Saint Louis University's Accounting and Financial Reporting is responsible for the preparation of quarterly and annual financial statements for administration, trustee and external constituents.
Accounting and Financial Reporting is also responsible for ensuring that endowment, annuity and life income funds, and capital asset records are maintained in accordance with generally accepted accounting principles and University policies.
Accounting and Financial Reporting approves accounting journals as well as maintains records of capital equipment owned by the University.
Workday Finance Reporting Periods
Finance Reports are available in Workday during the University's fiscal year, July 1 through June 30.
Monthly reports are available to departments via Workday on the dates listed below.
|Fiscal Year 2022||University||SLUCare|
|July 2021||Aug. 19||Aug. 19|
|August 2021||Sept. 11||Sept. 11|
|September 2021||Oct. 6||Oct. 12|
|October 2021||Nov. 4||Nov. 10|
|November 2021||Dec. 6||Dec. 10|
|December 2021||Jan. 7||Jan. 13|
|January 2022||Feb. 4||Feb. 10|
|February 2022||Mar. 4||Mar. 10|
|March 2022||Apr. 5||Apr. 11|
|April 2022||May 5||May 11|
|May 2022||Jun. 6||Jun. 10|
|June preliminary 2022||Jul. 7||Jul. 14|
|June final 2022||TBA||TBA|
Capital Equipment Recordkeeping
Saint Louis University is required to comply with the capital equipment recordkeeping requirements outlined in the Financial Accounting Standards Board Statement No. 99 and the Office of Management and Budget Circular A-110. The controller's office is responsible for ensuring that accurate records are maintained for all capital equipment owned by the University in order to comply with these regulations and to provide adequate justification for indirect cost recoveries for equipment utilized on federal projects.
Equipment is defined as an article of non-expendable, tangible personal property having a useful life of more than two years and an acquisition cost of $5,000 or greater per unit.
An equipment information form must be completed by the financial manager for each piece of equipment purchased by departments of the University. This form will be forwarded by the controller's office to the financial manager of the fund charged for all equipment purchases identified by Banner Finance.
This policy applies to equipment in the possession of Saint Louis University whether or not title to such equipment vests with the University and irrespective of the source of funding.
The acquisition cost of a piece of equipment is defined as the net invoice price including the cost of any modifications, attachments, accessories or auxiliary apparatus necessary to make it usable for the purpose for which it was acquired. Ancillary charges, such as duty, in-transit insurance, freight and installation are included in the acquisition costs.
Written notification by the financial manager must be forwarded to the controller's office whenever equipment is traded-in, disposed of or when changes to the information provided on the equipment information form, such as the location or primary user of the equipment, occur.
Written verification of the existence and continued use of the equipment will be requested by the controller's office on an annual basis.
Questions regarding capital equipment recordkeeping should be directed to Karen Wamhoff at firstname.lastname@example.org.
Finance Transaction Correction
Transaction correction accounting journals should be utilized to correct transactions posted in error and reallocate expenses between departments to reflect actual usage. Corrections to payroll transactions should be made via a labor reallocation request.
Standardized processes are in place for deposit of funds, requesting disbursements, and recording interdepartmental transactions. Reference numbers are generated for all documents to assist in the identification and tracking of transactions.
It is the business manager’s responsibility to monitor funds to ensure that all transactions posted are accurate and appropriate. The Workday Statement of Account/Report of Transactions is available to facilitate this verification process.
Transaction corrections must be entered within 60 days of the original transaction date or sooner, as required by fiscal year end. Submitted transaction corrections must be supported by the Report of Transactions.
Transaction corrections may only be submitted for postings of actual revenues or expenses and may not be used to correct an encumbrance. Unless for a grant or a capital project, transaction corrections may only be done for the current fiscal year.