The following information relates to the University’s April 30, 2024 year-end procedures.  These procedures apply to operating and ancillary departments, OMAFRA, grants (regardless of the Grant’s individual year-end date) and capital and renovation projects. By complying with the following deadlines and procedures, you will be ensuring the completeness and accuracy of the 2023/24 University Financial Statements.

A)  Accounting Deadlines

Please note the following accounting deadlines for fiscal year 2023/24.  These deadlines need to be met to ensure the correct accounting data is included in the 2023/24 Financial Statements.

B)  Year-End Accounting Procedures

The following information provides additional details regarding year-end accounting procedures:

1. Please forward any budget position changes for the 2023/24 fiscal year to Budget Office by April 19^th, 2024 at 10:00 am.
2. Requests for Budget Journal Entry changes for 2023/24 fiscal year must be sent to Budget Office by April 24^th, 2024 at 10:00 am.
3. It is the University’s policy that an HVPO should be issued prior to the delivery of goods or services of $5,000 or over. As a result, any invoices of $5,000 or over must be paid against HVPOs. In cases where there is no HVPO, invoices will be returned and an After-Fact HVPO must be issued before the invoice can be processed.  
4. Purchase requisitions for HVPO must include required documents such as multiple quotes or Non-Competitive Procurement Justification where applicable. Requisitions without the required documents will be returned. Purchase requisitions for After-Fact HVPO issued for the purpose of getting invoices paid in current 2023/24 fiscal year should also include a copy of the invoice.
5. Purchase orders issued for the new 2024/25 fiscal year will not generate commitments in FRS until the Year-End accounting process is over.
6. For Invoice payment, if the commitment is 2024/2025 fiscal however the invoice should be paid in fiscal 2023/2024, please contact Purchasing Services to have the HVPO updated.  If the HVPO is for future period 2024/25 fiscal, which is the same as the commitment on the HVPO, please hold the invoice until after Year-end processing is complete.
7. Cheque requisitions relating to the 2024/25 fiscal year must be noted as such in the “Purpose of Payment” section of the document.
8. Revenue received up to and including April 30^th, 2024 must be submitted to Treasury Operations by 10:00 am on May 1^st, 2024.

Thank you for your co-operation.  Please do not hesitate to contact one of the following managers, if you should have any questions: