Fiscal Year End Process
2012 Fiscal Year-End Processing
Saint Louis University is required to comply with the financial reporting requirements promulgated by the Financial Accounting Standards Board (FASB). Consequently, we must ensure that transactions are recorded in the appropriate fiscal year. Revenues and expenses must be matched with the fiscal year to which they pertain.
Revenues must be recorded in the fiscal year during which services are provided, regardless of when the associated cash/check is received by the University. For example, registration fees received on July 6th for a seminar held on June 21st will be credited to the prior fiscal year. The Deposit of Funds form or Web Deposit must therefore indicate the period during which services are provided. Gifts are credited to the fiscal year in which they are received. As a reminder, any department receiving a gift on behalf of the University must complete a Gift Information Report immediately upon receipt and submit the gift with the completed form to University Advancement.
Expenses must be recorded in the fiscal year in which the goods or services are received, regardless of the date of the actual payment or issuance of purchase order. For example, the payment of a vendor invoice for materials received on July 7th will be charged to the new fiscal year, even though the purchase order was issued prior to June 30th. Therefore, the correct receiving date must be noted on the departmental copy of the purchase order. eSeePay Direct Payment Vouchers must indicate dates of service to ensure that the proper fiscal year is charged.
Encumbrances as of June 30, 2012, representing outstanding purchase orders for goods or services not received as of that date, will be encumbered against the new 2012-2013 fiscal year budgets. As a general rule, purchase requisitions should not be issued against the old year's budget if you cannot reasonably expect delivery of the goods or services on or before June 30, 2012.
These policy statements identify the transaction processing procedures for fiscal year-end. These policy statements cover all funds, including grants and contracts.