Closing Memo

PDF version

 

WELLESLEY COLLEGE

 

To:       Academic Department Chairs, Administrative Department Managers and Others with Budget Responsibility

From:   Melissa Fletcher, AVP for Finance and Controller

         

Date:   June 6, 2014

Re:       Fiscal Year 2014 Audit and Closing Process

 

FISCAL YEAR END

 

The College will end its current fiscal year on June 30, 2014.  At that time, we will start the annual closing process that will lead to the preparation of the fiscal year 2014 financial statements. These statements, along with the internal control procedures that provide the sound business practices we adhere to on a regular basis, will be reviewed by our external auditors.  Faculty and staff are expected to maintain and support the internal control structures at Wellesley College.  

 

The auditors will be reviewing documentation to gain evidence that the College is following the internal control procedures that we have established.  In particular, the auditors will be looking to verify that:

 

  1. Invoices are appropriately approved by authorized signers
  2. Timesheets are properly approved by supervisors
  3. Expenses are recorded in the correct fiscal year 

 

The College depends on you to support the above internal control policies.  If the auditors find any evidence to support the lack of adherence with the above internal control procedures, they may be required to report the details of the internal control exception to the Audit Committee.  Therefore, it is extremely important that you help support these internal control policies, with special attention to the procedures highlighted in this memo surrounding the year end closing process for fiscal year 2014.

FISCAL YEAR 2014 CLOSING CALENDAR

Below is a calendar with key dates for closing out your department’s finances for fiscal year 2014, and staff members in the Controller’s Office are ready and willing to assist you.  If you have questions or issues that need to be addressed, please contact us as soon as possible.  We have pre-determined deadlines for delivering information to our external auditors, and therefore the dates below are firm deadlines.

Friday, June 13th

Fines or fees for the 2014 fiscal year need to be in the Student Financial Services Office in order to be billed in FY2014. 

Thursday, June 26th

Last day to order from Staples.  All remaining backorders and unshipped orders will be cancelled and will need to be re-ordered.

Thursday, June 26th

Charges that are posted to your ProCard by June 30th will be charged to FY2014 if the goods and/or services have been received by the College.  Please note that it normally takes 1-2 days for ProCard transactions to post on the bank’s system.  Please plan accordingly.

Monday, June 30th at noon

All cash receipts for departments and student accounts to be credited to FY2014 need to be into the Controller’s Office.  Payment or deposit can be made at the Cashier window.

Monday, June 30th at noon

Petty cash expense reimbursements must be submitted to the Cashier’s window in order to be charged to FY2014.

Please pick up any checks held at the Cashier’s window.

Tuesday, July 1st

Gift checks received directly by departments prior to June 30th postmarked June 30th or prior should be forwarded to Debbie Mulno in Resources for processing.  Please include envelope showing postmark.

Tuesday, July 15th

All interdepartmental charges, including the Post Office, Copy Center, Facilities, Distribution Center, Wellesley College Club and Printing Services, etc, must be received by the Controller’s Office today.

Friday, July 18th

The Controller’s Office will process invoices dated on or before June 30th for goods received and services rendered in FY2014.  All invoices and check requests for FY2014 must be forwarded to Accounts Payable for processing.  Any invoices or check requests received after this date will be charged to FY2015 unless AP adjustment request procedures are followed. Please refer to the Controller’s Office website for detailed information about this adjustment process at http://www.wellesley.edu/controller/accounting/gapolicies/yearendclose/adjustments

Friday, July 18th

Expense reports for travel on or prior to June 30th need to be forwarded to Accounts Payable for processing in FY2014.  If travel crosses fiscal years, the expense will be prorated using the number of days of travel in each year.  All outstanding travel advances will be charged to the FOAPAL on the Travel Advance form in FY2014.

Friday, July 18th

All journal entries must be received by the Controller’s Office today to process any FY2014 year-end adjustments or corrections. The transaction date on the journal entry form must be entered with a date on or before 6/30/2014 for the journal entry to be posted in the budget year FY2014.  To submit the journal entry, the authorized signer should send an email, with the journal entry attached, to the email address: Controllers-Journals<controllers-journals@wellesley.edu>

NOTE: Please see additional information regarding journal entries below.


 

Wednesday, July 23rd

This is the first preliminary FY2014 closing date.  On Wednesday, July 23rd, a notice will be put on Faculty/Staff Announcements and an email will be sent to individuals on the Controller’s Office email list. At this time, departments should run their preliminary year-end reports. Journal Entries after this date must be submitted by an authorized individual of the FOAPAL to be charged.  The transaction date on the journal entry form must be entered with a date on or before 6/30/2014 for the journal entry to be posted in the budget year FY2014.

Wednesday, July 30th

This is the deadline for FY2014 A/P adjustment requests.  Since, the Controller’s Office cannot process invoices or check requests in FY2014 received after July 18th even if they are dated on or before June 30th, requests for adjustments may be made for prepaid or accrued expenses.  Please refer to the Controller’s Office website for detailed information about this process at http://www.wellesley.edu/controller/accounting/gapolicies/yearendclose/adjustments

Wednesday, July 30th

Any final journal entries to adjust data based on the preliminary reports must be received by today.  Final journal entries must be sent by an authorized individual of the FOAPAL to be charged.  The transaction date on the journal entry form must be entered with a date on or before 6/30/2014 for the journal entry to be posted in the budget year FY2014.

NOTE: Please see additional information regarding journal entries below.

Wednesday, Aug 6th

This is the second preliminary FY2014 closing date.  We ask that you review your budget for accuracy at this time.  Please note:  The Controller’s Office reserves the right to make adjustments as necessary after this date.

Late August

Notice will be put on Faculty/Staff Announcements and sent to individuals on the Controller’s Office email list when the FY2014 books are closed.  At that time departments can run their final reports.

 

Things To Keep In Mind

  • The College does not accrue departmental operating budgets for items that were not received or services that were not provided by June 30th purely because they were budgeted for in this fiscal year.  Any unexpended department unrestricted operating budget funds cannot be carried forward to FY2015.
  • Charges posted to your ProCard by June 30th will be charged to FY2014 if the goods and/or services have been received.  Please note that it normally takes 1-2 days for ProCard transactions to post on the bank’s system.  If you have charges for goods and/or services that were received by June 30th but did not post in time, you must make an adjustment request by July 30th. Please refer to the Controller’s Office website for detailed information about this process at http://www.wellesley.edu/controller/accounting/gaforms
  • For audit purposes, to determine proper recording of ProCard purchases in the correct fiscal year, the Controller’s Office may request evidence of receipt of goods (i.e. packing slips).  If the evidence suggests that goods were received or services performed before June 30th, the invoice will be charged to FY2014.  Failure to supply such evidence may result in an adjustment of the expense into FY2015.
  • For all purchases, during the last few weeks of June, we suggest that you contact the vendor to confirm delivery on or before June 30th.
  • Since the Staples billing month ends after the 27th of each month, items purchased through Staples on or before 6/26/14 will be processed in FY2014.  After June 27th, all remaining backorders and unshipped orders with Staples will be cancelled and will need to be re-ordered against your FY2015 budget.
  • Please arrange with vendors for timely invoicing of goods or services on or before June 30th and promptly forward all vendor invoices to the Controller’s Office for processing.  If goods are not received or services performed by June 30th, the invoice will be charged to FY2015.
  • The Controller’s Office requests you utilize a naming convention for Journal Entries in the subject field of each entry that includes the fiscal year, the date sent and a unique description. This will ensure appropriate tracking of all Journal Entries. Please see the examples below:

To: Controllers-Journals@wellesley.edu

Subject: FY14 Controller Subject Example Entry 5/22/14

Or

To: Controllers-Journals@wellesley.edu

Subject: FY14 5/22/14 Controller Subject Example Entry #2

 

REPORTS AND ON-LINE QUERY INFORMATION

End-users have access to on-line Banner information regarding their budget and expenses.  Those with on-line access may look up budget vs. actual information at any time.  The Controller’s Office staff will post a message on July 23rd on Faculty/Staff to inform users of the preliminary year-end closing date.  When you see this message, you may print out departmental reports for June preliminary close FY2014.  Carefully review these reports and note any discrepancies or adjustments that need to be made.  Authorized Signers please send in correcting journal entries promptly through the Controller’s Journal, or contact the Controller’s Office for consultation.  Final adjustments must be received by July 30th.  Final reports will be accessible in late August.

Budget information for the new fiscal year FY2015 will be available for budget viewers toward the end of July via the on-line query forms. 

 

INVOICES AND ORDERING FOR FY2015 PRIOR TO JULY 1ST

If you need to order items for FY2015 prior to the start of the fiscal year on July 1st, please note “Budget Year FY15” on your requisition to the Purchasing Department.  If services are performed or an item is received by June 30th, then the invoice will be charged to FY2014 even though you were planning on charging it to FY2015.

 

ACADEMIC AND ADMINISTRATIVE DEPARTMENT BUDGETS

The Budget Office will review all departments to determine those areas that have overspent their FY2014 unrestricted budgets.  If an overbudget department has endowed funds or restricted gifts, and the restrictions on either the endowment funds or gifts do not prohibit it, these restricted funds will be appropriated to offset the overexpenditures.  For those departments that have neither endowment funds nor gifts, FY2015 non-personnel budgets may be reduced as a result of the FY2014 over expenditure.

 

MILEAGE RATE REIMBURSEMENT FOR FY2015

The mileage allowance for the use of personal automobiles on College business will decrease to $.560 per mile effective July 1, 2014 in accordance with College policy to implement current IRS standard mileage rates at the beginning of our fiscal year.

 

CONTACT LIST FOR QUESTIONS

Name

Title

Extension

Email

Responsibility

Melissa Fletcher

AVP for Finance and Controller

2247

mfletche@wellesley.edu

 

General questions

Nicole Bolduc

Senior Accountant

2461

nbolduc@wellesley.edu

General questions

LynnAnn Falvey

Accounting Specialist

2488

lfalvey@wellesley.edu

Journal Entries

Invoices

Check requests

Expense reports

 

Lisa Kaufman

Sr. Cashiering/ Payroll Specialist

2265

lkaufman@wellesley.edu

Deposits

Dotti Koulalis

Accounts Payable Manager

2469

dkoulali@wellesley.edu

Invoices

Check requests

Expense reports

James Sullivan

Associate Controller

2250

jsulliva@wellesley.edu

General questions

Grant questions

Tina Dolan

Purchasing Manager

3501

cdolan@wellesley.edu

 

Purchasing questions

Jackie Cheng

Purchasing Assistant

2471

jcheng2@wellesley.edu

 

Purchasing questions

Stephanie Tong

Senior Budget Analyst

3621

stong@wellesley.edu

 

Budget questions

               

 

 

What's New?

FY14 Financial Statements - to be updated soon with official Annual Report

FY14 Closing Memo

FY13 A-133

990

 

 

Contact Us

Controller
 

Mailing address:
Wellesley College
Controller's Office
106 Central St., GRH139
Wellesley, MA 02481-8203

Main Telephone:
781.283.2468

 

Main Office Fax:
781.283.3710

Payroll Fax:
781.283.3713

AVP for Finance, Controller and Assistant Treasurer
781.283.2247
 
Senior Accountant
781.283.2461
 
Accounting Specialist
781.283.2488
 
Sr. Cashiering/Payroll Specialist
781.283.2265
 
Accounts Payable Manager
781.283.2469
 
Associate Controller
781. 283.2250