Accounting Services is excited to introduce a couple of new tools that will enable departments to manage their funds more effectively: a Fund Closure Form and a Fund Closure Checklist.
As part of our ongoing efforts to optimize resources and ensure the sustainability of our financial system, the Fund Closure Form and Fund Closure Checklist have been developed to facilitate the consolidation of funds with minimal activity or closing funds with no activities. This consolidation not only simplifies fund management but also minimizes the risk of fund deficits, ensuring that resources are utilized effectively and responsibly.
These new tools can be used for:
- Consolidation of Funds for available resources and prevention of fund deficits: By consolidating funds with minimal activities into your department’s operating fund, we can streamline our financial operations, reduce administrative overhead, combine funds at risk of deficit, take proactive measures to address them, and safeguard the financial health of your department.
- Inactive Fund Management: Funds that remain inactive for extended periods can represent a missed opportunity for available resources and extra time for fund maintenance. If no future activities are expected, these funds can be consolidated and made inactive, freeing up resources for more pressing needs.
We hope these tools will empower your department to make data-driven decisions and optimize your financial resources for maximum impact. We believe that these tools will not only enhance our efficiency but also foster a culture of fiscal responsibility and stewardship.
Please reach out to financeconnect@sjsu.edu if you have any questions.