Administrative News and Announcements

End of Fiscal Year 2024 Reminders

Posted: 2024-05-13 10:47:28   Expiration: 2024-06-30 10:47:28

Reminders from the L&S Budget Office

  • 5B Payroll Audit for Fixed-Dollar Funding Employees
    • The Budget Team will conduct an audit after the 5B payroll is posted to verify fixed-dollar funding amounts, related to the Spring 2024 salary exercise.
    • If any corrections are needed, the Budget Team will communicate in early June.
  • Fund Balances
    • All funds should be in the black or as close as possible by year-end. Moving forward, this is our guidance at the end of each quarter.
    • Funds to review
  • Cost Transfers
    • FY24 Cost Transfer Deadlines:
      • Salary Cost Transfers: 6/18/2024
      • Non-Salary Cost Transfers: 7/8/2024
    • Expenses that have posted to fund-101 need to be transferred by the dates above. Transferring prior year expenses off fund-101 is not allowable.
    • Reminder for PA Tuition Remission costs: Specific units have an arrangement to subsidize the tuition remission expenses for PAs. This is the time to move those expenses to a department funding source.
    • Related KB: Cost transfers in L&S
  • Unauthorized fund-101 expenses will be settled during year-end reconciliation via the Tally Sheet.
  • 131 Programs, taxes, cost accounting & profit/deficit transfers are happening at the end of June.
  • Information is forthcoming regarding 150 One-time Tally Sheet projects.

See also: End of Year deadlines from Accounting Services

-- L&S KB: Amanda Mahr