MEMORANDUM

TO: Department & Program Administrators

FROM: Jim Henry, Director of Finance Jiayan Zhao, Assistant Director of Finance

SUBJECT: FY 16/17 Fiscal Year-end Close

DATE: August 4, 2017

We’re writing with this year’s plan for the fiscal year-end close. Finance will use the same process as last year, and reports, policies and procedures will be distributed using the Finance Website and Repository.

Training Sessions Year-end process review sessions will be held on:

Wednesday, August 16 from 10:00 – 11:30 Monday, August 21, from 3:00 – 4:30

Both will be in the Dean’s Office Conference Room. We will review the basic close process, demonstrate how to use our Year-End Close Report and how to communicate instructions for closing the operating budget and restricted funds. We’ll also provide reminders on how to download from the Repository and upload to your WIP folder.

Key Dates As in prior years, turn-around times are very tight so key dates are provided here and on the Finance web site (link below). Key dates to keep in mind are:

Monday, 08/14 AP, Expense Reimbursement System & T-Card approval deadline

Friday, 08/25 P-Card approval deadline

Friday, 09/01 Labor schedule entry deadline – salaried employees

Wednesday, 09/06 Salary & A/P suspense accounts clearing

Wednesday, 09/06 Labor distribution adjustments deadline; salary expenditure corrections/reallocations cutoff at 3pm

Wednesday, 09/06 iJournal deadline for Soft Close; non-salary expenditure corrections/reallocations cutoff at 5pm

Thursday, 09/07 Soft Close reports available

Monday, 09/18 Final Dean’s Office close transactions; cutoff at noon

Wednesday, 09/20 Year-end close ends

Thursday, 09/21 Labor Distribution Adjustment access reactivated

Thursday, 09/21 Oracle year-end reports available

A more detailed calendar of H&S-specific dates is available at https://finance-humsci.stanford.edu/time-

segment/year-end-close. An even more comprehensive calendar of University close dates is available on the Controller’s Office website at http://www.stanford.edu/group/fms/fingate/staff/moyrendclose/year.html

Operating Budget Close Tasks

Review Year-End Close report; provide closing instructions Reports with month-to-date August numbers will be distributed August 28th. Project year-end numbers

and create your year-end close plan, providing instructions for covering any anticipated deficits or for pulling back unused departmental funding. Upload your plan to the Finance Intranet WIP folder by September 1st.

Reports with August soft close numbers will be distributed on September 7th. Compare these numbers to the projections you made on the August 28st report. If the numbers differ materially, update your plan, inform your liaison and upload the new plan to the WIP folder no later than September 8th.

Budget savings requests

If you have budget savings, your liaison will work with you to submit a budget savings request.

Non-Operating Budget Close Tasks

Funding instructions for restricted fund deficits Use the FIN FUND 154a YTD Fund Bal List in ReportMart3 or the BI Fund Statement report (available in

the Revenue and Fund Management Reporting module on 08/11) to identify any non-sponsored funds in overdraft. Detailed instructions can be found on the Finance Intranet at Funds Management and Overdrafts. Provide instructions for resolving overdrafts and upload your plan to the Finance Intranet WIP folder by September 1st. Don’t forget to factor in infrastructure charges!

Faculty salary-savings transfers

Detailed instructions for this process will be distributed when the report is released. Verify salary savings

and annotate your report with any corrections. Upload corrected reports to the WIP folder by August 18th.

Capitalization & endowment exception instructions

Provide instructions and forms (for new FFEs) to your finance Liaison by Monday September 11th.

Capitalization requests will be reviewed by Jim Henry & Steve Olson and then forwarded to Fund Accounting

by your liaison.

HandSOn summer ninth & other commitment transfers Your Finance liaison will upload a commitments report to your WIP folder by August 17th. Annotate your

report with transfers to be made for fiscal year-end and upload the completed report to the WIP folder by

August 24.

Cost Share Accounts Funding transfers for cost share accounts are made by H&S, rather than by OSR.

Your Finance liaison will contact you with instructions for cost share transfers. Funding instructions for the

department’s portion of cost shares should be submitted to your H&S Finance liaison by August 21st.

Please contact your Finance liaison if you have questions about the close process. Tight University deadlines and the large number of H&S units make this annual process uniquely challenging. Many thanks in advance for your hard work and attentiveness to the year-end process.