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Controller's Office > News > Panther Post Newsletter
Newsletter 2013-14 Volume 1

In this Edition...

  • Fiscal Year End
  • FY13-14 Month Closing Calendars
  • General Ledger Cash Account Consolidation
  • Accounts Payable Year End Accruals
  • Travel Updates
  • Unrelated Business Income Tax (Form 990-T)
  • Vendor Registration Portal
  • How to sign up for the Panther Post Newsletter
  • Fiscal Year End:

    The fiscal year end closing process is upon us and the initial close of the general ledger for the month of June was completed on July 15, 2013. This date was the deadline to record all journal entries from university departments, process allocation journals for the shared services fee to departments, and record accruals for major expenses like payroll and initial accounts payable in the system. The general ledger for FY12-13 will remain open from July 16 through August 1 only for the Controller's office to record additional accruals and other closing entries for financial statement purposes. On August 2nd, university departments should be able to run reports for FY12-13 as the general ledger will be closed on August 1. Please refer to the FY12-13 Year End Memorandum for important information, including all year end closing deadlines and listing of departmental contact. Our team counts on all of you to meet crucial year end and monthly closing deadlines to enable us to maintain a timely financial reporting process, so we thank you for your efforts and cooperation during this past year.

    FY13-14 Month Closing Calendars

    The month closing schedule for FY13-14 is available in the Controller's website under Accounting and Reporting Services (please add link). The monthly Pantherpost edition is posted on the website on the day after the month close is completed to notify the university community that the month was successfully closed.

    General Ledger Cash Account Consolidation

    As announced previously, the Controller's Office has consolidated all general ledger cash accounts into a single central university Department, Activity and Account Number so that only 112009, the Intra Unit Cash Transfers account, will be found in departmental activity numbers. A rule was put in place in PantherSoft effective July 16th preventing manual journals from posting to departmental activity numbers other than #1104120007.

    Cash Accounts 112001, 112002, 112003, 112005, and 112023, will be located in Activity Number 1104120007 Central Cash Control, Department 110401000 Office of the Controller Adm., Fund 441 University Wide Pooled Activity, Program Code 61, and Site 01.

    If you currently create manual journals to any of these different cash accounts mentioned above, you will need to use the new activity number 1104120007 starting on July 1st. On our website, we added a journal template for those users that create manual entries to cash account 112003 and 112005. The journal templates can be found under the Merchant Solutions and Accounting and Reporting Services Forms sections.

    A rule will be put in place in PantherSoft starting July 16th that will prevent manual journals from posting to departmental activity numbers other than #1104120007.

    Note that departmental users affected by this change will include those recording merchant credit card revenue transactions and certain individuals in the Division of Research creating manual journal entries. If you are not sure if this change affects you and would like more clarification, please do not hesitate to contact Eva Ramirez from the Office of the Controller at x 7-2547.

    Accounting and Reporting Services Contact Information

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    Accounts Payable Year End Accruals

    Please note that The Controller's Office will be posting accounts payable accruals for Fiscal Year 2012/2013. The methodology used is as follows:

  • All vouchers that were entered in PantherSoft after 7/1/2013, with invoice dates prior to 7/1/2013 and received in the system by 6/30/13 will be accrued.
  • All vouchers that were entered in PantherSoft after 7/1/2013, with invoice dates prior to 7/1/2013 and received in the system after 6/30/13 will be reviewed. If the product or service was for FY 12/13, the expense will be accrued.
  • Department related expenses will be accrued at the departmental level. Project related expenses will be accrued at the high level
  • Accounts Payable Contact Information

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    Travel Updates

    Travel Authorizations with encumbrances and Expense Reports that have not been either paid and/or completely processed will be removed from the Financials system after 90 days. Expense reports are required to be created ten (10) days after the completion of a trip for reimbursement and/or accountability.

    REMINDER

    Preferred seating is only allowed if it is approved by the Chief Financial Officer (CFO) prior to making the travel arrangements. The purchase of an airline ticket guarantees a seat.

    Travel Authorizations & Expense Reports Pending Further Action

    Process for Uploading Documentation: There are two (2) methods available to make sure that the supporting documentation for expense reports are linked...[see page 2 of the document]

    Travel Services Contact Information

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    Unrelated Business Income Tax (Form 990-T)

    Florida International University is required by Federal law to prepare an income tax return for net income from activities unrelated to the exempt mission of the University. This tax return (Form 990-T) must be filed annually with the Internal Revenue Service (IRS).

    The IRS has provided the following criteria to identify activities that are unrelated to the mission of an exempt organization. Basically, an activity is an unrelated business (and subject to unrelated business income tax "UBIT") if it meets three requirements: (1) It is a "trade or business"; (2) It is "regularly carried on"; and (3) It is "not substantially related" to furthering FIU's exempt purpose. Since these terms are given a specific meaning within the rules set forth by the IRS and several important exceptions exist, guidelines for these criteria are available from the Tax Compliance office for your review. Additional information and the annual UBIT questionnaire will be available on the Controller's website later this month and a reminder email will be sent to all Department Heads & Finance Managers.

    If you have questions about unrelated business income or are conducting an activity/collecting revenue and are unsure if reporting is required, please contact tax@fiu.edu or call (305) 348-2655. Tax Compliance is beginning preparations for the fiscal year ended June 30, 2013 and we cannot identify all activities that are unrelated and subject to Federal income tax from the accounting records alone. Therefore, I am asking that all Departments review their operations for the 2012 - 2013 fiscal-year and determine what activities, if any, are potentially unrelated business income. Please keep in mind that Florida International University must account for and report all unrelated business income pursuant to the Internal Revenue Code. If you have any questions related to unrelated business income, please contact Tax Compliance.

    Tax Compliance

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    Vendor Registration Portal

    There is a Vendor Registration Portal available on the Purchasing Services website. Vendors interested in providing goods and/or services to FIU may submit their vendor information through the new portal. Additionally, vendors currently providing or contracted to provide goods and/or services to FIU that need to be set up in Panthersoft for payment purposes, will be required to submit their information through the new portal as well. They will all become registered vendors with FIU and may be contacted as needed with requests for quotes, information about competitive solicitations and information about new business opportunities with FIU. Copies of vendor applications, tax forms and EFT Authorization Forms are no longer being accepted by Purchasing Services. Any vendor experiencing technical difficulties when registering should review the eForm Technology Requirements posted on the Purchasing Services website.

    Purchasing Services Contact Information

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    How to sign up for the Panther Post Newsletter

    The Panther Post is distributed to individuals on the following ListServ: Office of the Controller, Finance-Managers and Panther Post. If you wish to be added to the ListServ for the Panther Post, please email controller@fiu.edu.

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