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 tips to keep in mind:
- The FY22 Fact Sheet Excel Attachment is available on UAFR’s Fact Sheets webpage. We strongly encourage you to download a copy if you haven’t done so already, so that you can begin tracking your various prepaid expenses and unearned revenue transactions as they occur throughout the year. This will help save you much needed time during year-end, and will help ensure that these transactions are not forgotten when it comes time to complete and submit your Fact Sheet!
- We’ve made some updates to this year’s Fact Sheet attachment to make it a bit more user-friendly. See below for highlights:
- Column H of the Accounts Receivable tab now 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 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 now simply ask that you report the value of the publications inventory at the lower of cost or market, similar to how the inventory for resale tab has been historically handled.
- We’ve also added further examples to the Prepaid Expenses tab to help further clarify what qualifies as a prepaid expense (and what does not).
As always, thank you for your help in ensuring the proper accruals, deferrals, and inventory for resale adjustments are reported on your year-end Fact Sheets. It really does help ensure proper financial reporting, and we appreciate your assistance with this important matter!
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.
