05/17/2021
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 due to the transition of Procurement and Accounts Payable to the Unified Procurement Services Team (UPST) and changes from COVID 19 pandemic.

Please review existing purchase orders, contracts and other planned spending and work with Financial Services staff to eliminate all non-essential commitments and encumbrances.

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 ControllerFeedback@uml.edu.

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 dashboard or downloading monthly PeopleSoft reports.

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.

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 23. The cash transmittal is to be submitted to the Cash Management Services Office by Friday, June 25.

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 18 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 – FY21 General Operating Account balances will be closed after final invoices have been processed.
  • New Chartfield requests must be submitted by Monday, June 21. Chartfield changes received after this date will be held and processed after July 9, 2021. (This includes sponsored and non-sponsored requests.)

Uniform 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.

Transaction Type Description Due Date
Sourcing/Bids A sourcing event takes an average of 6-8 weeks to complete. Staff are encouraged to submit all requests to UPST by Friday, May 14. May 14
Supplier Registration Supplier registration is self-service driven. However, supplier invites with issues may take more than 30 days to resolve. Submit all requests to UPST by Monday, May 24. May 24
Contracts Review Due to the volume of requests, contract review takes an average of 30 days to complete. Stakeholders are encouraged to submit requests by Monday, May 31. May 31
Accounts Payable All supplier invoices must be received by UPST on or before Friday, June 25. June 25
T&E Expense Reports for Employee Reimbursements All expenses incurred through June 2021 must be entered into PeopleSoft with the required departmental approvals by Friday, June 25. June 25
Direct Pay Vouchers Direct pay vouchers must be submitted to UPST by Tuesday, June 29. June 29
Bank Card Reallocation All Bank Card reallocation and expense activities for FY21 should be completed in PeopleSoft on or before Tuesday, July 6. July 6
Accounts Payable

Invoices for goods and services received prior to June 30 that are being funded from operating budgets will ultimately be posted to FY21, provided the invoice is processed in July. These invoices will initially be posted to FY22 then later posted back to FY21, provided you have FY21 operating budget available.

Year-End Close

The June month end and FY21 actuals ledger GL closing will be on Saturday, July 10.

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 10.
  • July Reports- Prior to the close of the FY21 fiscal year and the roll forward of balances to FY22 on Monday, July 14th, 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 has not had any 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 13.
    • 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 13.
    • If a user changes the “Through Fiscal Period” filter back to 2021-12 (Jun, 2021), the user will see all of their Fiscal Year Fund Balance type funds and the ending balance at June 30, 2021.

For help reading reports, contact SUMMITFeedback@uml.edu.

For questions concerning Purchasing, Bank Card, Accounts Payable, and Travel and Expense Reimbursements (T&E) please refer to the UPST table 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.