The following information relates to the University’s April 30, 2019 year-end procedures.  These procedures apply to operating and ancillary departments, OMAFRA, grants (regardless of the Grant’s individual year-end date) and capital and renovation projects. By complying with the following deadlines and procedures, you will be ensuring the completeness and accuracy of the 2018/19 University Financial Statements.

A)  Accounting Deadlines

Please note the following accounting deadlines for fiscal year 2018/19.  These deadlines need to be met in order to ensure the correct accounting data is included in the 2018/19 Financial Statements.

B)  Year-End Accounting Procedures

The following information provides additional details regarding year-end accounting procedures:

1. It is the University’s policy that an HVPO should be issued prior to the delivery of goods or services of $5,000 or over. As a result, any invoices of $5,000 or over must be paid against HVPOs. In cases where there is no HVPO, invoices will be returned and an After-Fact HVPO must be issued before the invoice can be processed.
2. Purchase requisitions for HVPO must include required documents such as multiple quotes or Non-Competitive Procurement Justification where applicable. Requisitions without the required documents will be returned. Purchase requisitions for After-Fact HVPO issued for the purpose of getting invoices paid in current 2018/19 fiscal year should also include a copy of the invoice.
3. Purchase orders issued for the new 2019/20 fiscal year will not generate commitments in FRS until the Year-End accounting process is over.  Invoices to be paid against these purchase orders will be processed after the Year-end process.
4. Cheque requisitions relating to the 2019/20 fiscal year must be noted as such in the “Purpose of Payment” section of the document.
5. Revenue received up to and including April 30, 2019 must be submitted to Treasury Operations by 10:00 am on May 1, 2019.

C)  Budget & Financial Planning Office Processes

1. Please forward any budget changes for the 2018/19 fiscal year by April 12th, 2019 at 4:30pm for processing before budget close on April 30, 2019.
2. The Budget Carryforward Policy, a Carryforward Planning Template and the Carryforward Policy Exception Guideline can be found on the Budget and Financial Planning Office website ‘Forecast Carryover’ page. The deadline is June 30, 2019 for Vice President approval of a budget surplus greater than 10%.

Thank you for your co-operation.  Please do not hesitate to contact one of the following managers, if you should have any questions: