Loyola’s fiscal year-end of June 30, 2011 is rapidly approaching!  In order to close out your FY 2011 budget, all FY 2011 Check Requisitions and/or Expense Reimbursement requests must be received by Sponsored Program Accounting no later than Monday, June 27, 2011 and to Accounts Payable no later than Thursday, June 30^, 2011.

Payment requests received after this date will be paid against the FY 2012 budget.

Expenses that were incurred prior to June 30^th but are not received by Accounts Payable by June 30th due to timing issues can be accrued and charged to your FY 2011 budget if the expenses are supported with documentation from an external party.  In order to accrue an expense, the goods must have been received or the services rendered prior to June 30^th.  Requests to accrue expenses must be received by Accounts Payable no later than Tuesday, July 5, 2011.  Please verify that an appropriate and valid accounting unit-account code is on any payment or expense accrual that you submit.  

Invoices received by departments for items ordered using a purchase order should be sent immediately to Accounts Payable for payment processing.  Purchase orders that have not been paid, but which have a receipt processed against the order in the Lawson system (“received, not invoiced”) by June 30^th will be accrued as expense in FY 2011.  To ensure an accurate accrual of expenses in FY 2011, please make sure that all items that have been physically received are also recorded as “received” in the purchasing system. In addition, all Procurement Card transactions should be made no later than Thursday, June 30, 2011 to ensure proper recognition in FY 2011.

Any General Accounting payroll adjustments (corrections between accounting units for salary line items) must be received by General Accounting (send to bsmigie@luc.edu) by Friday, June 17, 2011.  Requests received after that date will be processed for FY 2012.   Any requests to accrue for summer faculty supplemental salaries must be submitted to Faculty Administration by Friday, July 1, 2011.  

Any Personnel Action Forms (PAF’s) or Employee Information Forms (EIF’s) that include corrections to grant accounting units for salary line items must be received by Sponsored Program Accounting at GRNTCON@luc.edu by Monday, June 13, 2011.  Requests received after that date will be processed for FY 2012.

If you have questions regarding these procedures, please feel free to contact Brian Slavinskas at bslavin@luc.edu, Andrea Sabitsana at asabits@luc.edu or Christina Gazos at cgennace@luc.edu.

Revenue received prior to June 30^th for programs being held in FY 2012 will be deferred to the new fiscal year.  To ensure the proper accounting for the deferral of revenue, please contact Andrea Sabitsana at asabits@luc.edu or Joanna Nabozna-Wasilewska at jnabozn@luc.edu by Tuesday, July 5, 2011.

The entire Financial Services team appreciates your efforts and we look forward to a successful and efficient year-end close!