Does your unit have any C-FOP segments (such as fund or program codes) which are no longer in use? If so, now would be a great time to send a termination request to help ensure these segment codes are terminated prior to year-end. See below for further details:
- Per the FY24 Closing Procedures, the deadline to submit a termination request for FY24 business is Friday, 6/14/24 at 5:00 PM.
- To submit a termination request, send an email to uas@uillinois.edu with a clear indication of which segment code you would like to terminate. Be sure to include the applicable chart and title of the segment code as well, as this will help ensure there is no confusion as to which C-FOPAL segment code needs terminated.
- One of the benefits of terminating unused codes prior to year-end is that it will help save time and energy during the year-end rush, as you won’t have to reconcile those codes at month-end if they are successfully terminated. It will also prevent misclassified transactions at year-end (as misclassified transactions cannot post to a terminated code).
- In addition, if you have any self-supporting or service plan funds which are no longer in service, terminating them prior to year-end will save you the time and effort of completing a Year-End Fact Sheet.
- Keep in mind that certain conditions must be met before a code can be terminated. For example, a fund or program code cannot be terminated until all the following items are cleared, removed, and/or reassigned to another C-FOP segment (UAFR can assist you in identifying these items, if needed):
- Open encumbrances
- Active payroll appointments or job positions
- Active detail codes
- Active PCards or TCards
- Finally, regarding fund code terminations – even if a fund code is in a surplus or deficit, you can still request termination of the code. UAFR will work with you once the request is received to formulate a plan to properly address the surplus or deficit balance prior to termination.
Contact
If you have additional questions on this termination process, refer to UAFR’s Terminating Banner Code Segments webpage or reach out to the applicable fund code subject matter expert in the Business & Finance Who to Ask list.
