05/16/2022
By Brent Morgan
As we prepare for the end of the fiscal year, we need your assistance to ensure an orderly financial closing process. This memorandum provides important information and cut‐off dates to be followed. We ask all administrators to review the information below as some information has changed.
Please review existing purchase orders, contracts and other planned spending and work with Financial Services and UPST to eliminate all non‐essential commitments and encumbrances.
Also note effective July 1, UPST will be implementing a single set of “Travel and Business Expense Standards” for all campuses to follow and comply with Board policy. There will be some changes which will impact the Lowell campus which changes will be highlighted at informative sessions with the Administrative Network and Research Administration. UPST will be providing training and support on processing through the next several weeks. Please be sure to look for campus announcements and visit the UPST website for up‐to‐date information and training.
Please take a moment to review the following information and understand the impact on your budget and areas of responsibility. We appreciate your feedback concerning the year‐end process. Comments may be addressed to the Controller’s Office at Controller@uml.edu
1. Administrative Oversight Financial information is relied upon by various constituencies which impact UMass Lowell’s reputation, our comparison to peers, and our fund raising. Each administrator is responsible for the data reported in their
operating budget(s) and therefore needs to be aware of applicable University policies governing financial
stewardship.
Administrators are expected to monitor expenses all year for appropriate classification and accuracy, comparing actual expenses to budget, and resolving any significant variances. Routine review and reconciliation of transaction records to the PeopleSoft financial system is necessary to verify the accuracy of records, the appropriateness of transactions, and their compliance with policy. This is best accomplished using the SUMMIT reporting dashboards.
Administrators are also entrusted to ensure cash, inventories, equipment, and other property are secured physically, counted periodically (at least annually), and are compared with control records. In addition, safeguards should be in place to prevent the loss or unauthorized use of university assets, including data.
2. Cut‐off Dates for Campus Transactions & UPST
Cash/checks
All cash is to be deposited with the Cash Management Services Office or bank by end of business on Wednesday, June 22. The cash transmittal is to be submitted to the Cash Management Services Office by Friday, June 24.
Budget
- Budgets ‐ Final planning should be completed for the year and major expenses either encumbered or processed. Please note the cut‐off dates below for remaining purchases through the end of year.
- Account Deficits ‐ Currently known and anticipated deficits should be covered prior to Friday, June 17 by processing a budget transfer. Budget transfers will be done thru June 30th. Please contact the Budget_Office@uml.edu if you have any concerns.
- Carry Forward Balances ‐ FY22 General Operating Account balances will be closed after final invoices have been processed.
- New Chartfield Requests ‐ Must be submitted by Monday, June 20 Chartfield changes received after this date will be held and processed after July 8, 2021. (This includes sponsored and nonsponsored requests.)
Unified Procurement Services Team (UPST)
UPST has published the following cut‐off dates for contacts for procurement, expense reimbursement and accounts
payable. For additional information, job aides, training assistance and other information please contact UPST
directly at the above link.
- Contracts Processing: Staff are encouraged to submit requests by Friday, May 13.
- Sourcing/Bids: A sourcing event takes an average of 6 to 8 weeks to complete. Staff are encouraged to submit all requests to UPST by Friday, May 13.
- Supplier Registration: Supplier invites (domestic) should be submitted in BuyWays by Monday, May 23.
Staff are encouraged to submit requests for foreign suppliers and/or exception suppliers to UPST by Monday, May 23. - T&E Expense Reports for Employee Reimbursement: All expenses incurred through June 2022 must be entered into PeopleSoft with the required departmental approval by Wednesday, June 22.
- Accounts Payable: All supplier invoices must be received by UPST on or before Friday, June 24.
- Bank Card Reallocation: All Bank Card reallocation and expense activities for FY22 should be completed in PeopleSoft by Noon on July 8.
Accounts Payable
Invoices for goods and services received prior to June 30 that are being funded from operating budgets will ultimately be posted to FY22, provided the invoice is processed in July. These invoices will initially be posted to FY23 then later posted back to FY22, provided you have FY22 operating budget available.
Year‐End Close
The June month‐end and FY22 actuals ledger GL closing will be on Friday, July 8.
Reports
Please be sure to review your operating accounts and reconcile all transactions prior to year‐end close. Contact the Budget Office or Controller’s Office of any discrepancies needing correction.
Viewing Reports during Year End Close Activity: Activity may be viewed online using SUMMIT. The reporting system is updated one day after transactions are posted in PeopleSoft.
June Reports: Are available using SUMMIT and PeopleSoft reports will be available to download after the fiscal close
on Saturday, July 9.
July Reports: Prior to the close of the FY22 fiscal year and the roll forward of balances to FY23, users may not
see all of their Fiscal Year Fund Balance type funds (i.e., Research Investment Funds (RIF) and Department
Discretionary funds) in SUMMIT:
- If the fund did not have activity in FY22, the fund will not be listed on the Summary page in SUMMIT. The information will be available in Summit on Tuesday, July 12.
- If a user’s fund has had activity in July, the fund will be listed on the summary page in SUMMIT, but the beginning fund balance will be $0 until Tuesday, July 12.
- If a user changes the “Through Fiscal Period” filter back to 2022‐12 (June 2022), the user will see all of their Fiscal Year Fund Balance type funds and the ending balance at June 30, 2022.
For help reading reports, contact Controller@uml.edu
For questions concerning Purchasing, Bank Card, Accounts Payable, and Travel and Expense Reimbursements (T&E) please refer to the UPST information above or email upst@umassp.edu.
If you have campus questions or concerns, please contact the appropriate office: Budget_Office@uml.edu or Controller@uml.edu