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 processes finance transaction correction requests and journal entries, as well as maintaining records of capital equipment owned by the University.
Banner Finance Reporting Periods
Banner Finance generates 12 monthly financial reports for the University and SLUCare during the University's fiscal year, July 1 through June 30.
Monthly reports are available to departments through Cognos on the dates listed below.
|Fiscal Year 2019||University||SLUCare|
|July 2018||Aug. 16||Aug. 16|
|August 2018||Sept. 7||Sept. 12|
|September 2018||Oct. 4||Oct. 10|
|October 2018||Nov. 6||Nov. 12|
|November 2018||Dec. 6||Dec. 12|
|December 2018||Jan. 7||Jan. 11|
|January 2019||Feb. 6||Feb. 12|
|February 2019||March 6||March 12|
|March 2019||April 4||April 10|
|April 2019||May 6||May 10|
|May 2019||June 6||June 12|
|June preliminary 2019||July 5||July 11|
|June final 2019||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
The finance transaction correction form should be utilized to correct transactions posted in error and reallocate expenses between departments to reflect actual usage.