Does your unit complete Fact Sheets at the end of the fiscal year for your self-supporting or service plan funds? If so, see below for some relevant updates:
- The FY22 Fact Sheet Excel Attachment is now available on UAFR’s Fact Sheets webpage! We encourage you to download a copy now so that you can begin tracking your various prepaid expenses and unearned revenue transactions as they occur throughout the year.
- We’ve also made some helpful updates to this year’s attachment – see below for highlights:
- Column H of the Accounts Receivable tab requires the processor to enter a reason as to why the receivables are being reported via the Fact Sheet as opposed to Banner AR. Options include:
- Exempt from using Banner AR,
- Missed the 6/30 cutoff, or
- Do Not Use Banner AR and Do Not Have an Exemption.
- The Publications Inventory tab has now been simplified to mirror the Inventory for Resale tab. We no longer require you to answer questions about the publication dates or whether or not there is still demand for the publication. Instead, we simply ask that you report the inventory value at the lower of cost or market, similar to how we handle other inventory for resale.
- We’ve also added further examples to the Prepaid Expenses tab to help further clarify what constitutes a prepaid expense, and what does not.
Contact
For questions or further details related to this topic, refer to our subject matter experts listed in the Fact Sheets section of UAFR’s Who to Ask list.
