July Management Report Balances Corrected

Posted August 12, 2022 in Controller, Financial Reporting and Accounting, Financial Services and tagged .

Good Afternoon,
It came to our attention this morning that Activities or Projects which had Thermidor Accrual journal entries (journals beginning with the letters “TAC”) posted in fiscal year 2022 did not have the requisite reversals in fiscal year 2023 prior to July month end close. This resulted in improper balances on the July Management Reports. The “accounting month” of July was temporarily reopened this morning to process these reversals. All balances on Management Reports should be accurate beginning Saturday morning, August 13.

If you have any questions or concerns please reach out to Steven Phillips or Steve Allen.

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Accounting Month Closed for July 2022-You may now review your Management Reports in EOR

Posted August 10, 2022 in Financial Reporting and Accounting and tagged , .

The most recent accounting month is now closed. Your Management Reports are complete and ready for your review. For most departments/units, review and approval should follow the steps outlined in this memo. Some departments/units have alternate procedures in place to accomplish review and approval. Check with your unit’s accountant and/or the liaison listed at the bottom of your Management Report if you have questions about review and approval.

To proceed, please check both your PROJECTS and ACTIVITIES.

TO MAKE CHANGES, correct errors, etc.: Contact your departmental administrator as soon as possible (e.g. to prevent delay in posting your changes, please do not wait for the PAR forms).

MARK the Projects/Activities you have reviewed. (This does not necessarily indicate the transactions are correct, only that you reviewed them). There are only two approved methods to indicate Evidence of Review, and both are completed using the EOR web application

  1. Select reviewed activities/projects, and click button “Mark Reviewed,”
  2. Select reviewed activities/projects, and click button “Indicate Review PDF.”

Either action leaves a data indicator that review is complete. Signed review PDFs should be retained in your files for as long as you retain other Management Report documentation.

A new Guideline has been published to offer clarification to Policy 3-003: Authorizations and Approvals Required for Financial Transactions.

This Guideline is meant to improve internal controls across campus as it outlines:

  1. Account Executives (AEs) and PIs remain primarily responsible for monthly review of their Management Report and submission of EOR (Evidence of Review) – even if they have chosen to delegate this authority.
  2. This responsibility cannot be delegated to an individual who also has the authority to initiate financial transactions.
  3. GFA (Granting Financial Authority) is an application found on CIS that has been recently enhanced to allow AEs and PIs to make separate delegations for financial transaction approval and Management Report Review. (Follow these instructions to delegate authority)

Review and approval of these monthly reports is a key element in the University’s system of internal controls, and is further explained in University Policy 3-003, Authorizations and Approvals Required for Financial Transactions. – See Section III.F.

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Accounting Month Closed for June 2022-You may now review your Management Reports in EOR

Posted July 20, 2022 in Financial Reporting and Accounting and tagged , .

The most recent accounting month is now closed. Your Management Reports are complete and ready for your review. For most departments/units, review and approval should follow the steps outlined in this memo. Some departments/units have alternate procedures in place to accomplish review and approval. Check with your unit’s accountant and/or the liaison listed at the bottom of your Management Report if you have questions about review and approval.

To proceed, please check both your PROJECTS and ACTIVITIES.

TO MAKE CHANGES, correct errors, etc.: Contact your departmental administrator as soon as possible (e.g. to prevent delay in posting your changes, please do not wait for the PAR forms).

MARK the Projects/Activities you have reviewed. (This does not necessarily indicate the transactions are correct, only that you reviewed them). There are only two approved methods to indicate Evidence of Review, and both are completed using the EOR web application

  1. Select reviewed activities/projects, and click button “Mark Reviewed,”
  2. Select reviewed activities/projects, and click button “Indicate Review PDF.”

Either action leaves a data indicator that review is complete. Signed review PDFs should be retained in your files for as long as you retain other Management Report documentation.

A new Guideline has been published to offer clarification to Policy 3-003: Authorizations and Approvals Required for Financial Transactions.

This Guideline is meant to improve internal controls across campus as it outlines:

  1. Account Executives (AEs) and PIs remain primarily responsible for monthly review of their Management Report and submission of EOR (Evidence of Review) – even if they have chosen to delegate this authority.
  2. This responsibility cannot be delegated to an individual who also has the authority to initiate financial transactions.
  3. GFA (Granting Financial Authority) is an application found on CIS that has been recently enhanced to allow AEs and PIs to make separate delegations for financial transaction approval and Management Report Review. (Follow these instructions to delegate authority)

Review and approval of these monthly reports is a key element in the University’s system of internal controls, and is further explained in University Policy 3-003, Authorizations and Approvals Required for Financial Transactions. – See Section III.F.

Please help us by providing feedback by clicking here.

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July 2022 BPAG Minutes Are Available

Posted July 8, 2022 in Financial Services, Financial Services Technical Support, Procurement and Supply Management and tagged , , , .

The BPAG minutes from the July 8, 2022 BPAG meeting are now available on the Financial Services Technology Support website.

July 2022 Meeting Minutes

  • Purchasing Condensed Helium Gas
  • Sole Source Training
  • OneU Finance Transformation Update
    • Chart of Accounts Redesign
    • PeopleSoft Optimization
    • Reporting

To learn more about BPAG, click here.

Subscribe to the BPAG mailing listSubscribe to the BPAG mailing list

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Accounting Month Closed for May 2022-You may now review your Management Reports in EOR

Posted June 10, 2022 in Financial Reporting and Accounting and tagged , .

The most recent accounting month is now closed. Your Management Reports are complete and ready for your review. For most departments/units, review and approval should follow the steps outlined in this memo. Some departments/units have alternate procedures in place to accomplish review and approval. Check with your unit’s accountant and/or the liaison listed at the bottom of your Management Report if you have questions about review and approval.

To proceed, please check both your PROJECTS and ACTIVITIES.

TO MAKE CHANGES, correct errors, etc.: Contact your departmental administrator as soon as possible (e.g. to prevent delay in posting your changes, please do not wait for the PAR forms).

MARK the Projects/Activities you have reviewed. (This does not necessarily indicate the transactions are correct, only that you reviewed them). There are only two approved methods to indicate Evidence of Review, and both are completed using the EOR web application

  1. Select reviewed activities/projects, and click button “Mark Reviewed,”
  2. Select reviewed activities/projects, and click button “Indicate Review PDF.”

Either action leaves a data indicator that review is complete. Signed review PDFs should be retained in your files for as long as you retain other Management Report documentation.

A new Guideline has been published to offer clarification to Policy 3-003: Authorizations and Approvals Required for Financial Transactions.

This Guideline is meant to improve internal controls across campus as it outlines:

  1. Account Executives (AEs) and PIs remain primarily responsible for monthly review of their Management Report and submission of EOR (Evidence of Review) – even if they have chosen to delegate this authority.
  2. This responsibility cannot be delegated to an individual who also has the authority to initiate financial transactions.
  3. GFA (Granting Financial Authority) is an application found on CIS that has been recently enhanced to allow AEs and PIs to make separate delegations for financial transaction approval and Management Report Review. (Follow these instructions to delegate authority)

Review and approval of these monthly reports is a key element in the University’s system of internal controls, and is further explained in University Policy 3-003, Authorizations and Approvals Required for Financial Transactions. – See Section III.F.

Please help us by providing feedback by clicking here.

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Small-Dollar / Single Procurement Threshold Update

Posted April 12, 2022 in Accounts Payable, Financial Services, P2P, Payment Card Acceptance/E-Commerce, Procurement and Supply Management, Purchasing Card, UShop.

Effective immediately, in response to the change to the small-dollar / single procurement threshold as defined in policy 3-100 and rule R3-100D, UShop workflow has been modified. Requisitions for non-restricted goods or services that previously were paused for procurement review and approval when the total requisition amount was greater than $5,000 will now pause for that review when the requisition amount is greater than $10,000. This does not apply to orders placed with punch-out catalogs where a contract is in place. That threshold will remain at $50,000. Please contact the UShop team with any questions.

ePR (Electronic Payment Requests) will reflect this change as well. The payment types previously limited to $5,000 will move to a $10,000 limit. Please contact Accounts Payable with any ePR related questions.

The single purchase threshold change will also affect PCard transactions valued between $5,000 and $10,000. For cardholders requiring a single limit increase greater than $5,000, a Change Cardholder Limits form is required to be submitted for approval. Requests for permanent PCard single purchase limit increases exceeding $5,000 will require detailed justification. Please contact the PCard office with any questions.

Contact information:

UShop: UShop@utah.edu; Phone: 801-585-2255
Accounts Payable: ap@admin.utah.edu; Phone: 801-581-6976
PCard: PCard@purchasing.utah.edu; Phone: 801-587-7859

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April 2022 BPAG Minutes Are Available

Posted April 8, 2022 in Financial Services.

The BPAG minutes from the April 8, 2022 BPAG meeting are now available on the Financial Services Technology Support website.

April 2022 Meeting Minutes

  • PI Budget Planning Tool
  • Stakeholder / Advisory Group Participation
  • Invoice Submission Form

To learn more about BPAG, click here.

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Glendon Mitchell Retirement

Posted March 23, 2022 in Procurement and Supply Management.

We would like to announce the retirement of our dear friend Glendon Mitchell, Director of Procurement. Retirement is a time to look back with satisfaction, look ahead with anticipation, and it is a time to fill each day with enjoyment. Congratulations on your may years of service to the University of Utah! We wish you the best of luck with all of your future endeavors.

After college, Glendon started his career as a retail store manager for a Utah chain. Later he worked for the same corporation as a category manager/buyer. Then, after a relatively short stay as grocery buyer, Glendon moved to the public sector as the equivalent of a Sr. Buyer for the State of Utah. Later he joined Salt Lake County as their Purchasing Associate Director. In 2012 Glendon joined the University of Utah as a Purchasing Associate Director and had a lot of fun trying to mitigate drastic changes to Utah procurement law and then implementing resulting changes. He became the Director of Procurement and Contracting Services in March 2016 and has enjoyed working with a top-notch team as well as dedicated campus constituents across campus.

Glendon is married and has four adult children, and 12 grandchildren.

His short-term retirement plans include caring for an aging parent and catching up with family and friends.

“It has been an honor and joy to work with Glendon and I will miss having him as part of my leadership team. He’s leaving really big shoes to fill!” Theresa Ashman

“Many thanks for the great partnerships and collaboration from the campus community. I recognize and appreciate your support to the dedicated team of professionals in our newly expanded department. Wishing the best for the continued growth and successes of the University. “ – Glendon Mitchell

Join us for Glendon’s retirement party on April 1st at 1:00 PM in the University Guest House.  Click here for invitation and parking information.

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March 2022 BPAG Minutes Are Available

Posted March 11, 2022 in Financial Services.

The BPAG minutes from the March 11, 2022 BPAG meeting are now available on the Financial Services Technology Support website.

March 2022 Meeting Minutes

  • OneU Project – Chart of Accounts
  • OneU Project – PeopleSoft Finance Optimization
  • GASB 87 Leases
  • Travel Cards
  • Purchasing Update

To learn more about BPAG, click here.

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Q2 FY 2022 UMV for Endowment Projections

Posted February 15, 2022 in Endowment & Investment Accounting.

The ending quarter endowment pool unit market value (UMV) for December 31, 2021, is $263.26 per unit. This information is necessary for Method 2 of projecting endowment income and is provided quarterly through FS News. All other factors in the instructions remain the same through the fiscal year. For detailed instructions on how to project endowment income, please click here. The instructions are available there now for fiscal year 2022-2023.

If you have any questions or feedback just ask us!

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