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End of Fiscal Year Processes

To ensure balances in the Ledgers that will be represented in the University’s financial statements are in accordance with Generally Accepted Accounting Principles and to ensure proper reporting of our research and development expenditures.

End of Fiscal Year Responsibilities

Research Accounting (RA) is responsible for collaborating with other departments within the Business & Finance Division to complete year end processes, journals, reconciliations, and preparations for audits. The office is also responsible for the preparation and submission of the following annual reports/surveys: Schedule of Expenditures of Federal Awards (SEFA), Non-Profit Organization Contract Reporting, and the National Science Foundation Higher Education Research and Development Survey. 

End of Fiscal Year Procedures

F&A RolloverSince the F&A accounts roll over each year, a reconciliation and analysis must be done at the end of each  fiscal year. Research Accounting works with the Provost office and Budget office to determine if there are any departmental changes that will affect the F&A accounts. After this determination is made by the other units, Research Accounting is notified. Any determined changes are made to the  F&A accounts and the updated balances are sent to the Budget office for entry into the current FY budget file.
Year End JournalsResearch Accounting must run appropriate queries and prepare and upload the following Year End Journals:FYxx6A – Grant Advances & RSF PayablesFYxx40 – Due to Component UnitsFYxx41 – Due from Component Units·      Reversal of Duplicate F&A
Reversal JournalsResearch Accounting must run appropriate queries and prepare and upload the following Year End Journals:FYxx6RFYxx40R·      FYxx41R
ReconciliationsResearch Accounting reconciles the Fund 20000 and Fund 15000 at FY end the same as is done at the close of each month; however this reconciliation is for the entire year and the balance in the Fund 15000 accounts are used to determine the subsequent year’s rollover balance.
SEFAThe SEFA is a supplemental schedule to the financial statements that an organization is required to produce when it is subject to the single audit requirement. The single audit requirement is triggered when the federal expenditures reported on the SEFA exceed $750,000 or more over the organization’s fiscal year, and is an extensive process completely annually.
Prepare and process information necessary to the NSF Higher Education Research and Development Annual SurveyResearch Accounting prints the latest version of HERD directions at Pulls prior year HERD file, and notates any differences in instructions. A PeopleSoft query is run to pull all expenses with a research program code. Format of the spreadsheet is arranged as it was in the previous year and columns are added for the additional information required (that does not pull up in PeopleSoft). Using the definitions on the new survey instructions, RA must identify the appropriate responses for each column that does not have data, then create pivot tables to extract the specific data required for each question in the survey.
Non-Profit Organization Contract Submission ReportingResearch Accounting is responsible for reporting all NPO contract submissions for the Fiscal Year through the State Of Georgia Audit and Assurances portal.

End of Fiscal Year Resources

Georgia Department of Audits and Accounts – 
Single Audit Report –USG Finance and Business: Auditing (7.9) 
Non Profit Organization Contract Reporting site

Last updated: 7/28/2020