Brought to you by the Finance Division

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• Brought to you by the Finance Division

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Introduction

• Purpose
• Provide information to the university community
  about the year end closing and reporting process
  and deadlines
• Objective
• Facilitate an orderly, efficient and compliant
  year end closing process both at the departmental
  and institutional levels

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Presenters

• Office of Finance
• Wanda Mizutowicz
• Associate VP for Finance Controller
  
• Reda Bernoussi
• Assistant Controller
• Procurement Management
• Pete Bond
• Assistant VP for Procurement Management
• Paul Watson
• Purchasing HUB Program Mgr
• Gina Niemann
• Accounts Payable Manager
• Trudy Muller
• Travel Coordinator

Budget Office Kelly McKinney Manager of
Budget Operations Payroll Services David
Maldonado Director of
Payroll Services Audit Compliance Toni
Messer Director of Audit Compliance
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Agenda

• Overview of the year-end closing process
• Procurement Management deadlines and reminders
• Purchasing, Accounts Payable, Travel
• HRS August September deadlines
• Budget deadlines and reminders
• Year-end required accounting information
• Account Certification process
• Financial Statement Audits

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Overview of the Year-EndClosing Process

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Overview of Year End Procedures

• Steps necessary to properly close out the
  Universitys financial systems for the current
  fiscal year
• Timeline of critical tasks/processes required to
  ensure that all prerequisites are met before
  final ledgers and reports are generated
• Mechanism for gathering data used in the year end
  reporting processes (e.g., Receivables,
  Inventory, etc.)

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Fiscal Year Closing Process
Account Corrections Deadline August 29th

• Electronic Account
• Listings
• August 8th

Prelim Report Distribution Sept 5th
Trial Close FRS Down Sept 3rd- 4th
Post Trial Close Adjustments Deadline Sept 10th
Letters of Representation To the Office of
Finance by Sept 26th
Year-End Report Distribution Sept 15th
Final Close FRS Down Sept 11th 12th
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Year-end Report Distribution

• The preliminary close will begin Wednesday
  evening, September 3rd and end on Thursday,
  September 4th. The preliminary August reports
  will be distributed to you on Friday, September
  5th.
• The final year-end close will start on Thursday,
  September 11th and will end on Friday, September
  12th. The final reports will be delivered to you
  on Monday, September 15th.

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Deadlines for IDTs and Automated Journal Entries

• In order to accommodate this schedule and to
  ensure that transactions are processed in an
  orderly fashion, please make sure all IDTs for
  August business are in the Controllers office no
  later than Tuesday, September 2nd.
• Also, please note that the deadline for automated
  journal entries is Tuesday, September 2nd.

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Material Adjustments After Preliminary Close

• Once we start the preliminary close on Wednesday
  evening, September 3rd, only the Finance staff
  will be able to post transactions to fiscal year
  2008 files and all the other users will be
  automatically defaulted to fiscal year 2009.
• If you determine that material adjustments are
  needed to FY08 costs or revenues after the
  preliminary close, you will have until Wednesday,
  September 10th to contact the Finance Office
  (ext. 2602) to discuss the nature of these
  adjustments and the process to be followed.

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System Availability for End-Users
FRS BIS
August
September
09/3 9/4
09/11 09/12
FY08
Down
FY08
Down
FY09
Adjustments
Trial Close
Final Close
HRS
Down
Roll
Letters of Representation By Sept 26th
Prelim Report Distribution Sept 5th
Year-End Report Distribution Sept 15th
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Year-End Closing Preparation
August Deadlines
Accounting Information
Requisitions Purchasing card SOS, Purchase
vouchers Travel vouchers, Airfare Stapleslink,
PrintShop Payroll Forms BAFs IDTs, Auto
JEs Accruals Account Corrections
Petty Cash, Inventory Adjustments, GL
Reconciliations, Research Expenditures.
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Trivia
Trivia
Trivia

• How many buildings do we have at UTD?
• 70
• 65
• 83
• 92
• 43

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Trivia Answer
Trivia
Trivia Answer

• C. There are 83 buildings at UT Dallas

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Procurement Management Deadlines

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Purchasing Deadlines

• Purchasing contact Paul Watson
  (purchasing_at_utdallas.edu)
• Purchase requisitions 25,000 or greater (for
  FY08 activity)
• 5 PM Tuesday, August 5th
• Purchase requisitions less than 25,000 (for FY08
  activity)
• 5 PM Tuesday, August 12th
• Small Order System (SOS) for FY08 activity
• 5 PM Monday, August 18th (Copies should be sent
  to Accounts Payable by August 22nd.)

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Purchasing Card Program Deadlines

• Purchasing Card Program contact Administrator-
  Christy Baxter, purchasingcard_at_utdallas.edu
• Purchasing Card deadline for posting of purchases
  against FY08
• Friday, August 15th. A special Cardholder
  Activity Report will be generated and sent via
  interoffice mail to each cardholder on August
  19th to be reconciled, reviewed, signed and
  returned to Procurement by August 26th. You will
  have the opportunity to change the account number
  on items posted up through August 15th.
• Only emergency orders should be placed with the
  purchasing card from the 16th 31st. Postings by
  JPMorganChase to your Activity Report after
  August 16th through August 31st will be
  charged against your default account in FY08
  budget and cant be changed.

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Accounts Payable Deadlines

• Accounts Payable contact Gina Niemann
  (accountspayable_at_utdallas.edu)
• Purchase Vouchers
• 5 PM Friday, August 22nd
• SOS
• Orders should be placed by August 18th. Copies
  should be in A/P by August 22nd to ensure FY08
  Processing. We will pay any SOSs against FY08
  funds if we receive an invoice by August 29th.
  Outstanding SOSs will be encumbered.

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Travel Deadlines

• Travel Coordinator Trudy Muller
  (travel_at_utdallas.edu)
• Travel Vouchers (for actual reimbursement during
  FY08)
• 5 PM Friday, August 22nd. Vouchers received after
  this date will be accrued if greater than
  1,000.00.  Items less than 1000 will be
  encumbered if complete documents are submitted
  and funds are available.
• Airfare charges for travel booked before August
  11th will be charged to FY08 via the journal
  process.
• August airfare charges for travel between August
  11 31st   will be encumbered or accrued as long
  as the airfare is booked with CWT (our travel
  agency)

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StaplesLink.com Deadlines

• Contact Jerry Porter (receiving_at_utdallas.edu)
• StaplesLink orders
• Must be processed by 5 PM Friday, August 22nd .

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Print Shop Deadlines

• Print Shop contact Gary Haag (garyh_at_utdallas.edu)
  
• Large Print Jobs
• Friday, August 15th
• Small Print Jobs
• Wednesday, August 20th

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Accrual Procedures

• Sarbanes Oxley requires that we account for
  expenditures related to goods and services in the
  fiscal year they were actually received. If you
  are aware of an expenditure with a value of
  1,000 or more that has been received but not yet
  invoiced, please advise Accounts Payable so it
  can be accrued.

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Trivia
Trivia
Trivia

• When did Governor Preston Smith sign the bill
• that created UTD?
• January 23, 1957
• May 6, 1952
• July 4, 2008
• June 13, 1969
• December 20, 1973

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Trivia Answer
Trivia
Trivia Answer

• D. June 13, 1969

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HRS Calendars

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August 2008
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September 2008
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Trivia
Trivia
Trivia

• The total gifts for capital projects received by
  UTD
• in FY07 is
• 1 million
• 8 million
• 12 million
• 17 million
• 30 million

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Trivia Answer
Trivia
Trivia Answer

• D. 17 million

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Budget Deadlines Reminders

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BAF Deadline for FY2008

• Thursday
• August 21st
• 500 P.M.
• The Budget Office

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FINAL DAY TO PROCESS BAFs FOR FY2008

• Thursday, August 21, 2008 by 500 p.m.
  
• to the Budget Office
• All BAFs must be initiated and sent through the
  proper approval route through the Budget System
  (BIS) and to your budget analyst by this date.

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REMINDER!

• If you have received goods or
• services from university departments
• and have not been billed, be sure to
• make provision for these costs when
• preparing your year-end BAFs.

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MANAGE YOUR BUDGET!

• It is your responsibility to make
• sure funds are available in the correct
• sub code by the BAF Deadline which is
• Thursday, August 21, 2008 at 500 to
• the Budget Office.

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BE AWARE

• Be aware of all charges
• that are to be billed to your
• account through year-end
• and make appropriate provisions!

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ANTICIPATE

• Anticipate your Service Department charges from
  August 21st through August 31st so your account
  will not be negative at the end of the year!
• Telecommunications
• Copy Center
• Food Service
• Print Shop

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OTHER CHARGES

• Anticipate other charges that will be charged to
  your account from August 21st through August
  31st!
• Gas
• Postage
• Staples orders
• Purchasing Card
• IDTs

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FOLLOW-UP

• BAFs take several days to route through the
  system for required approvals
• Monitor the progress of BAFs
• Make follow-up phone calls or e-mail to expedite
  completion

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• THANK YOU
• AND
• HAPPY BAF-ING!

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REMINDERS FOR FY2009

• Collapsing of sub codes
• 4100 Travel
• 4200 MO
• 6900 Capital
• to 4000 Budget Other Expenses

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Making Your Budget Life Easier!

• In the Annual Budget Cycle, these sub codes are
  budgeted at the individual sub code level
• 4100 Travel
• 4200 MO
• 6900 Capital
• But when budgets roll into FINS they are
  collapsed into one sub code!
• 4000 Budget Other Expenses

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EXCEPTIONS

• TARP AND TATP ACCOUNTS (2230xx and 2232xx
  accounts)
• CONTRACT GRANT ACCOUNTS (6xxxxx)
• PLANT FUND ACCOUNTS (7xxxxx)

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ONE MORE REMINDER!

• If your account number has CHANGED for the new
  2009 Fiscal Year.
• Remember to change your default account to the
  new account number. For example
• Telecommunications
• Postage
• Staples Orders
• Purchasing Card

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Questions.

• If you have questions, please call your Budget
  Analyst or Mary Trimble in the Budget Office and
  we will be glad to assist you.

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Trivia
Trivia
Trivia

• How many students were enrolled at UTD for
• the Fall of 2007.
• 14,556
• 12,223
• 14,921
• 13,363
• 10,500

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Trivia Answer
Trivia
Trivia Answer

• A. 14,556 were enrolled at UTD for Fall 2007

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Year-End Required Accounting Information

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Year-End Accounting Information

• Petty Cash
• Balances are being verified
• Receipts should be submitted to Accounts
  Payable for reimbursement by 8/22/08
• Inventory Adjustments
• Physical inventory for Fiscal Year 2008 is due to
  Paul Dobson, Office of Finance, no later than
  August 15th.
• General Ledger Reconciliations
• Examples are deferred revenue, deferred expense,
  and accounts receivable
• Signed reconciliations are due by September
  9th.

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Petty Cash
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Petty Cash

• List all the Open Petty-Cash Accounts
• Resource(s) handling each account. Custodian
  Alternate Custodian
• Current Balance and Presence of up-to-date
  reconciliation
• Are due by September 3th.

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Revenue and Expenditures

• IDTs (interdepartmental transfers)
• Proper documentation
• Adequate description
• Training on IDT preparation http//finance.ut
  dallas.edu/systems/workshops.html.
• Cost overruns
• BAF (if appropriate)
• IDT to move expenditures to appropriate account
• Payroll re-allocations
• Recording Receivables and revenue
• Have you invoiced for goods or services and have
  not been paid?
• Have you provided goods or services and not
  invoiced?
• Is this revenue applicable to FY 08 or FY 09
  (deferred revenue)?
• Form will be sent to be completed and returned by
  September 9th .

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Receivables Revenue
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Account Certification Process

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Certification Process
UT System Chancellor
Letter of Representation UTD President
Letters of Representation Divisions
Letters of Representation Schools
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(No Transcript)
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Letter of Representation

• My area is responsible for reconciling the
  accounts listed in the attachment (please note
  any exceptions on the last page).
• We have reconciled all of our account statements
  for each of the 12 months ended August 31, 2008,
  with exceptions noted on the last page
• I understand that all funds must be utilized in
  accordance with any restrictions as to the source
  of funds (for example, student fee accounts
  utilized in accordance with the purpose of the
  fee, endowment accounts utilized in accordance
  with the wishes of the donor as defined in the
  endowment agreement, contract and grant accounts
  utilized in accordance with the terms of the
  grant, etc.).

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Letter of Representation

• All revenue and expenses were appropriate,
  allowable, and properly recorded (expenditures
  recorded in the fiscal year in which they were
  incurred and revenues recorded in the fiscal year
  in which they were earned) for each of the 12
  months ended August 31,2008, with exceptions
  noted on the last page.
• All reconciling items have been adjusted,
  adjustments are in process, or have been
  satisfactorily resolved for each of the 12 months
  ended August 31, 2008, with exceptions noted on
  the last page. (List any adjustments of 1,000 or
  more).
• As division head or dean, I reviewed and approved
  all reconciliations (based on the financial
  system monthly accounts statements), or delegated
  such review and approval, for the departmental
  accounts during the fiscal year ended, August 31,
  2008, with exceptions noted on the last page.

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Letter of Representation

• The departments in my area maintain segregation
  of financial duties no single employee has
  responsibility for 1) entering transactions, 2)
  approving transactions, 3) receiving cash, and 4)
  reconciling accounts with the exceptions noted on
  next page. (Note if there are any exceptions,
  please explain controls which mitigate or
  compensate for the absence of adequate separation
  of duties. Alternately, for areas where a
  limitation of the system of internal controls
  exists, note your proposed plan to address this
  limitation.)
• All significant deficiencies in the design or
  operation of internal controls over financial
  reporting which could adversely affect my
  departments' ability to record, process,
  summarize, and report financial data and any
  material weaknesses in internal controls that
  have been identified have been appropriately
  reported and addressed with exceptions noted on
  the last page.

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Letter of Representation

• To the best of my knowledge, there are no
  misstatements or omissions in the accounts for
  which I am responsible, as noted in the letter,
  with exceptions listed on the attached page.
• To the best of my knowledge, there has been no -
• Fraud, whether or not material, involving any
  employees who have significant roles in internal
  control, that has not been appropriately reported
  and addressed or
• Fraud involving others that could have a material
  effect on the financial statements other than
  those previously reported to the Financial
  Reporting Officer in writing (if any), with
  exceptions noted on the last page

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Account Certification Process
August
September
09/03-09/04
09/11 09/12
FY08
Trial
Final
FY09
Adjustments
Trial Close
Final Close
Letters of Representation By Sept 26th

• Electronic Account
• Listings
• August 8th

Account Corrections Deadline August 29th
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Trivia
Trivia

• What was UTDs annual operating expenditures
  in in in FY07?
• 156 million
• 244 million
• 253 million
• 189 million
• 328 million

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Trivia Answer
Trivia
Trivia Answer

• B. 244 million in 2007

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Audit Compliance

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Office of Audit and Compliance

• The Office of Audit and Compliance helps the
  University of Texas at Dallas accomplish its
  mission in learning, research, and public service
  by bringing a systematic, disciplined approach to
  evaluate and improve the effectiveness of
  operations, and by promoting and supporting a
  culture of compliance and control consciousness.
• Internal Audit performs assurance and
  consulting services over all operations at UTD
  formalized reporting to the President, UT System,
  and the Stateincluding the Board of Regents and
  Governor
• Compliance performs assurance and consulting
  services for compliance operations and
  facilitates compliance training for managers in
  high-risk compliance areas reporting to UTD
  management

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Audit Compliance
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Sneak Peek at FY 2009 Internal Audit Plan

• Required Audits
• Financial Statement Audit
• Presidents Travel and Entertainment
• JAMP
• Lena Callier Trust
• Change in Management Audits
• TAC 202 (IT Security)
• Cash Handling (UTS 166)
• Endowment Fees
• Student Fees
• Other Audits
• High-Risk areas as approved by the UTD Audit and
  Compliance Committee

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Sneak Peek at Compliance

• WebCT Compliance Training improvements!
• Departmental reviews
• Inspections over High-Risk Compliance Areas
• Enhancements to RAMPs

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Financial Statement Audit

• Objectives of the Financial Statement Audit
• Perform a risk-based audit of financial
  information of the Annual Financial Report.
  
• We will focus on the higher-risk areas, such as
  property, cash, revenues, expenses, information
  security, account reconciliations, and financial
  statement certifications.
  

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Hotline
http//www.utdallas.edu/audit-compliance/hotline_a
bout.htm Report instances of suspected
non-compliance outside the normal chain of
command in a manner that preserves
confidentiality and assures non-retaliation.
Employees should use the hotline when they are
not satisfied with their supervisors' response to
a compliance issue, or if they fear retaliation
by their supervisors. Under normal circumstances,
however, compliance issues should be addressed
through normal administrative channels. 1-888-228
-7707
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Trivia
Trivia

• How many hotline calls have we received this
  year?

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Trivia Answer
Trivia
Trivia Answer

• 16

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Helpful Websites

• Office of Finance
• http//finance.utdallas.edu/
• Procurement Management
• http//www.utdallas.edu/utdgeneral/business/procur
  e/
• Budget Office
• http//www.utdallas.edu/budget/
• Payroll
• http//www.utdallas.edu/hrm/payroll/
• Training Helpful Links
• http//finance.utdallas.edu/main/training.html

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Q A