Fiscal Year End

Fiscal Year End

Introduction to FYE

As the University prepares for the conclusion of the academic year, we must also prepare for the close of our fiscal year, which ends on the 30th of June.
 
Fiscal Year-End is a busy time, not only for the Division of Finance, but for all requisitioners and budget coordinators & approvers on campus. In order to meet accounting and reporting standards in accordance with University policies and procedures a collaborative effort is needed.  We thank you in advance for your support and assistance throughout this hectic time.
 
Expenditures need to be properly recorded and charged in the appropriate fiscal year. It is also necessary to ensure the accuracy of any outstanding financial obligations for the year, so that these commitments can be properly reported and carried forward. If there are missing or incorrect transactions that you are unable to resolve directly, please communicate your concern to either Accounting Services, or to Grants Contract Accounting, if a grant fund, for corrective action.
 
Please download our shared calendar which has key dates preloaded as scheduled events. You can also opt for view access only here.
 
Please also find a printable version of our Annual Memo and Annual Presentation.

Fiscal 2023 Year End Budget Requirements

Department Heads should review their unit's salary and non-salary accounts to ensure that all budgets are not in an actual or projected deficit. This is required for all FOAPALs (operating, carryforward/special programs, grant or capital project FOAPALs).  Actual and/or projected deficits within your unit/org must be covered through budget transfers.  Please cover deficits for all salary accounts (other than full time salary) through a budget transfer form no later than July 11, 2023.

Schedule

June 15, 2023: Special Assignment Payments & Student Special Project Contracts

All full time Special Assignment Payments and Student Special Project Contracts (formally known as Salary Vouchers)  need to be submitted by June 15th in order to be paid within FY23. 

Any FT or student labor redistribution for FY23 (for BW Pay#14) must be processed no later than July 14th.
June 15, 2023: New Vendor & Vendor Reactivation Requests
Last day to enter new vendor or vendor reactivation requests for FY23 purchase order requests.
June 22, 2023: Requisitions & Change Order Requests

Last day to process requisitions or change orders * for FY23 goods and services. Please place your requisition (for active vendors only) with appropriate documentation and required approvals to allow conversion to po. Goods and/or services physically received by the close of the fiscal period will be charged to the FY23 budget. See note two below for exceptions.

*Change Order requests to reduce po amounts or adjust for payment of items received before June 30, 2023 will be processed.

June 23, 2023: Amazon
Last day to place orders through Amazon. See note two below for exceptions.
June 23, 2023: ODP (Office Depot) Orders
Last day to place orders through ODP.
June 23, 2023: Systematic Batch PO Closing
Begin systematic batch closing of pos with remaining balances of $10.00 and under. Process to continue throughout Finance year-end close (mid-July) procedures.
June 23, 2023: BoA P-Card Purchases
Last day for using a Bank of America Purchasing Card (PCard). Card usage will be suspended from this date through July 1, 2023.
June 29, 2023: Departmental Deposits
All departmental deposits must be received on this day by the Office of the Bursar for posting by 4:30 pm.
June 30, 2023: Open POs
Any open po at the close of FY23, June 30, 2023, will be charged against FY24 budget if the item has not been physically received.
June 30, 2023: Receiving
Goods to be charged against FY23 budget must be physically and electronically received in Banner by the close of business.
June 30, 2023: BoA P-Card Allocation
All BoA Purchasing Card (PCard) June activity should be allocated in the BoA Works system by the end of the day.
July 07, 2023: Non-PO Payment Request
Last day to post  Non-PO payment requests with a transaction date of June 30, 2023 for FY23 goods and services received on or before June 30, 2023.
July 07, 2023: AP Doc Cutoff
Cutoff date for processing Accounts Payable documents to be recorded in FY23. Such documents include Non-PO payment requests, travel, and invoices against purchase orders.
July 07, 2023: Journal Entry / DCA
Last day to submit journal entry requests/feeds and fully authorized DCAs.
July 11, 2023: Budget Transfer Form
Last day to submit a Budget Transfer Form for salary accounts.
July 18, 2023: Labor Redistribution Requests
Last day to submit requests for labor redistribution corrections and adjustments (reallocation of salary and fringe) for full time and students (BW & BS Pay #14).

Important Notes & Reminders

  1. Entering a requisition in Banner by the cutoff date (6/22/23) does not guarantee that the expense will be processed and paid within the current fiscal year (FY23).  Due to ongoing supply chain disruptions, orders may not be processed and fulfilled during the current fiscal year (FY23).  Continue to anticipate shipping delays, out of stock items, and back orders.  Please plan accordingly and do not wait until the cutoff date (6/22/23) to submit a requisition.
  2. Cutoff date exceptions for requisitions:
    • External Grants (funds beginning with 5 or 6)
    • Capital Projects (funds beginning with 7)
    • Internally funded research under select:
      • CHRI Grants (funds beginning with 168xx)
      • Startup Funds (11099)
      • Amazon activity from June 23rd to June 30th may be processed via requisition.  All other cutoff dates (DCAs, ODP, etc.) apply to the funds noted above
  3. All invoices should be forwarded to the Accounts Payable department or sent to invoices@rowan.edu. 
  4. FY23 Operational Budget surplus will not carry forward into FY24. 
  5. FY24 Non-operating funds budgets (special programs, etc.) will not be set up in Banner until Finance completes year end system roll procedures, tentatively set for mid-July 2023.
  6. POs open at the completion of FY23 will carry forward to FY24 and will be charged to the fiscal FY24 budget. 
    • Finance will begin systematically batch closing POs with remaining balances of $10.00 and under beginning June 23, 2023.  Note: the $10.00 threshold is subject to change based on Finance Management review.
    • Once closed via batch process, POs cannot be re-opened or a change order processed.
    • Ensure adequate balance for any remaining expenses are on the PO prior to this cutoff date.
  7. Journal entry feeds include: telephone, stationary utility allocations, postage, custodial back-charges, labor & material back-charges, duplicating, catering, copier, fuel charges, atrium card, and BoA P-Card correction activity.

Contact Information

If there are any additional questions or concerns regarding the year end closing process, please contact:

Accounting Issues:

Kyle Beach

beach46@rowan.edu ext.53714

Accounts Payable Issues:

Joselyn Peoples

peoplesj@rowan.edu ext.64335

Budget Issues:

Eric Williams

williamsej@rowan.edu ext.64337

Bursar Issues:

Adrienne Graber

grabera@rowan.edu ext. 65162

Procurement Issues:

Chris Haley

haley@rowan.edu  ext.64149

Grant Issues:

Rita Piccioni

piccioni@rowan.edu  ext.65492