create your future create your future Introduction Purpose Provide information to the university community about the

create your future www.utdallas.edu


Introduction

PurposeProvide information to the university community

about the year end closing and reporting process and deadlines

ObjectiveFacilitate an orderly, efficient and compliant year end closing

process both at the departmental and institutional levels


PresentersFinance & Budget Reda BernoussiDirector of Accounting & Financial

Reporting

Greg ArguetaAssistant Director of Accounting Operations

Karol MillerTreasury & State Accounting Manager

Jené JanichBusiness Process Analyst

Adam Cantwell Director of Payroll

Barbara ManziManager of Budget Systems

Jennifer MayesFinancial Compliance Manager

Audit & ComplianceToni StephensExecutive Director of Audit & Compliance


Agenda• Overview of the Year-End Closing Process

• Year-End Required Accounting Information

• Procurement Management Deadlines and Reminders

• Payroll Deadlines and Reminders

• Budget Deadlines and Reminders

• Account Reconciliation

• Certification Process (Letters of Representation)

• Audit & Compliance


Overview of the Year-End Closing Process


Overview of Year-End Process

Steps necessary to properly close out the University’s 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.)


Aug 26 – Aug 30

Aug 19-- 23

Aug 12-- 16

Aug 05 -- 09

July 28 – Aug 02

WK 23 ‘13 WK 24 ‘13 WK 25 ‘13 WK 26 ‘13 WK 27 ‘13

FinanceAccounting

PurchasingBudgetBenefits

PayrollHCM

CampusSolutions

July ‘13 Month-End

Aug MonthlyTimesheets Due

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Aug Monthly Confirm

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PAF due for Aug Monthly

FY13 COA ChangesDeadline

Last Day to Reallocate USAS Funds

FY14 budget period open; Purchases Can Begin

Aug SM2 Confirm

June Reconciliati

ons Due

FY13 Last DayFor Catalog Vendor Purchases

FY14 budget load period; must be loaded by EOB 08/16

Aug SM1 Timesheets

Due

Aug SM1 Confirm

Aug SM2 Timesheets Due

August 2013 (FY13 period 12) - YEAR END CLOSE

Classes Begin: 16-wk and 1st 8-wk

FY13 Submit Non-Catalog Purchase & Travel Vouchers, Print Shop Orders, Purchase Card Statements, Request AP Check/ Petty Cash


Sept. 30 – Oct. 04

Sept. 23 - 27 Sept. 16 - 20Sept . 09 - 13 Sept. 02 -- 06

WK 40 ‘13 WK 41 ‘13

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WK 42 ‘13 WK 43 ‘13 WK 44 ‘13

FinanceAccounting

PurchasingBudgetBenefits

PayrollHCM

CampusSolutions

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Aug SM3 Timesheets Due (noon)

Labor Day

FY13 Budget Year Closed

Adjustment Period Final

Close (Accounting)LOR Distribution

Process PO& Travel ROLL

July Reconciliati

ons Due

Aug ‘13 Month-End (Preliminary Close)

AFR Due

Date

Aug SM3 Confirm (EOB)

Campus Accruals Due

Due Date for

Adjustments

September 2013 (FY14 period 1)


Year-End Reports

The preliminary close will begin Thursday,September 5 and ends on Tuesday, September 10.

The account reconciliation application will be updated for period 12 on Wednesday, September 11.

The final year-end close will occur on Monday, September 16.

The account reconciliation for period 12 starts on Tuesday, September 17.


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 ensure all Inter-Departmental Transfers for August business receive both departmental approvals with proper documentation and in the Finance Office no later than Wednesday, September 4.

The deadline for automated (spreadsheet) journal entries is Wednesday, September 4.


Material Adjustments After Preliminary Close

If you determine that material adjustments are needed to FY13 costs or revenues after the preliminary close, you will have until Friday, September 13 to contact the Finance Office (ext. 2602) to discuss the nature of these adjustments and the process to be followed.


Year-End Required Accounting Information


Year-End Accounting Information

• Inventory Adjustments– Physical inventory for FY13 is due to Kerry

Freeman in Accounting, no later than Friday, August 23.


Revenue and ExpendituresIDT’s (Inter-Departmental Transfers)

oApprovals by Wednesday, September 4 oProper documentation with either Account Reconciliation or Ledger

Inquiry screen shotsoAdequate IDT description

Cost OverrunsoBudget Transfers (if appropriate)oIDT to move expenditures to appropriate cost centeroPayroll re-allocations

Receivables and RevenueoForms will be sent to be completed and returned by September 6oHave you invoiced for goods or services outside of the

Accounting System and have not been paid?oHave you provided goods or services and not invoiced?oIs this revenue applicable to FY13 or FY14 (deferred revenue)?


Petty Cash

• Last day to submit reimbursements for FY13 petty cash expenses: Friday, August 16– All FY13 expenses must be reimbursed by this date.

• Confirmation of all of the open petty-cash accounts balances and custodians: Friday, August 16.– Cash on hand + unreimbursed receipts must = total authorized

fund amount.– New: Imprest fund forms must be completed annually – Signature of custodian confirms that fund is reconciled.


Procurement Management Deadlines and Reminders


Purchasing Deadlines

08/16 •Last day to close an open PO

08/16 •Last day for Non-Catalog orders

08/16 •Begin Purchasing In FY 14


Purchasing Deadlines (cont)

08/30• Last day for Catalog Purchases.

Must be approved by Cost Center Manager or Alternate

08/30 •eProcurement Down at 3:00 PM All non-approved FY 13 orders will be cancelled.

•Contact Paul Watson or•[email protected]


Purchasing Card Program Deadlines

Purchasing Card deadline for posting of purchases against FY13 with ability to change Cost Center

– Friday, August 16

Purchasing Card Program contact: • Christy Baxter, Joel Wilson or Maria Morris

[email protected]

ONLY emergency orders should be placed with the purchasing card from the 8/17/13 to 8/31/13. Anything posted by Citibank after 8/17/13 will be charged against your default Cost Center in FY13 budget and cannot be changed. Changes WILL NOT be allowed.

mailto:[email protected]


Accounts Payable Deadlines

Purchase Vouchers and Request for Check• Friday, August 16

Accounts Payable contact: • Gina Niemann [email protected]



Travel Deadlines

Travel Vouchers for actual reimbursement in FY13

• Friday, August 16 • Vouchers received after this date will be accrued if

greater than $2,000

Travel Coordinator: • Trudy Muller and Becky Mickey

[email protected]

Year end is here



• Airfare charges for travel taking place in July/August will be posted or accrued if booked with UT Dallas Travel Agents.

• Airfare charges for travel taking place before 8/31/13,that has not yet been paid will be posted or accrued if booked with UT Dallas Travel Agents and greater than $2000.

Travel Deadlines


Print Shop DeadlinesPrint/Copy Center Jobs:• Friday, August 16

Print Shop contact: »Chris Rench [email protected]

Copy Center contact: »Donna Lane [email protected]




Accrual Procedures

Best practices require 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 $2,000 or more that has been received but not yet invoiced, please advise Accounts Payable so it can be accrued.


Accrual Reminders• Do consider services greater than $2000 that have been performed, but

not yet been paid.• Do send estimated travel reimbursements for travel completed before

8/30 but not yet submitted for reimbursement.• Do send estimated business expense reimbursements for expenses that

have been incurred, but not yet submitted for reimbursement.• Do send even if your account is negative; expenses should be reported in

the correct FY.• Do not send airfare; we will accrue from reports from CTP and Anthony.• Do not send an expense to be accrued that you have already submitted for

payment.Try to keep accruals at a minimum—send the actual payment request

before 8/16, if possible, so we can pay instead of accrue.


Payroll Deadlines and Reminders


Payroll DeadlinesSemi-Monthly Payroll• August 20th payday – Forms due to Budget July 23rd – Time

sheets due to Payroll Augusts 6th • September 5th payday – Forms due to Budget August 12th –

Time sheets due to Payroll August 20th

• Last FY 13 Semi Monthly Payroll – September 16th payday – Forms due to Budget by August 20th – Time sheets due to Payroll September 3rd at noon (Submit August 30th if possible)

Monthly Payroll• September 3rd payday – Forms due to Budget August 8th –

Time sheets due to Payroll August 16th


Budget Deadlines and Reminders


Final Day to Process Budget Journals for FY 2013

• Wednesday, September 4 to the Budget Office

• All budget journals must be initiated and sent through the proper approval workflow and to your budget analyst by this date.

• Budget journals for FY 2013 created first week of September should be dated 8-31-2013.

• NOTE: Departments are expected to adjust spending or process required transfers in order to eliminate deficits during FY 13.


Budget Processing Dates

FY14 Operating Budget

• The original budgets for FY14 will be loaded in PeopleSoft by August 16th.

• Open purchase orders and their budgets will be rolled forward on September 2nd.


Use of Roll Forward Balances• Any FY13 net ending balances that roll forward into

FY14 will be shown as Beginning Balance in the cost center by October 1 (after completion of fiscal year-end process).

• To set up budget for these funds, a budget journal may be initiated at any time by the department during FY14.

• The use and allocations of these funds are at the discretion of the department.


Salary Roster FY14

• Preliminary FY 14 approved Budget Workbooks sent to departments Friday, August 16

• FY14 Payroll Validation Query

• Salary Rosters loaded to PeopleSoft HCM by Payroll by September 1.


Budget Reminders

• 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 budget journals.

• Be aware of all charges that are to be billed to your cost center through year-end and make appropriate provisions.


Anticipate

• Anticipate your Service Department charges and any other charges that will be posted to your cost center so that it will not be deficit at the end of the year.Copy CenterFood ServicePrint ShopGasPostageStaples OrdersPurchasing CardIDTs


Manage Your Budget

• Please make sure funds are available in the correct Cost Center/account by the Budget Journal deadline: Wednesday, September 4.

• Payroll reallocation requests affecting State Funding cost centers need to be submitted to your Budget Analyst by Monday, August 19.


Manage Your Budget (con’t)

• August payroll distribution query will be the only opportunity to change funding affecting state cost centers.

• Query for monthly employees available Wednesday, August 28. All change requests due by 5pm Thursday, August 29.

• Query for semi-monthly will be available Thursday, September 5. Change requests due by 5pm that same day.


Follow-Up• Budget Journals can take several days to process

through workflow for required approvals

• Monitor the progress of Budget Journals

• Make follow-up phone calls or emails to expedite completion

• If you have questions, please call your Budget Analyst, or Dave Gaarder in the Budget Office and we will be glad to assist you.


Account Reconciliation


Account Reconciliation

• Due Date for Period 12 reconciliations: October 1

• All FY 13 cost centers should be reconciled and approved by this date

• If you do not believe the cost centers in your area will be reconciled and approved by October 1, please inform your fiscal officer.

• In addition, please contact Jennifer Mayes ([email protected]), Office of Budget & Finance.



Account Reconciliation Status

There is still almost $53M in expenses needing reconciliation for periods 1-10.

There is still over $24M in revenue needing reconciliation for periods 1-10.


Certification Process (Letters of Representation)


Year-End Certification

All cost centers have been reconciled, reviewed and approved.

Funds were used in accordance with any restrictions.

Transactions were appropriate, allowable and properly recorded.

Reconciling items have been resolved or have been noted.

Segregation of duties have been maintained.

Any internal control weaknesses have been reported.

There is no known fraud, omissions or misstatements.

Those authorized to execute contracts comply with ethics certification.

Letters of Representation

Cost Center Owner

Dean or Division Head

President, Finance & Audit UT Dallas

Financial Statements

FY 2013

UT System Financial

Statements

FY 2013

Chancellor, Controller & Chief

Audit Exec


Audit and Compliance


Purpose

What is Audit and Compliance?

What are the Plans for FY 2014?

New Policies

Audit & Compliance Tips


What Is Audit and Compliance?


What Is the Difference between Audit and Compliance?

Compliance

IT AuditsFinancial Audits

Fraud

Operational Process Audits

Compliance

AuditsConsulting

Reviews

Follow-up

Audits

Hotline

Internal Audit


What Are the Plans for FY 2014?


FinancialExpenditure Process: Payables and ReceivingFY 2013 Financial Statement AuditFY 2014 Interim Financial Statement Audit WorkSponsored Programs Billing and ReceivablesOperational Assistance to UT System Audit for Presidential Travel and Entertainment AuditCallier Center for Communication DisordersCash Handling/Treasury ManagementCenter for Brain HealthContracting ProcessExecutive EducationExecutive Travel and Entertainment ExpensesHiring and Compensation ProcessInternational Students/SEVISTravel ProcessMeals and CateringConstruction Management: Repairs, Renovations, and Work OrdersParking ServicesCompliance Clery Act

CPRIT (Cancer Prevention Research Institute of Texas) GrantsEndowments and GiftsHIPAA PrivacyHuman SubjectsLab SafetyLena Callier TrustNCAA ComplianceTime and EffortInformation Technology Cloud ComputingData CentersEducation Research CentereLearning/BlackboardHIPAA SecurityIT Governance: Policies and Procedures Consulting ReviewIT SecurityPeopleSoft RolesUnixVulnerability Scanning ProcessFollow-up Audits & Special ProjectsExternal Quality Assurance Review of Internal AuditFollow-up AuditsFraud Awareness and TrainingConsulting ProjectsChange in Management Audits

FY 2014 Audit Plan


FY 2014 Compliance Plan

• Work with high-risk areas on their risk assessment and monitoring plans

• Conduct departmental reviews to ensure top compliance risks are being addressed

• Implementation of UTS 180• Training• Standards of Conduct Guide


Compliance Risks• IT Security• PeopleSoft Access• HIPAA Privacy• Time and Effort Reporting• Tax Compliance• Property (Controlled

Assets)• Cash/Check/Credit Card

Handling• Title IX• Code of Ethics – Financial

Conflict of Interest (UTS 180)

• Account Reconciliation & Segregation of Duties

• Lab Safety• Emergency Management• University Events & Student Travel, including

Summer Camps• Financial Aid• Purchasing Cards• Clery Act• Conflict of Interest in Research• Contract & Grants – Unallowable Costs, Cost

Sharing• FERPA• Gramm Leach Bliley (PCI Compliance, credit

cards)• Business Expense Reimbursements (Travel,

Entertainment)• Export Controls• Human Subjects• Callier Medical Billing• Endowments & Gifts• Animal Care


UTS 178Significant events are defined, but not limited to,

the following: Reports of death or serious injury occurring on campus or

involving a member of the university community; Allegations of fraud or fiscal loss of $100,000 or more; Allegations involving impropriety or failure to follow law or

policy by the Chancellor, a System Executive Vice Chancellor or Vice Chancellor, the General Counsel to the Board, or the System Chief Audit Executive; or an institutional president or vice president;

Allegations of sexual misconduct; Allegations related to the care or safety of minors; Material concerns expressed by federal and state oversight

agencies; All security breaches involving confidential records; Potential media reports that may impact the reputation of

the university; Matters that reflect a systemic threat to patient safety; Other allegations, significant reports, and investigations

that could be viewed as a significant event.

New

Policy!

How to Report:http://www.utdallas.edu/audit-compliance/

significant-events.html


UTS 180

The new UT System policy Conflicts of Interest, Conflicts of Commitment, and Outside Activities is intended to provide a current system of disclosure, approval, and documentation of employee activities and ensure compliance with state ethics laws.

Policy is currently in revisionhttps://www.utsystem.edu/bor/procedures/policy/policies/UTS180.pdf

https://www.utsystem.edu/bor/procedures/policy/policies/UTS180.pdf




Audit & Compliance TipsWhat Are the Most Common Audit Recommendations?

Lack of timely account reconciliations Noncompliance with purchasing card procedures Lack of policies and procedures Lack of documentation, including business purpose for

expenses Travel and business expense reimbursements


Audit & Compliance TipsHow to Prevent an Audit RecommendationFollow UT Dallas policies and proceduresTake compliance trainingAnalyze your risksSee “Top 20 Departmental Risks”

http://www.utdallas.edu/audit-compliance/training.htm

Implement procedures to minimize risksAsk questions: your supervisor, your co-workers, Audit

& Compliance




Hotline & Contact Information

Toni Stephens, Executive Director of Audit & Compliance

• [email protected]• 972-883-4876

Website:• http://www.utdallas.edu/audit-

compliance



Open Discussion

You won’t know if you don’t ask!

Documents

create your future create your future Introduction Purpose Provide information to the university community about the