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300 - Accounting Procedures - General

Section: 300-60
Rescinded: 08/02/2017
Effective: 05/24/2002
Supersedes: 06/01/2001
Issuance Date: 05/24/2002
Issuing Office: Business & Financial Services, General Accounting Division

PPM 300-60 Policy [pdf format]
PPM 300-60 Supplement I [pdf format]
PPM 300-60 Supplement II [pdf format]
PPM 300-60 Supplement III [pdf format]

FISCAL CLOSING

  1. POLICY
    1.  The University's Fiscal Year begins on July 1 and ends on June 30.
    2.  A requirement of The Regents is the submission by the University's Administration of an Annual Financial Report to the Regents' Committee on Finance, who in turn submits it to the Board of Regents.

    3.  The Regents' Committee on Audit will recommend to the Board of Regents a firm of independent certified public accountants which shall audit the financial statements of the University on an annual basis in accordance with generally accepted auditing standards. (The firm currently engaged by The Regents is PriceWaterhouseCoopers.)

  2. REFERENCES

    1.  By-Law 12.1(c) of the Board of Regents.

    2.  Board of Regents' Minutes, September 19, 1969.

    3.  Assistant Vice President-Financial Management's Schedule of Steps for Fiscal Closing for the Current Fiscal Year.

    4.  President Gardner's Letter, December 4, 1984.

  3. BACKGROUND

    Briefly stated the fiscal closing operation is comprised of three phases:

    1.  Preparation of accounts/funds for fiscal year end closing using the following steps:

      1. Departmental analysis of fund activity and balances to determine necessary adjustments to eliminate overdrafts, and to record data in the appropriate period.
      2. Review and recording of expenditure accruals, equipment depreciation, inventories and work-in-progress of auxiliary enterprises, service enterprises, and all other self-supporting activities. Procedural instructions will be sent to individual self-supporting activities.
      3. General Accounting Division capitalization of plant acquisitions, including equipment, libarary collections and certain computer software.
    2.  The disposition of unexpended balances. (See Supplement III for general outline.)

    3. Balances in certain Specific State Appropriations (18XXXx), which are not expended or liened at the end of the fiscal year, June 30, will lapse (revert to the original source). (See Supplement III)

    4.  Preparation of financial reports for the fiscal year concluded.

  4. RESPONSIBILITIES

    1.  The Assistant Vice Chancellor-Business and Financial Services/ Controller is responsible for coordinating the closing operations for the San Diego Campus and for meeting the deadlines set forth in the Schedule of Steps for Fiscal Closing issued by the University's Assistant Vice President-Financial Management.

    2.  Departmental administrators are responsible for meeting the deadlines set forth in the Chronological Summary of Departmental Action and Cutoff Dates for Fiscal Year Closing, Supplement I.




FISCAL CLOSING
SUPPLEMENT GUIDE

SUPPLEMENT TITLE COLOR
I Chronological Summary of Departmental Action and Cutoff Dates for Fiscal Closing Yellow
II Detailed Instructions Green
III Disposition of Unexpended Balances at Year-end Pink