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UAFR - Year-End Fact Sheets

Year-End Fact Sheets

Overview

Fact Sheets are a year-end tool used to report information related to accrual, deferral, and/or inventory adjustments as of June 30 for self-supporting funds and certain types of health service plan funds to ensure proper financial reporting at year-end. University Accounting & Financial Reporting (UAFR) will review each Fact Sheet and post the appropriate year-end adjustments to Banner.

A separate Fact Sheet is required to be completed and submitted for all self-supporting funds and certain types of health service plan funds. Any accrual, deferral, and/or inventory adjustments which are not recorded in the unit's normal accounting processes must be reported on the Fact Sheet to ensure that Banner accurately reflects the fund's financial condition as of June 30.

Critical Dates

This table is a list of year-end events and critical dates

Year-End Procedures Event

Date

Fact Sheet Webinar

June 22, 2022

Last Day of FY22

June 30, 2022

Period 12 Close

July 16, 2022

Period 12 Financial Statements Available in My-UI-Financials, EDDIE, and Mobius View

July 18, 2022

Fact Sheets Due

July 20, 2022 at 5:00 p.m.

Year End Fact Sheet Application

As stated previously, a separate Fact Sheet must be submitted for all self-supporting funds and certain types of health service plan funds. 

To create, complete, and submit a Year-End Fact Sheet for your applicable self-supporting and/or certain types of health service plan funds, log in to the Year End Fact Sheet Application via the link below:

Fact Sheet Application

Note: You must be logged into a Virtual Private Network (VPN) to access this application, similar to Banner. Fact Sheet Application

Fact Sheet Excel Attachment

The Fact Sheet Excel Attachment has separate tabs for the various types of accrual, deferral, and/or inventory adjustments which may be needed for your fund. These include accounts receivable, inventory for resale, publications inventory for resale, prepaid expenses, accounts payable, and unearned revenue.

If your fund requires any accrual, deferral, and/or inventory adjustments for year-end, then:

  1. Download the FY22 Fact Sheet Excel Attachment;
  2. Review each tab of the attachment to obtain an understanding of the type of information required;
  3. Complete the tab(s) applicable to your fund and save the file for your records;
  4. Upload the completed attachment to the Fact Sheet;
  5. Save your changes; and
  6. Submit the completed Fact Sheet.

The Fact Sheet Excel Attachment is able to properly calculate any accrual or deferral adjustments which cross fiscal years, so keep this in mind when entering in your applicable data. There is no need for you to try and calculate the split between the two years on your own. The Fact Sheet Excel Attachment is smart enough to do this for you, as long as the appropriate date ranges are entered.

Each August, UAFR uploads the new fiscal year’s Fact Sheet Excel Attachment to this page. The updated attachment can be used to track information related to these accruals and deferrals as they occur throughout the year (for example, when unearned revenue is received or when prepaid expenses are incurred). We strongly encourage tracking these items throughout the year as this helps make year-end reporting for the Fact Sheets more efficient and effective.

See below for a downloadable copy of the Fact Sheet Excel Attachment for the current fiscal year.

FY22 Fact Sheet Excel Attachment

Fact Sheet Training Resources

See below for various training resources which will be helpful in navigating the Fact Sheet reporting process.

Fact Sheet Job Aids

Fact Sheet Reference Tools

Fact Sheet Webinars & Presentation

For any remaining questions you may have regarding Fact Sheets, feel free to contact UAFR's subject matter experts listed in the Fact Sheets section of UAFR's Who to Ask List.

 




Keywords:Year-End Fact Sheets   Doc ID:118982
Owner:Erik O.Group:University of Illinois Training and Development Resources
Created:2022-06-13 10:40 CSTUpdated:2022-08-23 14:43 CST
Sites:University of Illinois Training and Development Resources
CleanURL:https://answers.uillinois.edu/training/year-end-fact-sheets
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