The fund balance roll for FY2024 to FY2025 was posted in July business in account 4999 and is visible on the finance dashboard.

The entry summarizes all activity in FY2024 in revenue, transfer, and expense accounts for each unique combination of entity, org, fund type, fund source, program, activity, and location.  The entry does not include 100.000000 since that carryover process is managed by the budget office.

If you work for Rice Management Company, note that this process is run for investment and endowment corpus funds at the end of August.

Just a refresher on fund balance roll, since we do this only once a year.

Fund balance roll is the process of taking the ending balance from June and making it the beginning balance in July.  The entry for the change in net assets posts in July business in account 4999.  This is the only entry that should post in 4999.  Transfers and corrections go in transfer account 6800.

Fund balance roll happens in fund types that have fund balance.  This includes designated funds, gifts, endowment spending, service centers, auxiliary, and agency funds.

Fund balance roll does not happen for budgetary funds or budgeted projects.  Therefore, it does not apply to 100.000000, which has a separate carryover process handled by the Budget Office.

Fund balance roll does not apply to projects in the Project Portfolio Module (sponsored, capital, or faculty funds.)  The fund balance in fund type 109 (faculty funds), fund type 04 (sponsored), fund type 150 (capital) does roll, but nothing happens in the projects.  Projects hold only budget and expenditures.

The fund balance roll amount is the sum of all activity in revenue, transfer, and expense accounts for the entire year just closed.  This is the change in net assets.  The change in net assets is added to (or subtracted from) the existing balance in net assets to arrive at the new beginning balance for the fund.

Let’s look at an example.

101.019000 has this activity in FY 2024 in June when June is closed:

Actual YTD – End of Period

4999 net assets (beginning balance)                (87.00)

6500 miscellaneous revenue                               (10,000.00)

6800 transfer                                                          1,000.00

8345 miscellaneous expense                                6,000.00

The activity during the year is a total of (3,000).  The sum of the beginning balance from last July and the activity during the year is (3,087.00).  In July FY 2025 this will happen to net assets:

Period Activity                     Actual YTD – End of Period

4999 net assets (beginning balance)                (3,000.oo)                              (3,087.00)

The fund balance roll will post to net assets before the close of July, which is scheduled for August 7.

June is now closed.  Final data will be available through the finance dashboard tomorrow.

The fund balance roll entry will post between July 31 and August 7.  That entry is the one that updates the beginning balance in account 4999 in July FY 2025 for the income and expenses posted in FY 2024.

July general ledger close is scheduled for August 7.

FY 2024 is now closed for correcting entries.  Next, central offices are going to perform a few final processes, such as depreciating fixed assets and posting budget carryover.  You can run final FY 2024 reports on July 30.

The beginning balance for July can be updated only after the ending balance for June is final, so that means your net asset balance in account 4999 will be updated in FY 2025 between July 31 and August 7.

Basically everything is pushed back two days due to hurricane Beryl:

July 12   Original entries to be submitted

July 15   First close reports available on dashboards

July 19   Second close – final day for corrections to be submitted

July 29   Final reports available on dashboards after 10 p.m.

Please contact crystald@rice.edu if you have questions.

First close for FY 2024 is being pushed back due to hurricane.  All original entries for FY 2024 should be turned in by Friday, July 12, and results will be available in dashboards on Monday, July 15.

Please do not be alarmed.  Beginning balances for FY 2025 can’t be posted until we know the ending balances for FY 2024.  You will see the beginning balance post later in July, around July 22 for projects and around August 7 for general ledger.

Every year, without fail, someone on campus is going to be alarmed that their beginning fund balance is not showing up on July 1.  Please remain calm.  I’m perfectly happy to explain this repeatedly, but I hate to think of anyone being stressed or upset thinking their money is missing when it is not!

The June close window is extended, with the final close falling quite late in July.  I need that final June amount in order to roll forward the balance from the old year to the new year, otherwise I’d just be guessing at the amount.  That beginning balance will post before we close July business.

You can initiate transactions in July before the fund balance roll is posted.  You will not be blocked from creating purchase orders, paying vendors, charging payroll, or completing expense reports.

Certain LD corrections made during FY 2024 for any prior year caused a GL summary to post entirely to salary & wages with nothing to fringe.  The Controller’s Office is posting a correcting entry to credit salary & wages and debit fringe benefits for these adjustments, so that the general ledger will accurately reflect the underlying payroll entry.

The issue was caused by the mismatch between the payroll period and the active fringe rate.  Going forward, all LD corrections submitted on a chart string should be for the current fiscal year.  We will continue processing LD corrections for FY 2024 as long as possible.  After FY 2024, LD corrections for prior fiscal years cannot include any chart string, only projects.

Last office hour of FY 2024, we will discuss fund balance roll and you can bring your year-end questions.  Today June 26 1-2 pm

Join Zoom Meeting
https://riceuniversity.zoom.us/j/93134533306?pwd=ckNHRXpsR3ZHUThoWU5wWXZLcWlpdz09

Meeting ID: 931 3453 3306
Passcode: 282821