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 a few points to keep in mind:
- As a reminder, the FY23 Fact Sheet Excel Attachment is available on UAFR’s Fact Sheets webpage. If you haven’t done so already, 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.
- Tracking these deferral transactions as they occur throughout the year will help relieve some pressure at year-end and will also help ensure that these deferrals are properly identified and recorded for financial reporting purposes, which is an important point of emphasis during the University of Illinois System’s annual financial audit.
- Also, as mentioned earlier this fiscal year, we’ve made some helpful updates to this year’s attachment – see below for highlights:
- We’ve expanded the cell comment in cell J23 of the Accounts Receivable tab to give several common examples of state agencies in case that helps you think through that question more clearly.
- The Publications Inventory tab has now been removed. If you have any updates that need to be made for your publications inventory held for resale, you can simply enter that information into the primary Inventory for Resale tab just as you would do for any other type of inventory held for resale.
- We’ve also added further examples to the Prepaid Expenses tab and the Accounts Payable tab to factor in any Chrome River transactions that you may want to reference.
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.
