Closing Memos

FY 2016 Closing Memo from the Office of Resource Planning and Analysis

May 12, 2016

To: Business Managers & Departmental Administrators

From: The Office of Resource Planning and Analysis (RPA)

Subject: School of Medicine FY 2016 Closing

Please find below several action and/or informational items related to closing the books for Fiscal Year 2016 at the School of Medicine. Information is arranged in order of due dates, earliest to latest.

The “FY2016 Year End Closing Action Plan” from Accounting Services is available on the AIS Systems and Procedures web site at aishelp.wustl.edu (click on Year End Closing). Please refer to this for the various deadlines related to the University’s overall plan for closing.

Dates related to RPA Office activities are summarized in the RPA Office Schedule for FY 2016 Closing.

Friday June 10

Last Day for Allocation Journals between WUSM and CFU/Danforth
Last day for 18/19, 9103/9104 and 9105/9106 journals between WUSM and CFU/Danforth departments. Journals must be entered and fully approved by 4:00 p.m. Jounals between WUSM departments only can be entered up to Wednesday, July 13, 2016.

Thursday June 23

Review of Accounts Closing to the Proper Reserve; Review of Function Codes

The report “Summary of LC 11 and 12 Activity by Reserve” (CLOSEFYD) lists the accounts which will close to each individual LC 15 reserve in your department at year end. This report is available to run in COGNOS on Thursday, June 9th. Review the list to ensure that the FIS profile “pointer” for each revenue and expense account indicates the proper reserve. Also provided will be a “Report of Function Code (Profile Field 450) and Related Fields” (P450ACTL) in the “Hyperion support” folder which groups accounts by type of activity (function). Review this report to make sure that the listed accounts are coded with the correct function code.

Any errors in either of these reports must be reported to your Resource Planning and Analysis (RPA) Office analyst by Thursday, June 23rd, for correction. If there are no changes, please confirm that the reports are correct by this same date by telephone or e-mail to your RPA Office analyst.

If you currently do not have access to “Deptreports”, please e-mail Richard Muraski at muraskir@wustl.edu, to request your access be set up.
Thursday, June 30

Requests to Transfer Unexpended Endowment Spending Distribution to Principal

Specific Purpose Endowments (26xxx and 27xxx funds):

Please direct requests for the transfer of unexpended specific purpose endowment earnings (fund balances) to principal, in writing, specifying each account name and number and the amount to transfer, to:

    Diane Cahill
    Endowment and Gift Accounting
    Campus Box 1004
    314-935-5457

Requests for the transfer of June 30, 2016, unexpended specific purpose endowment spending distribution to principal should be received by the Endowment and Gift Accounting Office no later than Thursday, June 30.

General Operating Endowments (10xxx funds):

General operating endowment spending distribution (LC 11) closes to unrestricted general reserves (LC 15). Transfers from unrestricted general reserves to endowment principal should be requested from the Dean. Transfers approved in June will be executed in FY 2017 since the deadline for resolutions to be reviewed at the last FY 2016 meeting of the Executive Committee meeting has passed.

Wednesday July 1 – Friday July 8

Reminder – Liability for Accrued Vacation Leave

At year-end each department in the University must report accrued vacation days for each employee as of June 30th. Please refer to the FY2016 Year End Closing Action Plan from Accounting Services, as due dates vary based on what system you are using. All vacation accrual data must be finalized by 5:00 p.m. on Friday, July 8, so that the data can be collated and an accurate liability recorded for each school. If this data is not entered by the deadline the liability will be calculated assuming the maximum potential accrued vacation of 22 days per full time employee.

If a department fails to report an accurate accounting of its employees’ unused vacation leave to the CFU, thereby unnecessarily increasing the School’s accrued vacation liability, the School of Medicine Dean’s Office reserves the right to book the department’s liability as a general call against department general reserves.

Tuesday July 12

Miscellaneous Accruals and Deferrals

Departments may submit requests to the RPA Office to record miscellaneous receivables, payables, accruals or deferrals. These requests should be received in the RPA Office no later than Tuesday, July 12. The following information should be included with the request to ensure that the entry is recorded correctly and to provide adequate documentation for the auditors.

  • Name of external party (e.g. receivable from whom or payable to whom?)
  • Time period
  • Dollar amount
  • Specific explanation (why is the amount owed to/by Washington Univ.?)
  • Contractual obligations related to the entry
  • When is the payment due to Washington Univ./payment due the vendor?
  • Account number to debit or credit

If this is a request to carry forward an accrual for a period prior to FY 2016, please explain why the accrual has not yet been settled, what action the department has taken to settle the amounts in dispute and the probability of collection or payment. In some cases, a provision for doubtful accounts may need to be established if an old receivable is not written off.

Be sure to notify your RPA Office representative when payment is made/received so that the receivable or payable can be relieved or adjusted if necessary.

Tuesday July 19

Review of Preliminary Financial Results and Reserve Positions

Ledger/Classes (LC’s) 11 and 12 will be held open to accommodate a review by departments while there is still an opportunity to correct material errors or omissions. Reports displaying your department’s financial results and year-end reserve positions for both general operating and specific purpose funds will be sent to you on Thursday, July 14th, for your examination. Correcting transactions may be entered until 3 p.m. on Tuesday, July 19th. Please make sure that key staff in your business office will be available to carefully inspect these reports and correct any errors.