Fiscal Year 2020-2021 Close

To employees responsible for budget and financial management functions, fiscal year 2020-2021 is now closed in CFS (Common Financial System). The Finance Data Warehouse may be utilized to report on the full year of 2020-21 fiscal activity. All future transactions and budget transfers should be directed to the open fiscal year, 2021-22.

Budget

The following process will be completed by July Month End Close:

Encumbrance Roll

All open purchase orders (POs) from FY 2020-21 (last fiscal year) have been rolled over to be encumbered against the new fiscal year (2021-22) budget allocations. Any unspent funding from last year’s purchase orders (Funds 70000, 70018, 70019, and 70020) will not be rolled-over to “fund” existing PO (unless otherwise approved requests from the roll-forward process submitted by the local division budget officers). The Office of Budget Planning & Financial Management will consult with division budget officers in the event that encumbrance balances exceed departments’ available year end balance.

The following process will be completed by August Month End Close:

Compensation Pool

As a reminder, Fund 70000 (CSU Operating) salary budgets will be reverted to the Centralized Compensation Pool, which allocates budgets based on monthly payroll after the monthly Labor Cost Distribution process completes, similar to the monthly benefits budget allocation. This process will take place in August in order to realign the base salary budgets in the divisions.

Please contact your Office of Budget Planning & Financial Management team member should you have any questions.  Thank you to everyone who contributed to a successful closing of 2020-21!

Fiscal Year End Deadline: Requisitions for FY 2020-21

This is a friendly reminder that Requisitions for FY 2020-21 must be fully approved in FTS by the end of business day on Friday, June 4th. Requisitions approved in FTS after June 4th will be processed by Strategic Sourcing – Contracts & Procurement Services under the next Fiscal Year 2021-22.

For Requisitions submitted after June 4th that need to be processed in the current fiscal year, a request for review of a special exception can be made in the Header Comments field of the Requisition. In addition, the Requester should follow up directly with the assigned Contracts & Procurement Services staff member to the request for further assistance.

Fiscal Year End 2020-21 Deadlines

2020/21 Campus Fiscal Year-End Deadlines

The 2020/21 Year-end deadlines are now available and posted on the Finance and Business Services website.

These deadlines enable the campus to meet financial reporting and audit requirements of the State Controller’s Office, CSU Chancellor’s Office and various other agencies. Please do your part to ensure transactions are recorded in the proper fiscal year by meeting these deadlines.

Don’t forget to register and join us this Friday for our What’s Up presentation!