Mon, 07/08/2024 - 12:00am to 11:45pm
The deadline for deans, college business officers, directors, or their designees to submit requests to authorize closing operating accounts in deficit is July 8, 2024. Send requests to Financial Operations. Operating accounts (fund groups GN, RG, RV, and sub-fund PLGIFT) may not close the fiscal year in deficit without prior approval.
Even if you were approved to carry a deficit on an account in a previous year, you still must request approval each fiscal year for each account.
You can see your “Year End Accounts in Deficit” dashboard in OAS. From the OAS Account Dashboards menu, go to Financials > University Fiscal Year End > Standard Reports > Year End Accounts in Deficit.
Operating accounts that are in deficit and scheduled to revert appear in the report until after the account reversion process is complete. The final account in the account reversion process must have sufficient funds at year-end.
Sponsored accounts (fund group = CG - Contract & Grants) are subject to a separate review procedure as articulated by Sponsored Financial Services.
Questions? Contact Financial Operations.
Questions about restricted gift accounts (fund group RG)? Contact Restricted Gifts Accounting.
More information about year-end:
