FAI Fiscal Year End Reminders

Written by Erin Delehanty.

Foundations Accounting and Investments (FAI) has a few friendly reminders as fiscal year end approaches:

Audit Request Letters

Audit request letters were sent via email by Jessica Hoff, Foundations Assistant Controller, to appropriate parties on June 1. These letters contain a listing of various documents and information required to be submitted in order to assist with preparation of the annual audits and tax returns. Please pay close attention to the deadline provided as timely submission of requested information is critical for efficient and accurate completion of the audit report and IRS Form 990.

Transfer JV Deadline

Transfer JVs must be fully submitted and in the queue for FAI’s approval by 3 p.m. on Friday, June 28 in order to be approved by fiscal year end.

Year-End Payment Request Schedule

Because June 30 falls on a Sunday, there will be no change to the Foundations Manual Payment Request Schedule. FAI must receive a completed Payment Request Form by Tuesday, June 25 at 4 p.m. in order to be processed, signed and ready for release by fiscal year end. Electronic submissions should be emailed to faipaymentrequest@ncsu.edu.

Foundation Clearing Projects

There will be a final push in June to resolve items sitting in clearing before the fiscal year end. This will require assistance from various units across campus. Please respond to any inquiries in a timely fashion.

Financial Projects with Deficits

Please review foundation projects to identify and correct any funds with deficit balances prior to fiscal year end.