Business Officers & Department Administrators,
As we approach the end of the fiscal year, I’d like to remind you of some important financial compliance responsibilities as listed below.
Annual Financial Sub-certification (FSC). Senior Business Officers, Deans/VP’s and other administrators must complete and certify the FY18 Financial Sub-certification by September 15, 2018. A complete list of required certifiers by org is published on our website. Related Policy: https://controller.fo.uiowa.edu/financial-certification-and-financial-sub-certification.
- Financial Accounts Reconciliations. Account Reviewers must reconcile all current fiscal year TDR’s in a timely manner. Business Officers & Department Administrators may review reconciliation status by using the EFR Dashboard (refer to pages 5-6 of the EFR Dashboard User Manual). Related Policy: https://afr.fo.uiowa.edu/policies-procedures-resources/monthly-review-transactions-and-accounts.
- Management of Deficit Balances. It is always important for gifts, grants or contracts that are closing in a given month or in deficit status be reviewed in a timely manner, but for those with a June 30 end date, it is necessary for the Principal Investigator, Department Administrator, and/or Org Administrator to expediently review and take action since we are also working against the closing of the fiscal year. Related Policies: https://gao.fo.uiowa.edu/gifts/managing-deficit-balances, https://gao.fo.uiowa.edu/funds-deficit-status and https://gao.fo.uiowa.edu/preparing-closeout.
Account Owner/Reviewers Roles. Account Owner & Reviewer roles must be assigned for all financial accounts. Missing roles metrics are displayed in your EFR Dashboard (refer to pages 6-13 of the EFR Dashboard User Manual). In addition, we strongly recommend that you review any accounts where the same person is assigned as the Account Owner & Account Reviewer. While this is allowed, it is intended to be kept to a minimum in order to provide for more effective monitoring. Related Policy: https://afr.fo.uiowa.edu/policies-procedures-resources/monthly-review-transactions-and-accounts.
Quarterly Reconciliation of Balance Sheet Accounts. Departments must complete quarterly reconciliations of specific asset & liability accounts to ensure that balances in the General Ledger are supported by balances in subsystems. Departments should be ready to verify compliance by providing appropriate reconciliation files if requested. Related Policy: https://afr.fo.uiowa.edu/policies-procedures-resources/quarterly-reconciliation-balance-sheet-accounts.
Cash Handling Compliance. Units must have updated, approved local cash handling procedures on file with AFR. At a minimum, these procedures should be reviewed annually to determine if any changes have occurred and if resubmission is necessary. Please also verify that assignment of cash handling roles are current in the Institutional Roles application and that individuals are compliant with training requirements. Related Policy:
If you have any questions about the topics above, please contact me.