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Brought to you by the Finance Division

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Title: Brought to you by the Finance Division


1
  • Brought to you by the Finance Division

2
Introduction
  • Purpose
  • Provide information to the university community
    about the year end closing and reporting process
    and deadlines
  • Objective
  • Facilitate an orderly, efficient and compliant
    year end closing process both at the departmental
    and institutional levels

3
Presenters
  • Office of Finance
  • Wanda Mizutowicz
  • Associate VP for Finance Controller
  • Reda Bernoussi
  • Assistant Controller
  • Procurement Management
  • Pete Bond
  • Assistant VP for Procurement Management
  • Paul Watson
  • Purchasing HUB Program Mgr
  • Gina Niemann
  • Accounts Payable Manager
  • Trudy Muller
  • Travel Coordinator

Budget Office Kelly McKinney Manager of
Budget Operations Payroll Services David
Maldonado Director of
Payroll Services Audit Compliance Toni
Messer Director of Audit Compliance
4
Agenda
  • Overview of the year-end closing process
  • Procurement Management deadlines and reminders
  • Purchasing, Accounts Payable, Travel
  • HRS August September deadlines
  • Budget deadlines and reminders
  • Year-end required accounting information
  • Account Certification process
  • Financial Statement Audits

5

Overview of the Year-End Closing Process

6
Overview of Year End Procedures
  • Steps necessary to properly close out the
    Universitys financial systems for the current
    fiscal year
  • Timeline of critical tasks/processes required to
    ensure that all prerequisites are met before
    final ledgers and reports are generated
  • Mechanism for gathering data used in the year end
    reporting processes (e.g., Receivables,
    Inventory, etc.)

7
Fiscal Year Closing Process
Account Corrections Deadline August 29th
  • Electronic Account
  • Listings
  • August 8th

Prelim Report Distribution Sept 5th
Trial Close FRS Down Sept 3rd- 4th
Post Trial Close Adjustments Deadline Sept 10th
Letters of Representation To the Office of
Finance by Sept 26th
Year-End Report Distribution Sept 15th
Final Close FRS Down Sept 11th 12th
8
Year-end Report Distribution
  • The preliminary close will begin Wednesday
    evening, September 3rd and end on Thursday,
    September 4th. The preliminary August reports
    will be distributed to you on Friday, September
    5th.
  • The final year-end close will start on Thursday,
    September 11th and will end on Friday, September
    12th. The final reports will be delivered to you
    on Monday, September 15th.

9
Deadlines for IDTs and Automated Journal Entries
  • In order to accommodate this schedule and to
    ensure that transactions are processed in an
    orderly fashion, please make sure all IDTs for
    August business are in the Controllers office no
    later than Tuesday, September 2nd.
  • Also, please note that the deadline for automated
    journal entries is Tuesday, September 2nd.

10
Material Adjustments After Preliminary Close
  • Once we start the preliminary close on Wednesday
    evening, September 3rd, only the Finance staff
    will be able to post transactions to fiscal year
    2008 files and all the other users will be
    automatically defaulted to fiscal year 2009.
  • If you determine that material adjustments are
    needed to FY08 costs or revenues after the
    preliminary close, you will have until Wednesday,
    September 10th to contact the Finance Office
    (ext. 2602) to discuss the nature of these
    adjustments and the process to be followed.

11
System Availability for End-Users
FRS BIS
August
September
09/3 9/4
09/11 09/12
FY08
Down
FY08
Down
FY09
Adjustments
Trial Close
Final Close
HRS
Down
Roll
Letters of Representation By Sept 26th
Prelim Report Distribution Sept 5th
Year-End Report Distribution Sept 15th
12
Year-End Closing Preparation
August Deadlines
Accounting Information
Requisitions Purchasing card SOS, Purchase
vouchers Travel vouchers, Airfare Stapleslink,
PrintShop Payroll Forms BAFs IDTs, Auto
JEs Accruals Account Corrections
Petty Cash, Inventory Adjustments, GL
Reconciliations, Research Expenditures.
13
Trivia
Trivia
Trivia
  • How many buildings do we have at UTD?
  • 70
  • 65
  • 83
  • 92
  • 43

14
Trivia Answer
Trivia
Trivia Answer
  • C. There are 83 buildings at UT Dallas

15

Procurement Management Deadlines

16
Purchasing Deadlines
  • Purchasing contact Paul Watson
    (purchasing_at_utdallas.edu)
  • Purchase requisitions 25,000 or greater (for
    FY08 activity)
  • 5 PM Tuesday, August 5th
  • Purchase requisitions less than 25,000 (for FY08
    activity)
  • 5 PM Tuesday, August 12th
  • Small Order System (SOS) for FY08 activity
  • 5 PM Monday, August 18th (Copies should be sent
    to Accounts Payable by August 22nd.)

17
Purchasing Card Program Deadlines
  • Purchasing Card Program contact Administrator-
    Christy Baxter, purchasingcard_at_utdallas.edu
  • Purchasing Card deadline for posting of purchases
    against FY08
  • Friday, August 15th. A special Cardholder
    Activity Report will be generated and sent via
    interoffice mail to each cardholder on August
    19th to be reconciled, reviewed, signed and
    returned to Procurement by August 26th. You will
    have the opportunity to change the account number
    on items posted up through August 15th.
  • Only emergency orders should be placed with the
    purchasing card from the 16th 31st. Postings by
    JPMorganChase to your Activity Report after
    August 16th through August 31st will be
    charged against your default account in FY08
    budget and cant be changed.

18
Accounts Payable Deadlines
  • Accounts Payable contact Gina Niemann
    (accountspayable_at_utdallas.edu)
  • Purchase Vouchers
  • 5 PM Friday, August 22nd
  • SOS
  • Orders should be placed by August 18th. Copies
    should be in A/P by August 22nd to ensure FY08
    Processing. We will pay any SOSs against FY08
    funds if we receive an invoice by August 29th.
    Outstanding SOSs will be encumbered.

19
Travel Deadlines
  • Travel Coordinator Trudy Muller
    (travel_at_utdallas.edu)
  • Travel Vouchers (for actual reimbursement during
    FY08)
  • 5 PM Friday, August 22nd. Vouchers received after
    this date will be accrued if greater than
    1,000.00.  Items less than 1000 will be
    encumbered if complete documents are submitted
    and funds are available.
  • Airfare charges for travel booked before August
    11th will be charged to FY08 via the journal
    process.
  • August airfare charges for travel between August
    11 31st   will be encumbered or accrued as long
    as the airfare is booked with CWT (our travel
    agency)

20
StaplesLink.com Deadlines
  • Contact Jerry Porter (receiving_at_utdallas.edu)
  • StaplesLink orders
  • Must be processed by 5 PM Friday, August 22nd .

21
Print Shop Deadlines
  • Print Shop contact Gary Haag (garyh_at_utdallas.edu)
  • Large Print Jobs
  • Friday, August 15th
  • Small Print Jobs
  • Wednesday, August 20th

22
Accrual Procedures
  • Sarbanes Oxley requires that we account for
    expenditures related to goods and services in the
    fiscal year they were actually received. If you
    are aware of an expenditure with a value of
    1,000 or more that has been received but not yet
    invoiced, please advise Accounts Payable so it
    can be accrued.

23
Trivia
Trivia
Trivia
  • When did Governor Preston Smith sign the bill
  • that created UTD?
  • January 23, 1957
  • May 6, 1952
  • July 4, 2008
  • June 13, 1969
  • December 20, 1973

24
Trivia Answer
Trivia
Trivia Answer
  • D. June 13, 1969

25

HRS Calendars

26
August 2008
27
September 2008
28
Trivia
Trivia
Trivia
  • The total gifts for capital projects received by
    UTD
  • in FY07 is
  • 1 million
  • 8 million
  • 12 million
  • 17 million
  • 30 million

29
Trivia Answer
Trivia
Trivia Answer
  • D. 17 million

30

Budget Deadlines Reminders

31
BAF Deadline for FY2008
  • Thursday
  • August 21st
  • 500 P.M.
  • The Budget Office

32
FINAL DAY TO PROCESS BAFs FOR FY2008
  • Thursday, August 21, 2008 by 500 p.m.
  • to the Budget Office
  • All BAFs must be initiated and sent through the
    proper approval route through the Budget System
    (BIS) and to your budget analyst by this date.

33
REMINDER!
  • If you have received goods or
  • services from university departments
  • and have not been billed, be sure to
  • make provision for these costs when
  • preparing your year-end BAFs.

34
MANAGE YOUR BUDGET!
  • It is your responsibility to make
  • sure funds are available in the correct
  • sub code by the BAF Deadline which is
  • Thursday, August 21, 2008 at 500 to
  • the Budget Office.

35
BE AWARE
  • Be aware of all charges
  • that are to be billed to your
  • account through year-end
  • and make appropriate provisions!

36
ANTICIPATE
  • Anticipate your Service Department charges from
    August 21st through August 31st so your account
    will not be negative at the end of the year!
  • Telecommunications
  • Copy Center
  • Food Service
  • Print Shop

37
OTHER CHARGES
  • Anticipate other charges that will be charged to
    your account from August 21st through August
    31st!
  • Gas
  • Postage
  • Staples orders
  • Purchasing Card
  • IDTs

38
FOLLOW-UP
  • BAFs take several days to route through the
    system for required approvals
  • Monitor the progress of BAFs
  • Make follow-up phone calls or e-mail to expedite
    completion

39
  • THANK YOU
  • AND
  • HAPPY BAF-ING!

40
REMINDERS FOR FY2009
  • Collapsing of sub codes
  • 4100 Travel
  • 4200 MO
  • 6900 Capital
  • to 4000 Budget Other Expenses

41
Making Your Budget Life Easier!
  • In the Annual Budget Cycle, these sub codes are
    budgeted at the individual sub code level
  • 4100 Travel
  • 4200 MO
  • 6900 Capital
  • But when budgets roll into FINS they are
    collapsed into one sub code!
  • 4000 Budget Other Expenses

42
EXCEPTIONS
  • TARP AND TATP ACCOUNTS (2230xx and 2232xx
    accounts)
  • CONTRACT GRANT ACCOUNTS (6xxxxx)
  • PLANT FUND ACCOUNTS (7xxxxx)

43
ONE MORE REMINDER!
  • If your account number has CHANGED for the new
    2009 Fiscal Year.
  • Remember to change your default account to the
    new account number. For example
  • Telecommunications
  • Postage
  • Staples Orders
  • Purchasing Card

44
Questions….
  • If you have questions, please call your Budget
    Analyst or Mary Trimble in the Budget Office and
    we will be glad to assist you.

45
Trivia
Trivia
Trivia
  • How many students were enrolled at UTD for
  • the Fall of 2007.
  • 14,556
  • 12,223
  • 14,921
  • 13,363
  • 10,500

46
Trivia Answer
Trivia
Trivia Answer
  • A. 14,556 were enrolled at UTD for Fall 2007

47

Year-End Required Accounting Information

48
Year-End Accounting Information
  • Petty Cash
  • Balances are being verified
  • Receipts should be submitted to Accounts
    Payable for reimbursement by 8/22/08
  • Inventory Adjustments
  • Physical inventory for Fiscal Year 2008 is due to
    Paul Dobson, Office of Finance, no later than
    August 15th.
  • General Ledger Reconciliations
  • Examples are deferred revenue, deferred expense,
    and accounts receivable
  • Signed reconciliations are due by September
    9th.

49
Petty Cash
50
Petty Cash
  • List all the Open Petty-Cash Accounts
  • Resource(s) handling each account. Custodian
    Alternate Custodian
  • Current Balance and Presence of up-to-date
    reconciliation
  • Are due by September 3th.

51
Revenue and Expenditures
  • IDTs (interdepartmental transfers)
  • Proper documentation
  • Adequate description
  • Training on IDT preparation http//finance.ut
    dallas.edu/systems/workshops.html.
  • Cost overruns
  • BAF (if appropriate)
  • IDT to move expenditures to appropriate account
  • Payroll re-allocations
  • Recording Receivables and revenue
  • Have you invoiced for goods or services and have
    not been paid?
  • Have you provided goods or services and not
    invoiced?
  • Is this revenue applicable to FY 08 or FY 09
    (deferred revenue)?
  • Form will be sent to be completed and returned by
    September 9th .

52
Receivables Revenue
53

Account Certification Process

54
Certification Process
UT System Chancellor
Letter of Representation UTD President
Letters of Representation Divisions
Letters of Representation Schools
55
(No Transcript)
56
Letter of Representation
  • My area is responsible for reconciling the
    accounts listed in the attachment (please note
    any exceptions on the last page).
  • We have reconciled all of our account statements
    for each of the 12 months ended August 31, 2008,
    with exceptions noted on the last page
  • I understand that all funds must be utilized in
    accordance with any restrictions as to the source
    of funds (for example, student fee accounts
    utilized in accordance with the purpose of the
    fee, endowment accounts utilized in accordance
    with the wishes of the donor as defined in the
    endowment agreement, contract and grant accounts
    utilized in accordance with the terms of the
    grant, etc.).

57
Letter of Representation
  • All revenue and expenses were appropriate,
    allowable, and properly recorded (expenditures
    recorded in the fiscal year in which they were
    incurred and revenues recorded in the fiscal year
    in which they were earned) for each of the 12
    months ended August 31,2008, with exceptions
    noted on the last page.
  • All reconciling items have been adjusted,
    adjustments are in process, or have been
    satisfactorily resolved for each of the 12 months
    ended August 31, 2008, with exceptions noted on
    the last page. (List any adjustments of 1,000 or
    more).
  • As division head or dean, I reviewed and approved
    all reconciliations (based on the financial
    system monthly accounts statements), or delegated
    such review and approval, for the departmental
    accounts during the fiscal year ended, August 31,
    2008, with exceptions noted on the last page.

58
Letter of Representation
  • The departments in my area maintain segregation
    of financial duties no single employee has
    responsibility for 1) entering transactions, 2)
    approving transactions, 3) receiving cash, and 4)
    reconciling accounts with the exceptions noted on
    next page. (Note if there are any exceptions,
    please explain controls which mitigate or
    compensate for the absence of adequate separation
    of duties. Alternately, for areas where a
    limitation of the system of internal controls
    exists, note your proposed plan to address this
    limitation.)
  • All significant deficiencies in the design or
    operation of internal controls over financial
    reporting which could adversely affect my
    departments' ability to record, process,
    summarize, and report financial data and any
    material weaknesses in internal controls that
    have been identified have been appropriately
    reported and addressed with exceptions noted on
    the last page.

59
Letter of Representation
  • To the best of my knowledge, there are no
    misstatements or omissions in the accounts for
    which I am responsible, as noted in the letter,
    with exceptions listed on the attached page.
  • To the best of my knowledge, there has been no -
  • Fraud, whether or not material, involving any
    employees who have significant roles in internal
    control, that has not been appropriately reported
    and addressed or
  • Fraud involving others that could have a material
    effect on the financial statements other than
    those previously reported to the Financial
    Reporting Officer in writing (if any), with
    exceptions noted on the last page

60
Account Certification Process
August
September
09/03-09/04
09/11 09/12
FY08
Trial
Final
FY09
Adjustments
Trial Close
Final Close
Letters of Representation By Sept 26th
  • Electronic Account
  • Listings
  • August 8th

Account Corrections Deadline August 29th
61
Trivia
Trivia
  • What was UTDs annual operating expenditures
    in in in FY07?
  • 156 million
  • 244 million
  • 253 million
  • 189 million
  • 328 million

62
Trivia Answer
Trivia
Trivia Answer
  • B. 244 million in 2007

63

Audit Compliance

64
Office of Audit and Compliance
  • The Office of Audit and Compliance helps the
    University of Texas at Dallas accomplish its
    mission in learning, research, and public service
    by bringing a systematic, disciplined approach to
    evaluate and improve the effectiveness of
    operations, and by promoting and supporting a
    culture of compliance and control consciousness.
  • Internal Audit performs assurance and
    consulting services over all operations at UTD
    formalized reporting to the President, UT System,
    and the State…including the Board of Regents and
    Governor
  • Compliance performs assurance and consulting
    services for compliance operations and
    facilitates compliance training for managers in
    high-risk compliance areas reporting to UTD
    management

65
Audit Compliance
66
Sneak Peek at FY 2009 Internal Audit Plan
  • Required Audits
  • Financial Statement Audit
  • Presidents Travel and Entertainment
  • JAMP
  • Lena Callier Trust
  • Change in Management Audits
  • TAC 202 (IT Security)
  • Cash Handling (UTS 166)
  • Endowment Fees
  • Student Fees
  • Other Audits
  • High-Risk areas as approved by the UTD Audit and
    Compliance Committee

67
Sneak Peek at Compliance
  • WebCT Compliance Training improvements!
  • Departmental reviews
  • Inspections over High-Risk Compliance Areas
  • Enhancements to RAMPs

68
Financial Statement Audit
  • Objectives of the Financial Statement Audit
  • Perform a risk-based audit of financial
    information of the Annual Financial Report.
  • We will focus on the higher-risk areas, such as
    property, cash, revenues, expenses, information
    security, account reconciliations, and financial
    statement certifications.

69
Hotline
http//www.utdallas.edu/audit-compliance/hotline_a
bout.htm Report instances of suspected
non-compliance outside the normal chain of
command in a manner that preserves
confidentiality and assures non-retaliation.
Employees should use the hotline when they are
not satisfied with their supervisors' response to
a compliance issue, or if they fear retaliation
by their supervisors. Under normal circumstances,
however, compliance issues should be addressed
through normal administrative channels. 1-888-228
-7707
70
Trivia
Trivia
  • How many hotline calls have we received this
    year?

71
Trivia Answer
Trivia
Trivia Answer
  • 16

72
Helpful Websites
  • Office of Finance
  • http//finance.utdallas.edu/
  • Procurement Management
  • http//www.utdallas.edu/utdgeneral/business/procur
    e/
  • Budget Office
  • http//www.utdallas.edu/budget/
  • Payroll
  • http//www.utdallas.edu/hrm/payroll/
  • Training Helpful Links
  • http//finance.utdallas.edu/main/training.html

73
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