n<li><strong>June 2, 2025: <\/strong>All Payment Requests and Expense Reimbursements, for May 2025 are due to AP.<\/li>\n<li><strong>June 13, 2025: <\/strong>All Payment Request and Expense Reimbursements with <strong>Sponsored Program Accounting<\/strong> Units (2XXXXX, 5XXXXX, etc.) are due to AP to ensure they are processed in FY2025.<\/li>\n<li><strong>June 30, 2025:\u00a0 <\/strong>All Payment Requests and Expense Reimbursements, for FY2025 are due to AP in order to POST in FY2025.\n<ul>\n<li>Please contact your vendors for electronic invoices if you have not received an invoice for FY2025 services\/goods.<\/li>\n<li>Please indicate on the payment requisition form if the request is for FY2025 or FY2026 to ensure the request is posted in the appropriate fiscal year.<\/li>\n<\/ul>\n<\/li>\n<li><strong>July 7, 2025:<\/strong>\u00a0 Expense Transfer forms for AP transactions are due to AP.\n<ul>\n<li>Please use the appropriate AP and ProCard Expense Transfer form. <a href=\"https:\/\/www.luc.edu\/finance\/accountspayable\/apexpensetransferforminstructions\/\">https:\/\/www.luc.edu\/finance\/accountspayable\/apexpensetransferforminstructions\/<\/a><\/li>\n<\/ul>\n<\/li>\n<li><strong>July 1, 2025<\/strong>: FY2025 Expenses NOT posted by July 1st will need to be accrued by the AP department.<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<p><strong><u>Expense Accruals<\/u><\/strong><\/p>\n<p>Please continue to submit Payment Requisition to Accounts Payable after June 30, 2025, for FY25 expenses. Accounts Payable and General Accounting will make the determination if the request qualifies for an accrual.<\/p>\n<ul>\n<li>Service POs must be accrued manually for services June 30th and prior. If you do not have an invoice for services rendered in FY25, please send an expense accrual to the General Accounting department.<\/li>\n<\/ul>\n<p>If you<em> DO NOT<\/em> have an FY2025 invoice to submit a payment requisition by <strong>June 30, 2025<\/strong>, submit an expense accrual form to General Accounting (<a href=\"mailto:accounting@luc.edu\">accounting@luc.edu<\/a>) to set up an expense accrual, documentation to support the accrual will be needed. Use the <a href=\"https:\/\/www.luc.edu\/media\/lucedu\/finance\/documents\/year_end_accrual_form.xlsm\">Year End Expense Accrual Form<\/a> found under the General Accounting Forms.<\/p>\n<p><strong><u>Purchasing: Purchase Orders<\/u><\/strong><\/p>\n<ul>\n<li>Invoices received by departments for items ordered using a purchase order should be sent immediately to Accounts Payable for payment processing.<\/li>\n<li>Purchase orders that have not been paid, but have a receipt processed against the order in the Lawson system (\u201creceived, not invoiced\u201d) by June 27th will be accrued as an expense in FY 2025.<\/li>\n<li>Please make sure that all items that have been physically received are also recorded as \u201creceived\u201d in the purchasing system by <strong>June 27, 2025<\/strong>.<\/li>\n<li><em>Health Science Campus<\/em>: Orders must be physically received on Dock 8 by <strong>4:00 pm on Friday, June 27, 2025<\/strong>.<\/li>\n<li><em>Lakeside and Water Tower Campus<\/em>: items received by a department must be substantiated with the packing list (or signed PO, if necessary) to purchasing by no later than <strong>4:00 pm on Friday, June 27, 2025<\/strong>.<\/li>\n<li>There will be no exceptions made for items in transit or back ordered even if the order has been placed prior to June 30<sup>th<\/sup>, therefore, please plan accordingly and place all orders as soon as possible.<\/li>\n<\/ul>\n<p><strong><u>Procurement Card<\/u><\/strong><\/p>\n<ul>\n<li>Procard transactions must be <em>posted<\/em> to VISA Spend Clarity by <strong>Thursday, June 27, 2025<\/strong>, to be applied to the FY2025 budget as this is the end of the June billing cycle. The \u201cposted\u201d date is not the transaction date, so please plan on making all FY2025 transactions as soon as possible.<\/li>\n<li>Please use account code 1810 (Prepaid expenses) in active VISA Spend Clarity for any purchases on your Procard that relate to FY2026 services\/expenses if made prior to June 27th. (Examples include: Hotel deposits, conference registrations, etc.)<\/li>\n<\/ul>\n<p><strong><u>Payroll Adjustments<\/u><\/strong><\/p>\n<ul>\n<li><u>General Accounting Payroll Adjustments<\/u>: To transfer salary expenses between Operating or Endowment Accounting Units (excluding Gift or Grant AU\u2019s), please submit a completed <a href=\"https:\/\/www.luc.edu\/media\/lucedu\/finance\/documents\/General_Accounting_Salary_Transfer_Request.xlsx\">Salary Transfer Request Form<\/a><strong> to General Accounting (send to <\/strong><a href=\"mailto:cfraczkowski@luc.edu\">cfraczkowski@luc.edu<\/a><strong>) by no later than <\/strong><strong>Wednesday, June 11, 2025<\/strong><strong>. No salary corrections will be processed for FY2025 after this date. <\/strong><\/li>\n<li><u>Sponsored Program Accounting Payroll Adjustments<\/u><\/li>\n<\/ul>\n<p>For Salary transfers involving Gift, Grant, or 103XXX\/104XXX AU\u2019s, please refer to <a href=\"#SPA\">Sponsored Program Accounting<\/a> section below.<\/p>\n<p><strong><u>Outstanding Gift Card Logs<\/u><\/strong><\/p>\n<ul>\n<li>Gift cards purchased on or before March 31, 2025, 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<strong> Friday, June 6, 2025<\/strong>, prior to the end of Fiscal Year 2025 It is University policy for the purchaser to complete a gift card log found at: <a href=\"http:\/\/www.luc.edu\/finance\/giftcardpolicy\/\">http:\/\/www.luc.edu\/finance\/giftcardpolicy\/<\/a>.<\/li>\n<li>If any gift cards have been outstanding longer than this 3-month period, please reach out to <a href=\"mailto:accounting@luc.edu\">accounting@luc.edu<\/a> (For AUs that begin with 1XXXXX, 4XXXXX, 6XXXXX) or <a href=\"mailto:grntcon@luc.edu\">grntcon@luc.edu<\/a> (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.<\/li>\n<\/ul>\n<p><strong><u>Cash Management<\/u><\/strong><\/p>\n<p><strong>Repetitive EFT\u2019s\/ACH\u2019s<\/strong><\/p>\n<ul>\n<li>Repetitive EFT&#8217;s\/ACH&#8217;s that need to be processed in Fiscal Year 2025, must be sent electronically to the Treasurer&#8217;s Office at <a href=\"mailto:Cashmgmt@luc.edu\">CashMgmt@luc.edu<\/a> <strong>by Friday, June 27 2025, at 12pm<\/strong>. These transactions will be processed on June 27th and clear Loyola&#8217;s bank account on June 30, 2025.<\/li>\n<li>Any repetitive EFT&#8217;s\/ACH&#8217;s that come in <strong>after 12 pm on June 27, 202<\/strong>5 will be processed on <strong>June 30th<\/strong> and clear Loyola&#8217;s bank account on July 1, 2025.\u00a0 These transactions will be recorded in <strong>Fiscal Year 2026.<\/strong><\/li>\n<\/ul>\n<p><strong>Non-Repetitive Wire Transfers<\/strong><\/p>\n<ul>\n<li>Non-Repetitive Wire Transfers that need to be processed in Fiscal Year 2025, must be sent in with all supporting documentation to the Treasurer&#8217;s Office at <a href=\"mailto:Cashmgmt@luc.edu\">CashMgmt@luc.edu<\/a> by EOD on <strong>Friday, June 13, 2025<\/strong>.\u00a0 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. Any submitted <strong>AFTER EOD, June 13<sup>, <\/sup>2025,<\/strong> will be processed on or after <strong>July 1, 2025<\/strong>. These transactions will be recorded in <strong>Fiscal Year 2026.<\/strong><\/li>\n<\/ul>\n<p><strong>Credit Card Deposits\/Checks\/Cash<\/strong><\/p>\n<ul>\n<li>Please reference the Cash Management <a href=\"https:\/\/www.luc.edu\/media\/lucedu\/secure\/finance\/CMS_Year_End_Info.pdf\">presentation<\/a> for updated banking information to receive electronic payments or Lockbox mailing instructions for checks.<\/li>\n<li>Credit Card deposits should be sent to the Bursar\u2019s office (<a href=\"mailto:cashier@luc.edu\">cashier@luc.edu<\/a>) <strong>by Wednesday, June 4, 2025<\/strong>, for any activity that relates to May and prior. Please do <strong>NOT<\/strong> combine deposits for different months.<\/li>\n<li>Credit card deposits for June activity should be sent to the Bursar\u2019s office (<a href=\"mailto:cashier@luc.edu\">cashier@luc.edu<\/a>) as soon as possible after the transaction has been processed.\u00a0 Final deposits are due <strong>Monday , June 30, 2025.<\/strong><\/li>\n<li>All University deposits for FY2025 should be sent to the Bursar\u2019s office by no later than <strong>Monday,<\/strong> <strong>June 30, 2025, <\/strong>to ensure they are recorded for FY2025.<\/li>\n<li>The Year-End Revenue Deferral\/Receivable forms and instructions can be found under the General Accounting Forms under \u201cYear End Accrual <a href=\"https:\/\/www.luc.edu\/media\/lucedu\/finance\/documents\/year_end_accrual_form.xlsm\">Form<\/a>\u201d<\/li>\n<\/ul>\n<p><strong><u>Fiscal Year-End Revenue <\/u><\/strong><\/p>\n<ul>\n<li><strong>Revenue Deferral: <\/strong>Revenue received\/deposited prior to June 30th for programs or services taking place in FY2026 must be deferred to the new fiscal year.<\/li>\n<li><strong>Revenue Receivable<\/strong>: Any revenues not received by June 30th that relate to services provided by the University in Fiscal Year 2025 should have a revenue receivable set up.<\/li>\n<li>Please refer to the <a href=\"https:\/\/www.luc.edu\/media\/lucedu\/secure\/finance\/General_Accounting_Year_End_Info.pdf\">General Accounting Fiscal Year End Presentation<\/a> for more details on how to defer revenue to FY2026 or set up a receivable for FY2025.<\/li>\n<\/ul>\n<p><strong><u>Sponsored Program Accounting<\/u><\/strong><\/p>\n<ul>\n<li>All LUMC-P salary adjustments in FY2025 will need to be <strong>received by SPA<\/strong> with all necessary approvals by <strong>Wednesday, May 21, 2025<\/strong>.\u00a0 Please remember that LUMC-P PAFs may take longer to reach SPA than other EIFs\/PAFs, sometimes up to a full <strong>two to six weeks in processing \u201clead time\u201d to reach Sponsored Program Accounting.<\/strong><\/li>\n<li>All PAFs and EIFs (<strong><u>excluding LUMC-P<\/u><\/strong>) for salary adjustments in FY2025 will need to be <strong>received by SPA<\/strong> with all necessary approvals by <strong>Friday, May 30, 2025,<\/strong> to ensure they are processed with the final payroll of the fiscal year.<\/li>\n<li>Lakeside and SON: All supplemental salaries to be paid by <strong>Friday,<\/strong> <strong>June 13, 2025,<\/strong> must be completed and submitted to SPA by <strong>Friday, May 23, 2025.<\/strong> All requests will be evaluated on a case-by-case basis due to return to campus protocols.<\/li>\n<li>All <strong>non-salary<\/strong> <a href=\"http:\/\/www.luc.edu\/media\/lucedu\/finance\/documents\/exptrans.xlsm\">journal entries\/expense transfer<\/a> requests for FY2025 should be submitted to your SPA GA with all necessary approvals by <strong>Tuesday, June 17, 2025. <\/strong><\/li>\n<li>Advances in account code 1271 &amp; 1273 opened prior to December 31, 20243 should be substantiated &amp; reconciled by <strong>Tuesday, June 17, 2025.<\/strong> For SPA related accounts, send completed logs &amp; supporting documentation to <a href=\"mailto:GRNTCON@luc.edu\">GRNTCON@luc.edu<\/a>.<\/li>\n<li><strong><u>Overdraft<\/u><\/strong> incurred in May or earlier will need to be resolved by the end of May.\u00a0 Overdraft occurring in June needs to be resolved by<strong> Friday, June 20, 2025<\/strong>.\u00a0 Overdraft cannot be carried forward into the next fiscal year.<\/li>\n<li>Any budget appropriations for FY20254must be submitted to SPA by <strong>Friday, June 20, 2025<\/strong>.<\/li>\n<li>Pro-card transactions for FY2025 must be <strong>posted VISA Spend Clarity<\/strong> by Friday<strong>, June 27<\/strong> to be included in FY2025 budgets.\u00a0 Pro-card transactions not meeting the deadlines will be included in FY2026 budgets.\u00a0 <em>Note<\/em>: if items are backordered, for example, and the vendor does not \u2018run the card\u2019 in time the charge will likely post in FY2026.<\/li>\n<li>For any<strong> grants with a 6\/30\/2025 <u>or earlier<\/u> end date that are expected to continue into the next fiscal year<\/strong> SPA will need one of the following provided by <strong>Monday, June 9, 2025<\/strong>:\u00a0(a) an <u>Advanced Account Form<\/u> with appropriate back-up to guarantee expense past the end date in the absence of a fully executed agreement\/extension <strong>OR <\/strong>(b) the fully executed agreement\/extension.\u00a0 Find the Advanced Account Authorization Policy and form online at <a href=\"http:\/\/www.luc.edu\/spa\/policies.shtml\">http:\/\/www.luc.edu\/spa\/policies.shtml<\/a>.<\/li>\n<li>Please contact your Sponsored Program Accounting representative for additional information and resources<\/li>\n<\/ul>\n<p>Note: FY2025 budgets will be carried forward to FY2026 in July.\u00a0 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.\u00a0 Budgets will be viewable again on reports run toward the end of July.\u00a0 Please contact <a href=\"mailto:GRNTCON@luc.edu\">GRNTCON@luc.edu<\/a> if you have questions about the annual budget reconciliation and carry forward process for the University\u2019s sponsored programs.<\/p>\n<p>If you have any questions regarding the above procedures, please contact the appropriate department\u00a0(see <a href=\"https:\/\/www.luc.edu\/spa\/financekeycontacts\/\">Finance Key Contacts<\/a>). The entire Financial Services team appreciates your efforts, and we look forward to a successful and efficient year-end close!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Loyola Community, Loyola\u2019s Fiscal Year-end of June 30, 2025, 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 &hellip; <a href=\"https:\/\/blogs.luc.edu\/finance\/fy25-financial-services-year-end-deadlines\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-491","post","type-post","status-publish","format-standard","hentry","category-announcements"],"_links":{"self":[{"href":"https:\/\/blogs.luc.edu\/finance\/wp-json\/wp\/v2\/posts\/491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.luc.edu\/finance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.luc.edu\/finance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.luc.edu\/finance\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.luc.edu\/finance\/wp-json\/wp\/v2\/comments?post=491"}],"version-history":[{"count":1,"href":"https:\/\/blogs.luc.edu\/finance\/wp-json\/wp\/v2\/posts\/491\/revisions"}],"predecessor-version":[{"id":492,"href":"https:\/\/blogs.luc.edu\/finance\/wp-json\/wp\/v2\/posts\/491\/revisions\/492"}],"wp:attachment":[{"href":"https:\/\/blogs.luc.edu\/finance\/wp-json\/wp\/v2\/media?parent=491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.luc.edu\/finance\/wp-json\/wp\/v2\/categories?post=491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.luc.edu\/finance\/wp-json\/wp\/v2\/tags?post=491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}