Fiscal Year End Closing Review Checklist

What is the purpose of the Fiscal Year-End Closing Review Checklist?

  1. The primary purpose is to serve as a useful communication and planning tool for year-end closeout purposes. The process enables GT to identify required adjustments and other issues prior to the submission of the Annual Financial Report (AFR).
  2. The Checklist supports and emphasizes the shared responsibility for managing the Institute’s financial resources. It also supports the comprehensive annual audit Representation Letter signed by the President and Executive Vice President.

How will the Checklist be distributed and submitted?

The Checklist will be distributed first to the finance officer for each primary administrative, academic, and research unit. The primary college or unit level finance officer may then distribute to other finance officers at the school or department level as deemed appropriate.

What should I do if I don’t recognize an item on the checklist or do not feel comfortable checking a box?

  1. Ask for additional information by contacting the Controller’s Office (4-6891) or Financial Services (4-7894) or by sending an email to fy.review@gatech.edu, or
  2. Leave the item “unchecked” and include a specific explanation on an attached continuation sheet to be submitted along with the completed form.

What is meant by the term “disbursements” in Section I, item a.?

This refers to the proper posting of FY 2015 expenses to the General Ledger for invoices submitted by the applicable closing deadline. If there are any known posting errors, please describe the error(s) on an attached continuation sheet to be submitted along with the completed form.

What is meant by the term “reconciled” in Section VII?

This simply refers to the practice of ensuring that amounts posted to the project under review are appropriate for the project and that posted amounts match expectations. Subsidiary records are often used to assist in this regard.

Does item VII.h. (Gifts) refer to gifts made to Georgia Tech (GIT) or Georgia Tech Foundation?

The checklist item refers only to gifts made to Georgia Tech

What should I do if I know of an uncorrected accounting error or pending cost transfer not yet processed by another campus department (Section X)?

  1. Notify the Controller’s Office (4-6891) or Financial Services (4-7894) directly or send an email to fy.review@gatech.edu, or
  2. Leave the item “unchecked” and include a specific explanation on an attached continuation sheet to be submitted along with the completed form.

What is meant by “appropriate Institute officials” in Section XI?

This includes your manager(s) as well as officials from Administration & Finance and Internal Auditing. If you have previously reported an issue that was not resolved to your satisfaction or if you wish to remain anonymous, the issue should be reported via the Institute’s EthicsPoint Fraud and Compliance Hotline. Web Link -  https://secure.ethicspoint.com/domain/media/en/gui/7508/index.html  (or 866-294-5565)

What should I do if an issue was brought to my attention after the applicable closing deadline or after June 30th?

  1. Notify the Controller’s Office (4-6891) or Financial Services (4-7894) directly or send an email to fy.review@gatech.edu, or
  2. Leave the item “unchecked” and include a specific explanation on an attached continuation sheet to be submitted along with the completed form.

What is meant by “Reviewed and Approved” in the Dean/VP/Dept. Head signature block?

Responses have been reviewed and the Checklist is approved for submission to Financial Services.

Many administrative units have unit/department level responsibilities and functional responsibilities at the institutional level. Should finance officers in these units complete the checklist to include responses for functional responsibilities at the institutional level?

A checklist covering activities managed at the unit/department level should be completed. For checklist items related to functional responsibilities at the institutional level…

  1. Include additional explanations and disclosures (as appropriate) on an attached continuation sheet to be submitted along with the completed form, or
  2. Prepare and submit a supplemental checklist and continuation sheets

Who do I contact with other questions?

Contact the Controller’s Office (4-6891) or Financial Services (4-7894) or send an email to fy.review@gatech.edu