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
- 131 Supplies & Expenses and Student Hourly
- 136 funds
- 233 funds (How to clear overdrafts)
- 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
- FY24 Cost Transfer Deadlines:
- 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