With the University’s fiscal year-end (June 30) approaching, below are recommended guidelines for efficient and effective year-end processing of purchases.

Accounting for departmental expenses:
In accordance with generally accepted accounting principles, Drake is required to report transactions in the proper fiscal period. For that reason, expenses are recorded in the period when goods are received and/or services are rendered. In short, items expensed to a FY19 budget will need to be received before June 30, 2019.  Factors such as budget allocation, invoice receipt, or payment issuance would not have an impact on the application of expenses within a fiscal period.

Exceptions to this general rule apply when a benefit of service or receipt of item extends into multiple fiscal years. In such cases, the following guidelines will be applied.

• Expenses less than $5,000: will be charged against the fiscal year in which the majority of the expense will be incurred. (For example, if a subscription is purchased for $3,000 and covers the period of 7/1/18 through 12/31/19, the expense would be charged to FY19)
• Expenses greater than or equal to $5,000: will be split into the fiscal years according to the percentage of benefit received during each fiscal period. (For example, if a subscription is purchased for $10,000 that covers a period of 7/1/18 through 6/30/20, $5,000 would be charged to FY19 and $5,000 charged to FY20)

The University’s guidelines for year-end purchases are subject to external audit. As you make purchases during this period leading up to and overlapping our fiscal year end, it is important to note when the goods or services were received so they are expensed according to reporting requirements. If the timing of receipt is not clearly noted on the invoice, it would be beneficial to help call the receipt date to accounting’s attention by clearly marking the appropriate fiscal year for the expense, based on the above guidelines, on the pay request.

Please contact Jeni Baugher at x4509 orjenifer.baugher@drake.eduwith any questions you might have.

Year-end timeline:
In order to facilitate efficient and effective year-end processing, the following timeline is recommended for the fiscal year ending June 30, 2019.

Heather Travis, Finance and Administration

On Thursday, May 23, at 7:30 a.m., ITS will be renewing a certificate on one of the servers that supports authentication to the wireless network. This change will result in prompts to accept the new certificate on any non-Drake owned devices connecting to the secure wireless networks – both DUStudent and DUFacStaff. Please accept the certificate when prompted. This should only need to be done once per device. Thank you!

–Carla Herling, IT Communications

The 2019 Learning Symposium will convene around the theme Drake Tomorrow: Why We Change, How We Change. The student body of the future is ever evolving, and demographics will change dramatically in coming years. Thus, Drake faces a choice.  Do we react to these changes as they occur? Or do we try to control our own destiny by planning, making decisions that will secure the future of the University, learning to serve our current students while working intentionally to plan for future generations of students. This will be the focus of this year’s Learning Symposium.

The 2019 Learning Symposium will be Friday, Aug. 16, in the Olmsted Center. The Provost’s Council is currently seeking proposals for the break-out sessions. Access the complete Call for Proposals here: 2019 Learning Symposium Call for Proposals.

Proposals are due to Drinda Williams in the Office of the Provost by Friday, May 24.

Drinda Williams, Academic Support Specialist, Office of the Provost