Year End Closing

Background

For the purpose of administering a grant, the closing of the Fiscal Year has no implications.

However, as an incorporated non-profit organization and grant recipient, The University Corporation is required to generate proper financial statements at the end of each fiscal year.

This requires that all expenses incurred in a fiscal year must be allocated to the proper fiscal year.

Costs incurred in the previous fiscal year, but booked in the new fiscal year can result in a misstatement of our financial statements and subsequently in audit findings. It is therefore of utmost importance that all PIs and Research Administrators review their expenditures according to the criteria listed below.

Tasks & Deadlines for Principal Investigators & Research Administrators

In preparation for the closing of Fiscal-Year 2006/2007 (July 1, 2006 to June 30, 2007) Principal Investigators and Research Administrators need to perform the following tasks:

1. Submit all PURCHASE ORDERS no later than FRIDAY, JUNE 29, 2007 in order to be encumbered in June 2007.
2. For FACULTY PAYMENT REQUESTS that pertain to June 2007 or prior:
   1. If the faculty member has not been paid by TUC in 2007, please submit a Faculty Sign-In Sheet, a W-4 form and Faculty Payment Request
   2. If the faculty member was paid by TUC previously in 2007, only a Faculty Payment Request form for payments due through June 30, 2007 is required.
   3. All Faculty Payment Requests must arrive at The University Corporation no later than Friday JUNE 29, 2007 at 5 PM.
3. Review, approve and submit all TIMESHEETS and SALARY PAYMENT AUTHORIZATIONS to The University Corporation no later than MONDAY, JULY 02, 2007 at 10 am.
4. Review, approve and submit all CHECK REQUESTS incurred in Fiscal-Year 2006 to The University Corporation no later than Tuesday, JULY 10, 2007 AT 5 PM.
5. Report all individual EXPENSES OVER $10,000 that were INCURRED in FISCAL YEAR 2006/2007 but not yet booked as actual expenditures by JULY 17. Please report each expense in a separate memo, allocating it to an account, fund, department and project ID, providing a description of the expense and the time the expenses were incurred.

Please ensure that you meet the above deadline. Expenditures incurred in Fiscal-Year 2006/2007 and not reported to TUC by this date will not be included and therefore misstate our financial statements.

Should you have any questions, please contact Georg Jahn at extension 2698, or e-mail him at gjahn@csun.edu.