Year End Policies and Procedures

Fiscal Year End Reminders

As we approach the University's fiscal year end, May 31st, the following are some reminders that may be applicable to you and your departments. These reminders pertain to all operating, restricted, endowment, and grant accounts.

Capital Equipment

  1. Capital equipment purchases should be made by Friday, April 15th.
  2. All computer hardware and software purchases through Computing Services are subject to this date.
  3. 3. Capital equipment records must be accurate and up to date for year-end audit work. If you have removed capital equipment from service please complete the Property Control Form located on the Financial Services website: https://bradley.edu/offices/business/financial-services/forms/ and return it to the Financial Services by Friday, May 6th.
  4. Please keep in mind that the delivery date determines when items are actually charged to your account. Orders must be received on campus by May 31st and invoiced by June 6th to be reflected on the books for the fiscal year ending May 31. Please be cognizant that large expenditures may be pro-rated between fiscal years depending upon the nature of the expense. i.e: maintenance contracts, service agreements, etc.

Supply Purchases

Supply purchases should be made prior to Friday, May 6th. This includes supplies purchased through Staples and Office Depot/Office Max and the use of the procurement card for any purchases. The designated individuals in your respective areas have access to reports which should be monitored closely.

Travel and Pre-paid Expenses

Any expense that has an effective date after May 31, 2022 will be recorded in FY23.

Travel that occurs June 1 or after which has been paid prior to or on May 31st will be treated as a pre-paid expense for FY22 and booked as an expense in FY23.

For example: Airline tickets paid in April for actual travel that is to occur in June will be posted to the respective account in June.

Deposits and Petty Cash Funds

  1. Checks received by departments for donations, expense reimbursements, etc. should be processed and deposited daily. Please do not hold checks and deposits in the department. This is extremely important for donor receipts, etc. that checks are processed immediately.
  2. Cash, checks, and credit card charges should be deposited at the Cashiers' windows by 4:00 p.m. on Tuesday, June 7th. Checks dated May 31st or earlier must be posted for fiscal year ending May 31, 2022. For the time period of June 1st through June 5th, please separate your check deposits into those checks dated May 31st or earlier and those dated after May 31st. All cash and credit card charges received during this time period are to be included with the post May 31st check deposit.
  3. FFor CyberSource processors, May reports and transactions, including May 31st, are to be deposited at the Cashiers' windows by Tuesday, June 7th.
  4. Petty Cash funds should be processed prior to May 31st.

Reports

  1. Please carefully review March and subsequent monthly reports for accuracy and completeness. If an account does not have the necessary funds, please indicate an account that has the necessary funds for processing the transaction. If expenses need to be transferred to another account, please provide any transfer requests promptly.
  2. Individuals responsible for departmental account budgets, grants, etc., please review the budget/accounting reports as quickly as possible:
    1. Departmental reports which show expenses above 83% of Budget used on the March budget printouts should be reviewed and any problems resolved by April 22nd. Note as of April 1, five student payrolls remain for the fiscal year.
    2. Investigate all outstanding purchase orders (especially blankets orders). All encumbrances should be cleared by year-end.
  3. Please review and monitor your accounts and anticipate expenses accordingly.

If you have any questions regarding fiscal year end processes or procedures, please contact one of Centers of Expertise located within Financial Services. Contact information for the specific Centers or Expertize can be found at https://bradley.edu/offices/business/financial-services/email-contacts/.

Please refer to the Financial Services website at https://bradley.edu/offices/business/financial-services/ for additional details or information.

 

Thank you
Financial Services
controller@bradley.edu