The University of North Carolina at Chapel Hill
Office of the Controller Telephone: 919-962-7007 Fax: 919-962-4140 Email: Dennis_Press@unc.edu	University of North Carolina at Chapel Hill CB# 1270, 440 West Franklin Street Chapel Hill, NC 27599-1270

 

TO:	University Departments
FROM:	Dennis Press, University Controller
DATE:	May 1, 1999
SUBJECT:	Fiscal Year-end Closing Dates and Procedures

The purpose of this memorandum is to provide information concerning the year-end  procedures and the dates that documentation must be received for payment in the fiscal year ending on June 30, 1999. It is important that these deadlines be met to ensure use of your 1998-1999 budget rather than your 1999-2000 budget.
 

Year-end  Deadline	Deadline
May 17	Last day to submit personnel actions to the Payroll Office for the Summer Session I payroll paid on June 2, 1999 (first payment).
June 7	Last day to submit personnel actions to the Payroll Office for the biweekly payroll paid on June 18.
June 7	Last day to submit personnel actions to the Payroll Office for the Summer Session I payroll paid on June 22, 1999 (second payment)
June 10	Last day to submit personnel actions to the Payroll Office for monthly payroll paid on June 30.
June 16	Last day for fiscal year 1998-99 purchases from Materials Management and Distribution.
June 17	Last day to submit Check Requests and Independent Contractor payments to Accounts Payable to ensure payment in fiscal year 1998-99.
June 17	Last day to submit invoices and receiving reports to Accounts Payable to ensure payment in fiscal year 1998-99.
June 18	Last day to submit Account Adjustments (includes internal invoices) to Accounting Services to ensure processing in fiscal year 1998-99.
June 18	Last day for fiscal year 1998-99 purchases from Student Stores.
June 25	Last day to submit budget transfers/revisions to Budget Office for State Funds for fiscal year 1998-99. The deadline for on-line budget transfers is June 30.
June 28	Last day to submit personnel actions to the Payroll Office for the Summer Session II payroll paid on July 14, 1999 (first payment).
July 19	Last day to submit personnel actions to the Payroll Office for the Summer Session II payroll paid on August 3, 1999 (second payment).

University Departments

Purchasing Considerations
Last day to submit personnel actions to the Payroll Office for the Summer Session II payroll paid on August 3, 1999 (second payment).

State Budgeting Considerations
Sufficient budget balances or cash balances must be available to cover all disbursements from University accounts. The State does not allow deficits in any expenditure object. You should review your available budget balances on your monthly computer reports so all disbursements can be properly funded.

Accounting Considerations
Cash deficits in most institutional trust and special fund accounts should be funded by June 30 through collection of receivables, transfers from other funds or other appropriate methods. Cash deficits should not be carried forward to the new fiscal year. If funds from University-related foundations will be used to fund expenditures for fiscal 1998-99, the funds transfer should be submitted by June 18.

Payroll Considerations
The last biweekly payroll posted in the current year will be for the period ending June 6 (paid on June 18). The June monthly payroll will be paid and posted on June 30. Specific deadlines for the Summer Session payrolls have been established. (See year-end deadlines.) The Summer Session payroll dates are June 2 and June 22 for Session I and July 14 and August 3 for Session II.

Accounts Payable Considerations
If the receiving copy of the purchase order (receiving report) is not received, payment cannot be made and the purchase order will be charged against 1999-2000 budgets. Likewise, if the original vendor invoice is not received, payment cannot be made and the purchase order will be charged against 1999-2000 budgets. Incomplete documentation may delay your payment request; be certain that the item is fully documented before submitting it for processing. Payment cannot be made before the receipt of goods or services, so do not indicate receipt of materials not received in order to use available funds or for any other reason.

Cashiering Considerations
To comply with G.S. 147-77 and University policies, all departmental receipts must be deposited daily. Do not hold deposits for the new year. Delaying the deposit of University funds is a violation of State statutes. The Daily Cash Transmittal Form for electronic credit card deposits for 1998-99 should be provided to the University Cashier no later than 5 PM, July 1.

Every effort will be made to effectively and efficiently use the University's resources. Your assistance in processing documents, monitoring your budgets and purchase orders, and adhering to deadlines is very important. Thank you for your cooperation.