Fiscal Year-End (FYE)
The full fiscal year-end memo and procedures are in a Google Doc. There may be updates to the memo throughout the year-end process, either to clarify matters, fix errors, or provide updates, so please check back periodically throughout the fiscal year-end activity period.
Date | Update Made |
July 25, 2024 | We learned that our external investment custodian needs additional time to complete work that impacts our fiscal year-end event timing. Provided there are no additional delays outside our control, the updated timings are: July 26 event – moving to August 1 July 28 event – moving to August 4 July 29 event – moving to August 2 July 29 event – moving to August 5 The memo itself is in the process of being updated to reflect these dates, as is the shared Google Calendar. All should be updated by tomorrow morning, when an email will be sent to CFMs, RRC Contacts, EFS Cluster Directors, and the FSUN General Membership Google Group. |
May 1, 2024 | Calendar of events: Deadline extended for Crookston, Duluth, Morris departmental deposits, from 6/26 to 6/28. (It was a typo.) |
April 23 & 24, 2024 | Major changes: updates were added to the language, clarifying the new June 1 deadline for getting items into the Purchasing Services work/approval queue. |
April 22, 2024 | Purchasing: Date ranges for very old POs that will be closed were from last year, updated to current date range. |
April 22, 2024 | Year End Accounting Forms section: Added links to GASB 87, GASB 94, and GASB 96 forms. |
April 19, 2024 | Memo for FY2024 year-end published for the community. If there are changes or clarifications, a note will be made in this section of the memo. The full fiscal year-end memo and procedures are in a Google Doc. |
Why is fiscal year-end important?
Each fiscal year, the University is required to prepare consolidated financial statements in accordance with Generally Accepted Accounting Principles (GAAP). These financial statements provide an overview of the University’s financial position as of June 30 and its activities for the fiscal year (July 1 through June 30). The statements cover the entire University system and its legally separate component units, for example, the University of Minnesota Foundation.
Why is fiscal year-end important to departments?
Fiscal year-end is important to departments because accurate reports are required for management accounting, sponsors and donors want accurate reporting, and the University must receive clean audits to maintain funding. To ensure that the University can meet these requirements, all revenues must be recorded when they are earned and all expenses must be recorded when incurred.
- Revenues are earned when a business transaction to sell goods or services has been completed, and those goods or services have been delivered or completed.
- Expenses are incurred when a business transaction to purchase goods or services has been completed, and those goods or services have been received by the University.
All revenue and expense transactions must be recorded in a timely manner so the University’s financial records can be closed to allow for sufficient time for preparation of the financial statements and allow timely management reporting within the departments and for the University as a whole. Therefore, it is imperative that all departments follow the transaction and reporting deadlines.
Urgently needed items: purchasing procedures for year-end
Each year there is a period of time (about five business days) at the end of the year where requisitions, receipts, purchase orders, PO change orders, and vouchers may not be entered in the financial system.
To minimize disruptions and problems, please work with your departments to plan ahead as much as possible.
Everyone understands that purchasing activities cannot completely cease during this window. Please start planning now to ensure adequate supplies (including oxygen, dry ice, and food/bedding for animals), equipment, and services are ordered ahead of time.
If you need to make a purchase during the pause in recording procurement-related transactions in EFS, there are a number of options. If it is unclear what action to take, contact your local administrative support staff or the Financial Helpline at [email protected].
- Phone orders may be accepted by U Market Services for select items
Only items sold by the supplier "U Market Stock" or “U Market Controlled Stock” in U Market may be ordered by contacting 612-624-4878 or [email protected]. Departments must provide ChartField string information that is valid in the new fiscal year because these orders cannot be billed until the new fiscal year opens. - $0 to $2,500
Use the PCard up to the limits ($2,500 per order and $10,000 per month). All normal PCard rules and procedures apply. Capital equipment or professional services must NOT be paid for out-of-pocket, using the PCard, or Travel Card. - An emergency situation that requires a PO
There should be very few of these emergency orders. If a situation arises, email [email protected] and request assistance from Purchasing Services. - Existing Blanket Orders
Continue to order off existing blanket orders and enter the transactions after the new fiscal year opens. - Professional Services up to $2,999.99
Direct the supplier to perform the work and enter the transaction in the new fiscal year on or after July 1. Services must NOT be paid for out-of-pocket, using the PCard, or Travel Card. - For Professional Services $3,000 and greater
Email [email protected] and request assistance from Purchasing Services. Services must NOT be paid for out-of-pocket, using the PCard, or Travel Card.
If emergency situations arise where goods or services are needed and it is unclear what action to take, contact your campus or college Chief Financial Manager or the Financial Helpline at [email protected].
U Market year-end
The deadline for departments to pull U Market shopping carts over into EFS and turn them into requisitions for the fiscal year being closed will be the same as for any requisition. U Market will remain open, irrespective of whether shopping carts can be brought into EFS for final processing and dispatch to suppliers. After the deadline, shoppers will still be able to put items in carts and assign carts but no carts can be turned into EFS requisitions until July 1. Billing in the fiscal year being closed for U Market purchases ends with invoices received from the suppliers by the deadline for processing vouchers.
FinOps Calendar
Those units being served by the Finance Operations Center should use this calendar. The deadlines are slightly earlier, to allow for processing time by the FinOps team to meet the central deadlines. PEAK Phase 1 Units:
Hubert H Humphrey School of Public Affairs, Internal Audit, Law School, Office of the Board of Regents, Office of Human Resources, UM Crookston, UM Duluth, UM Morris, UM Rochester, SVPFO - Finance/Controller, SVPFO - Information Technology.
PEAK Phase 1, units working with FinOps Center, use these deadlines
Central FYE Calendar and Deadlines
All units not using the services of the Finance Operations Center should follow the calendar and deadlines below. Be aware that your college or administrative unit might set earlier local deadlines to ensure things are fully processed prior to the deadlines.