Closing the General Fund

• Transfer of Authorized Savings: For participating VP/ Dean areas, the Office of Planning, Budget, and Analysis transfers the positive or negative unencumbered General Fund expense budget variance to (or from) the Administrative
  department Allowance Fund, A0015, up to the approved savings cap.

• Review of Unallowable Costs: Academic departments are asked to review Budgeting for Academic Departments to ensure that any unallowable activity is moved from General Fund and onto departmentally managed funds before the end of June.

See the General Fund (A0000) section for more information on monitoring and closing the General Fund.

Closing the Institutional Expense Fund

The Institutional Expense Fund does not roll forward into the next fiscal year. The balances are closed out by the Office of Planning, Budget, and Analysis at year-end close.

• Review Charge Accuracy: Prior to the second close, Administrative departments that manage Institutional Expense Fund charges are expected to review their activity and ensure that no charges have been erroneously booked.

See the Institutional Expense Fund (A0018) section for more information on monitoring and closing the Institutional Expense Fund.

Closing Departmentally Managed Funds

Departmentally Managed Funds do roll forward into the next fiscal year after the final close.

• Management of Purchase Order(PO): Departments should review their open encumbrances and close out any inactive PO. Encumbrances visible on the report at the final close are rolled forward into the next fiscal year as part of the PO roll process. Those amounts are not included in actual rolled forward balances.

• Rollover of Unencumbered Balances: The actual “unencumbered balance” at each department-fund-program combination is rolled forward automatically after the third (final) close, becoming the “beginning balance” for departmentally managed funds on the subsequent fiscal year’s reports. Departments should avoid having negative balances rolled forward by clearing the deficit prior to the second close.

See Balances and Funds for Year-End Close for more information on reviewing and managing balances for year-end close.