05/15/2024
By Controller Sharon-Anne Mapes

In preparation for fiscal year-end (FY24), we need your assistance to ensure an orderly financial closing process. This memorandum provides important information and cut-off dates to be followed.

Please take a moment to review the following information and understand the impact on your budget and areas of responsibility. Any questions or concerns may be addressed to the Controller’s Office at Controller@uml.edu. The Controller’s Office will host monthly drop-in sessions to assist with questions and concerns. See “Useful Resources & Links” at the bottom of this memo for more information.

Year-End Close:

The June month-end and FY24 actuals ledger closing will be on Friday, July 19.

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 for discrepancies needing correction. For help reading reports, please contact the Controller’s Office.

Reports During Year-End Close - Activity may be viewed online using SUMMIT. The reporting system is updated one day after transactions are posted in PeopleSoft.

June Reports - SUMMIT and PeopleSoft reports will be available to download after the June month-end close on Saturday, July 20.

July Reports - Are available in SUMMIT on Tuesday, July 23.

Prior to the roll forward of balances to FY25, users will not see their Fund Balance type funds (i.e., Research Investment Funds and Department Discretionary funds) in SUMMIT:
  • If the fund did not have activity in FY24, the fund will not be listed on the summary page in SUMMIT.
  • If the fund had activity in July 2024, the fund will be listed on the summary page in SUMMIT; and the beginning fund balance will be $0 until Tuesday, July 23.
  • If a user changes the “Through Fiscal Period” filter back to “2024-12 (June, 2024)”, the user will see their ending balance at June 30, 2024.
Cut-off Dates for Campus Transactions:
Transaction Type Description Due Date
Journal Requests All journal entry requests for FY24 fund and cost transfers must be received by July 17. Please email journal entry requests to Controller@uml.edu July 17
Cash Deposits All cash is to be picked up by Brinks or delivered to Cash Management Services by end of business day on Thursday, June 20. June 20
Cash Transmittal The cash transmittal is to be submitted to the Cash Management Services by Friday, June 21. June 21
Endowment Sweep Please have all journal entries and transactions posted by Wednesday, June 26 for endowment projects set to sweep. Balances remaining after this date will be returned to the UMass Foundation. June 26
Account Deficits Budget deficits and any anticipated transactions through fiscal year-end should be fully funded by Friday, June 21. Budget transfers will be done through June 30. Please contact Budget_Office@uml.edu with any questions. June 21
New Chartfield Requests New Chartfield requests must be submitted by Monday, June 24. Chartfield changes received after this date, will be held and processed after Monday, July 8 (this includes sponsored and non-sponsored requests).  June 24
Equipment Retirements

For equipment no longer in service as of June 30, 2024, please complete an Asset Decommission/Surplus Form by Friday, July 19. Please contact Inventory@uml.edu with any questions.

 July 19
Rollback of Invoices FY24 General Operating balances will be closed after final invoices have been processed. This activity will be reflected in SUMMIT after July month-end close Friday, August 9. Activity will be available in SUMMIT on Monday, August 12. 
Aug. 9

Accounts Payable:

Invoices for goods and services received prior to June 30 that are funded from operating budgets will be posted to FY24. Any invoices for FY24 processed in July 2024, will initially be posted to FY25, then later posted back to FY24.

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 
upst@umassp.edu.


Transaction Type Description Due Date
Supplier Requests Supplier requests should be submitted in BuyWays by Friday, May 10. This includes foreign entities, domestic entities and students. May 10
Sourcing/Bids A sourcing event takes an average of 6 to 8 weeks to complete. Submit all requests to UPST by Wednesday, May 15.  May 15
Contracts Processing Submit all requests by Friday, May 17.  May 17
Supplier Registration Supplier registrations need to be completed by the supplier on Friday, May 24. Automatic reminders will be sent out to suppliers to take action. May 24
Bank Card Reconciliation in BuyWays All Bank Card Statements need to be reconciled and approved in Buyways by Noon on Wednesday, June 12. (This only applies to activities before use of Concur). June 12 (Noon)
Accounts Payable All supplier invoices must be received by UPST on or before Friday, June 21. This also includes all transactions that are entered directly in Peoplesoft.  June 21
Travel & Expense Reports Approval in Concur The last day to approve expense reports in Concur is June 26.  June 26

Administrative Oversight

All administrators and employees are required to follow the Business and Travel Expense Policy and Standards and the Prior Approval and Exception Matrix for Lowell. Please also see the Asset Management of Capital and Non-Capital IT Assets and Sensitive Data policy and the Bank Card Use Standards for UML.

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 compared with control records. In addition, safeguards should be in place to prevent the loss or unauthorized use of university assets, including data.

Useful Resources & Links

New Office Location:
Controller’s Office
220 Pawtucket St., Suite M30
Lowell, Massachusetts 01854
Contact Emails