The June 2004 Financial Management System (FMS) reports for the second fiscal year end report run EXCEPT the M100 are now available to you at: http://epprod.cats.ohiou.edu:8900/OA_HTML/US/ICXINDEX.htm.

All M100 reports should be complete and posted to the web by the end of the day tomorrow.  In the meantime, please use the OU Funds Available View to access the information that will be in your reports.  Remember this view is real time so the amounts may differ from your reports by any activity that has posted since July 19.  If you have any questions using this view, please contact Frontline at 7-8000 or frontline@ohio.edu.

Be sure to read BU$INE$$ MATTER$ below for important information related to your reports, fiscal year end reminders, and other Finance Division services.

If you have further questions or comments, please contact:
Diane Lucas at 7-1380 or lucasd1@ohio.edu OR
Tanya Bibler at 7-1417 or biblert@ohio.edu

BU$INE$$ MATTER$

• M100: The June 2^nd report run M100 should be complete by the end of the day on Tuesday, July 27, 2004.  Please remember that the OU Funds Available View gives you the same information that is in your M110, M100, and M900 reports for general operating and auxiliary accounts.  Also, this view is real time so the amounts may differ from your reports by any activity that has posted since July 19.  If you have questions or problems using this view, please contact Frontline at 7-8000 or frontline@ohio.edu.
  
  
• P-CARD: P-card transactions posted through July 2, 2004 are in your 2^nd June reports.
  
  
• GRANTS AND CONTRACTS: An accounting error was made for Grants and Contracts in second close reports.  Prepaid expenditures were posted backwards as an additional charge on the accounts.This is being corrected during 3^rd close and will be reflected in the final June report distribution. We apologize for any inconvenience this may cause.
  
  
• RESEARCH INCENTIVE ACCOUNTS: In late May, the Office of Research brought to our attention that the indirect cost distribution to Research Incentive accounts in December was incorrect.  This resulted from a manual journal that was posted to change an accounting process.  Basically, this journal increased the November period activity by the indirect costs that had posted in July, August, and September inflating the amount to be distributed.  Unfortunately, to correct the distribution, most Research Incentive accounts had a budget reduction posted to their accounts during second close.  We now have a process in place to check the reasonableness of the indirect cost distribution amount before the transaction is posted to prevent this from happening in the future.  We apologize for any inconvenience this may cause.  If you have any questions, please feel free to contact Tanya Bibler via email at biblert@ohio.edu. 
  
  
• MEETING: Campus Financial Meetings have been scheduled as follows: 

      Wednesday, July 28, 2004 from 2:30 - 4 p.m.

      Wednesday, August 25, 2004 from 2:30 - 4 p.m.

      Wednesday, September 29, 2004 from 3 - 4:30 p.m.

      Wednesday, October 27, 2004 from  3 - 4:30 p.m. 

  All meetings will be held in the Human Resources and Training Center room 141/145.  If you cannot make it to the meeting, please visit the web site at: http://www.finance.ohiou.edu/campusfmtg/ for access to information discussed at the meeting.  This information is usually posted by the end of the day on the Friday following the meeting.

  
  

• FISCAL YEAR END CLOSING WEB PAGE: The following web page has been created to house all fiscal year end news: http://www.finance.ohiou.edu/gafr/closing.html . It contains the Fiscal Year End Closing Schedule, P-Card Reminders, Standard Operating Procedures, and the Calendar of Important Business Processes/Events.  Please be sure to check this page frequently as we progress through the fiscal year-end timeline.

  
  

• June 3^rd CLOSE: The final close for fiscal year 2004 is scheduled for the end of the day on Friday, July 30.  This final closing of the fiscal year is used to process transactions for financial reporting purposes.  Only transactions affecting departments that are deemed material by the Controller or necessary by the Financial Reporting office will be processed.  The third close reports will be distributed to departments but should not be significantly different from 2^nd close reports in most cases.  If anyone has any questions or needs any clarification relative to our 3^rd close, please contact Tanya Bibler via email at biblert@ohio.edu.

  
  

• STANDARD OPERATING PROCEDURES (SOPs):

  1) Not sure which fiscal year your transaction will post to if it crosses fiscal years?  An SOP for Year End Cutoffs for Goods, Services, Travel, Memberships and Site Licenses is now available on the web at: http://www.finance.ohiou.edu/accounting/yecutoff.htm . In the near future, it will be a topic in the Accounting Manual titled “Year End Cutoffs.”

  2) Are you confused about when to use an Internal Billing Authorization form or a Budget Transfer form?  We now have an SOP that will provide you guidance.  It will be provided to Budget Unit Managers immediately via email.  In the near future, it will be a topic in the Accounting Manual titled “Billing Authorization (Internal) vs Budget Transfer.”

  3) Do you wonder how to get your capital improvement dollars to Facilities Management?  An SOP that provides guidance regarding transactions to move dollars to Facilities Management Capital Improvement Accounts has been created.  It will be provided to Budget Unit Managers immediately via email.  In the near future, it will be a topic in the Accounting Manual titled “Capital Improvement Accounts.”

  4) Unsure as to how to process requests for leases and maintenance agreements?  Guidelines have been established and are now available on the web at: http://www.finance.ohiou.edu/accounting/leaseguide.htm.. In the near future, it will be a topic in the Accounting Manual titled “Lease and Maintenance Agreements.”

  5) Please remember that the Statement of Position on Revenue Recognition applies to all departments.  This statement can be found in the Accounting Manual on the Division of Finance web site.  Please go to: http://www.finance.ohiou.edu/accounting/index.htm and click on “Revenue Recognition” to review this SOP. 

  If you have any questions regarding any of these SOPs, please email Ruth McCall-King at mccall@ohio.edu.

  
  

• EQUIPMENT INVENTORY AUDITS: The Equipment Inventory Office will be performing Equipment Inventory Audits over the summer.  Students will be going out to various departments on campus and physically verifying the existence and location of equipment.  Those departments that have not yet turned in their annual report from last year or that did not make corrections to their annual report may be first on the list.  The selected departments will be contacted over the summer and asked to work with us to help ensure an accurate audit.  If you have questions related to the audit process or about equipment inventory in general, please contact Michelle Schall at 3-1904 or via email at Schall@ohio.edu.    

  
  
• PAYROLL CHECKS: Departments should distribute payroll checks for any individuals not on direct deposit as quickly as possible upon their receipt from the Payroll Office each payday.  Checks should be properly safeguarded until their distribution and should be returned to the Payroll Office if not distributed within one week of receipt if the department does not feel it can reasonably make contact with the employee.  The check should be accompanied by an explanation of why it has not been distributed.  Payroll strongly encourages direct deposit and would appreciate departments also encouraging any employees receiving paychecks to choose direct deposit.  Pay distributed via direct deposit is more cost effective for the institution and places payment in the “hands” of the employee faster.  For information about getting set up on direct deposit, please contact Robin Zeisler at 3-1857.  It is important to note that Payroll can direct deposit an employee’s pay to almost any bank in the United States.
  
  
• GIFT BUYING GUIDELINES: The Division of Finance often receives questions regarding the purchase of gifts, decorations, and other related items.  Can the item(s) be purchased with University funds?  If so, are there any restrictions?  Guidelines are now being provided at: http://www.finance.ohiou.edu/pcard/giftbuyguide.htm.  The site links from the Purchasing home page and the “What’s New” link on the Purchasing Card home page.  Contact Mary Patacca, Procurement Services, at 3-1965 or patacca@ohio.edu if you have any questions about these guidelines. 
  
  

• WAIVER FROM COMPETITIVE BIDDING GUIDELINES: The Purchasing & Contracting Office often receives questions about the procedure for requesting a waiver from the competitive bidding requirement.  Frequently Asked Questions – and Answers on this topic can be viewed by going to the Purchasing home page at: http://www.finance.ohiou.edu/purch/ and clicking on the “Waiver Guidelines” link.  Please refer any questions about this process to Mary Patacca, Procurement Services, at 3-1965 or patacca@ohio.edu.   

  
  

• TRAVEL EXPENSE REPORT: Be sure that you use the latest version of the travel expense report to request your travel reimbursement.  The mileage rate changed to $.375 effective January 1, 2004.  In order for your reimbursement to be calculated correctly, the most current version of the form must be used.  This form can be found on the Division of Finance web page at: http://www.finance.ohiou.edu/components/ter04.xls.  If you have any questions regarding the completion of this form or any other travel question, please contact Cindy Strickland, Accounts Payable, at 3-1874 or strickla@ohio.edu.  

  
  

• ISSUES: Please be sure to communicate with one of the two contacts above about any issues you may have regarding JUNE reports ONLY.  We are working very hard to resolve any outstanding issues and need to focus on the latest version of the reports to do so.