As summer approaches, many of us look forward to taking a well-deserved break. However, it's important to remember that this period also aligns with the University's fiscal year-end close.
As you begin to make plans for FY27, you may pay invoices prior to June 30, 2026 that should be recorded as an expense in FY27. Therefore, we are going to review prepaid expenses and how you must handle accounting for these.
As we approach the close of the fiscal year, it’s important to ensure that all petty cash and change fund accounts are properly accounted for and reconciled. These funds are considered part of the university’s assets and must be verified and reported as part of year-end financial statements.
Project sponsors expect the grantee institution (Ohio University) to establish and maintain adequate financial management practices and policies so that costs are appropriately charged at the time incurred and significant adjustments are not generally required.
As we approach year-end, campus users are reminded to plan ahead for the purchase of goods/services. Specific scenarios to consider include:
Two new object codes have been created to improve how we track and process payments for standardized patients and visiting clinicians. These updates are part of an effort to streamline payments, increase transparency, and ensure consistent classification of services across campus.
In our first article in this series, The Accounting Formula – The Foundation of Everything, we introduced the foundational equation that underpins all financial reporting:
In last month’s edition we discussed the role of Entity and Source in our COA. The COA provides a structured way to capture the full story behind every financial transaction, with each segment answering a specific question. In this edition, we focus on the Organization and Activity segments.
Ohio University’s Administrative Modernization Program (AMP) continues to make significant progress as the institution advances one of its most ambitious operational transformation efforts in decades.
We’re coming up on the fiscal year-end. As the close of the fiscal year draws near, we want to remind the university community that June 30 marks an important deadline.