St. Petersburg College Fiscal Year End Guidelines – 2014 On behalf of the College, the Financial and Business Services office is required to prepare financial statements which properly reflect the expenditures for each fiscal year. These financial statements are prepared in accordance with generally accepted accounting principles and are audited by the Florida Auditor General’s Office. For accurate financial statement presentation, we must charge all materials and services received by June 30 to the current ending fiscal year. A College-wide Year End Closing Calendar is published each year with notice of the pertinent dates for the fiscal year-end closing. The Calendar is available for download and viewing on the Business Services Staff Central Accounting page and SharePoint. Please make note of the deadlines. The college is on the accrual basis of accounting, which means that we record income in the fiscal year it is earned and expenditures in the fiscal year the materials or services are received. Departments must submit for payment all invoices for materials and services that are received on or before June 30 as soon as possible after June 30 and prior to the closing date established in the College-wide Year End Closing Calendar. The following is a table showing how different situations are treated: Description Goods and/or services received by the college through and including June 30, 2014 Goods and/or services received by the college through June 30, 2014, but the invoice is dated July XX, 2014 Budget Year 2013-14  Paper Receivers must be sent to Site Receiving by July 1, 2014  Invoices must be sent or faxed to Accounts Payable by July 1, 2014  Send email to [email protected] to notify them of the differing dates Travel, foreign or domestic, through June 20, 2014  Send completed TRV’s, FRV’s and local mileage with all required receipts by June 23, 2014 to the Travel Desk Petty Cash expenditures for goods purchased through June 30, 2014  Reimbursements recorded as part of year-end cash counts Hourly payroll payments made in July for work in June  Will be expensed in June via journal entry How to Process 2013-2014 Business? Purchasing: How do I know if I still have money left on a 2013-14 purchase order? Run the “All PO’s by Cost Center (New)” Crystal report S_POC58O for each of your cost centers individually. Please be sure to use 07/01/13 as the “PO Accounting Date From” prompt and 06/30/14 as the “PO Accounting Date To” to ensure that you are getting information on all purchase orders issued during this fiscal year. Do not leave any of the prompt fields blank. If a purchase order has zero dollars remaining, it is effectively closed – you cannot use it, you cannot process a change order against it. An instructional video titled PO Encumbrance Report can be found by clicking here. Revised 03/24/14 1  Blanket purchase order payments? Blanket purchase orders are NOT eligible for rollover into the new fiscal year. Final orders against blanket purchase orders must be placed by May 5, 2014. Those orders must be received and invoiced by June 30. It is the department’s responsibility to notify the vendor that an invoice must be received in Accounts Payable no later than July 1 in order to be expensed in the correct budget year. Scan/Faxed invoices are acceptable (email: [email protected] or fax: 727-341-3117).  Rollover purchase orders? Rollover purchase orders take budget with them from the current to the new fiscal year, but only certain types of purchase orders are eligible for rollover. For instance, purchase orders for 201314 that contain the language “for the period of July 1, 2013 through June 30, 2014” are not eligible for rollover. Blanket purchase orders that were unused in 2013-14 are not eligible for rollover. Please work with Purchasing and with your Grants Accountant, where applicable, to “scrub” your purchase orders to determine which are eligible for rollover. Your list, approved by the Budget Supervisor, must be received no later than May 12, 2014. All purchase orders ineligible for rollover will be closed by June 30. PCard To ensure timely reconciliation, the last date to make fiscal year 2013-14 purchases is June 17, 2014. All purchases between June 17 through June 30, must be for emergencies only and approved by Purchasing. Accounting:  Grant or Restricted Funded business? Please remember to obtain your Grants Accountant’s signature before submitting requisitions and/or check requests to Purchasing or Accounts Payable. Since many Grant or Restricted Funded programs have differing rules and deadlines that may not be in sync with the College’s deadlines, please discuss with your Grant Accountant the deadlines that will impact you.  Petty Cash Expenditures? Keep petty cash expenditures for June separate from those for July. The deadline for submitting Petty Cash reimbursements from the 2014 budget is June 20, 2014. Petty Cash is to be counted and recorded on June 30. A request for replenishment should be done at the same time in order to keep June and July transactions separate. In mid-June, a reminder email will be sent to each Business Office Manager and/or custodian of cash containing a link to the Cash Count Form and instructions for preparation and timely submission.  Journal entry submission? With few exceptions (including grants and construction), Journal entries for transactions affecting the 2013-14 fiscal year should be submitted to Accounting as early as possible and no later than July 11, 2014. This will allow Accounting to meet established deadlines. Please do not combine entries for 2013-14 and 2014-15 on one form; you must submit separate forms and be sure the Budget Year column indicates the correct Budget Year (“14” represents 2013-14; “15” represents 2014-15). The 2014-15 journal entry form will be posted on the SPC website by May 20, 2014.  College checks that must be voided? Forward any college checks issued in the fiscal year ending June 30, 2014 which must be voided to Kara Rossewey in Accounting at the Epicenter Services building. Please do not hold these checks, but return them to Accounting as soon as possible. Be sure to note in the remittance portion of the check why it is to be voided and whether a replacement check is to be issued. Provide your name and a contact phone number so that you can be reached if necessary.  Travel? In-District Zone Travel (DZT) reimbursement requests through June 20, 2014, must be submitted to Accounts Payable no later than June 23, 2014. FY2014 DZT Travel expenses through June 20, will not be reimbursed if submitted after July 1 without an appropriate justification. Revised 03/24/14 2 Asset Management:  Tagging of Assets? All college-owned equipment, furnishings, and fixtures costing $1,000 or more must be tagged by June 23, 2014. If you have an untagged asset, please contact Matthias Bates (341-3234) or Darlene Fuller (712-5295) in Asset Management. Budget Supervisors must make every attempt to locate missing assets prior to June 30. On June 30, each Budget Supervisor is required to print a list of missing assets, sign and date the printout, and send to Matthias Bates, Asset Management, EpiCenter Services Building. Budgets If your remaining balance of budget is near zero and you will be processing additional 2013-14 expenses that were not previously encumbered, please contact Jim Nosewicz in the Budgets Office (341-3230) and make arrangements to provide an alternate funding source through a budget amendment for your journal entries or vouchers. The final day for submitting all budget amendments for FY 2013-14 is June 16, 2014. Any other questions? Contact any of the Business Services team members located on the Contact Information sheet provided at the end of the SPC 2014 Year-End Closing Calendar. Please remember that College Policies and Procedures are not suspended during year end activities, even though the volume of details is intensified due to processing two fiscal years during the same time frame. To ensure that your business is processed timely and accurately, be sure that all required signatures are in place, that you have attached required supporting documentation, and supplied accurate and upto-date information as to your vendor selection. HOW DO YOU HANDLE 2014-15 Business?  Blanket Purchase Orders for 2014-15 Submit your requisitions for blanket purchase orders for 2014-15 beginning April 21, 2014 and no later than May 23, 2014; your blanket purchase order description text should read “for the fiscal year July 1, 2014 through June 30, 2015.” You must enter the July 1, 2014 date for both the requisition date and the accounting date. Blanket purchase orders should be in the hands of your vendors by July 1, 2014.  Payments due after 7/1/14 Please have your check requests clearly marked “2014-15 budget” and submit them to Accounts Payable no later than June 23, 2014. The check requests will be processed and charged to your 2015 budget and a check will be mailed to the vendor on or after July 1, 2014. Handy Tips for Processing Purchase Requisitions, Check Requests Continuing contracts for copiers, printers Be sure to specify terms covered (i.e. “months 12-24 of a 36 month contract” and include the dates of service); also reference the 2013-14 purchase order to help ensure tracking of lease obligations. Vendor Quotations Be sure to include the name of the individual quoting, and the date; attach the quote if written, attach all renewal notices to the requisition. If more than one quote was obtained, please attach all. Blanket (BL) purchase orders State in the body of the requisition what you intend to purchase. Indicate on the requisition whether a BL2-way or a BL3-way match is required. (Single item over $1,000 cannot be purchased on a blanket PO) A BL2-way match does not require your authorization to pay – Accounts Payable will pay any invoices received up to the amount of the purchase order. A BL3-way match requires the input of a receiver, which is your authorization to pay and your acknowledgement of receipt. Memberships and Subscriptions Paid utilizing a check request with supporting documentation attached. Institutional Memberships must meet F.S. 119.01(3) requirements Your assistance in making this a smooth fiscal year-end and a new fiscal year beginning is greatly appreciated by all of Financial and Business Services. Revised 03/24/14 3