General Accounting

Fiscal Year End Processing Cut-off Dates and Information

Purchase Order Cut-off Date

Final purchase requisitions for 2016/2017 purchases should be submitted to Financial Services by June 12, 2017, with the exception of computer related equipment which should be ordered by June 1st.  Any item ordered must be received prior to July 1, 2017 to be included in the 2016/2017 fiscal year. The date the goods are received will determine which year the order will be charged, even if there is a problem with an order being filled or delivered. Please plan ahead and take this into consideration when ordering near fiscal year-end.

Accounts Payable and Year-End

Accounts payable will be recorded the same way as they have been in the past. Goods must be received and services must be performed prior to June 30, 2017 to be included in the 2016/2017 fiscal year. The payment or order date is not the key date. The key date is the date that the goods are received or service has been performed.

Please mark the date the goods are received on the green copy of your purchase order when submitted, and attach the packing slip.  Return the signed and dated green receiving copy promptly to Accounts Payable.

For travel during the 2016/2017 year, the expense reimbursement requests must be submitted with the proper documentation and signatures by July 10.


General Ledger Inquiries

Please review your Fiscal 2016/2017 departmental information on-line through WebAdvisor.
General ledger questions regarding transactions reported through the end of the fiscal year 2016/2017 and journal entry requests should be directed to Pat Thorne, thornep@hartwick.edu, by July 10, 2017. Please review and resolve any issues prior to July 10, 2017.

If you have any questions about this, please contact Karen Zuill (extension 4303) or Pat Thorne (extension 4302).


WebAdvisor-My Budget Overview

My Budget on WebAdvisor provides budget managers on-line access to their budget figures. Figures are updated daily and agree to the general ledger.

Access to My Budget

Contact Karen Zuill, zuillk@hartwick.edu, to request to be set up to view your budget figures on-line. If you are not a budget manager, the budget manager will need to submit the request along with his/her approval.

Budget Selection

Use this option to define GL accounts, sorting methods and date ranges. When submitted, WebAdvisor automatically opens the Budget Summary web form which displays financial information for the accounts you selected. If left blank, all your accounts will display for the entire fiscal year.

Budget Summary

Selection criteria is entered through Budget Selection. If you bypass the Budget Selection form, your previously entered selection will be displayed. The Budget Summary option displays GL accounts that are available to you. Through the Budget Summary you can click on selected amounts in accounts and see the detail of requisitions (that are processed on line), encumbrances, and actuals.

 

Endowment Processing Procedures

Endowed funds are funds that are held in perpetuity by the College to support the needs of the institution. Under current College guidelines, a fund must reach the $25,000 level before it can be designated as an endowment. Gifts for new endowment funds of $25,000 or more will be recorded in an endowment gift account. College Advancement will provide the Finance Office signed documentation from the donor designating the establishment of an endowed fund. This documentation will remain in a fireproof file in the Finance Office.

Gifts that are given with the intent of being an endowed fund but are not yet at the $25,000 funding level will be recorded as a temporarily restricted gift until the full funding level is achieved. The funds will reside in a separate temporarily restricted account (fund 2) specifically identified for the intended purpose. Appropriate documentation from the donor designating the donor’s intent to establish an endowed fund will be used to establish the account. Donors can add to the account at any time. There will be a freeze on any spending until the endowed level is achieved. When the $25,000 level is reached the funds will be transferred to the endowment in accordance with the donor’s wishes.

The College’s endowment funds are managed by professional investment managers. Once the funds are included in the endowment, the endowed fund will then participate in appreciation of principal, earnings and annual expenditures. Additional gifts can be made to an existing endowed fund at any time

Journal Entries

In most cases following policies will result in accurate accounting for expenditures. On occasion it is necessary to move actual expenditures that have been posted to an incorrect department or to transfer funds between departments in support of an activity or event.

These adjustments can be made between departments for amounts of $200 or more. Journal entries to move actual expenditures between object codes within a department will not be made regardless of the dollar amount.

To request a journal entry, budget managers can send an e-mail to Pat Thorne, Assistant Controller with a cc: to all departments concerned.

To transfer expenditures between departments include the vendor and the dollar amount of the expenditure, the department and object code that was originally charged and the department that should be charged.

To transfer funds in support of an event the department initiating the event should send an e-mail that includes a description of the event, the account it will be charged to, and a list of each department contributing funding and the amount of their contribution.

Still have questions? Contact the Office of the Controller.

Karen Zuill, Controller
zuillk@hartwick.edu 
607-431-4303

Pat Thorne, Assistant Controller
thornep@hartwick.edu 
607-431-4302

Location
Bresee Hall
3rd Floor

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