Click to review the below policies related to accounting close at IU:

FIN-PAY-030: Timing of Payments and Off-Cycle Payroll

Click the above link to review the Indiana University policy on the timing of payments and off-cycle payroll. This policy establishes university payroll responsibility for the development of payroll schedules, as well as sets conditions when payroll payments submitted for off-cycle payrolls will be paid, to comply with applicable regulations and to strengthen internal controls. The purpose of this policy is to establish controls around payroll. This is necessary because federal and state authorities regulate the timing of payroll payments. To meet its obligations, the university must develop payroll calendars. Additionally, it is necessary to provide mechanisms to pay employees outside the on-cycle payroll schedule, when, due to errors or omissions, employees are not paid the full amount due them. Review this policy for additional details, specific procedures surrounding the payroll cycle, common definitions related to payroll, and to access contact information for additional questions.

FIN-BUD-4: General Fund Year-End Balances

Click the above link to review the Indiana University policy on general fund year-end balances. This policy explains that the Finance and Audit Committee of the University Trustees will receive periodic reports from the Office of the Vice President and Chief Financial Officer on the projected general fund year-end reserves by campus. As part of the year-end financial report, the Committee will receive reports of actual June 30 balances in general fund year-end reserves by campus and individual responsibility center in centers with balances higher than a predetermine threshold. All reserves exceeding the guideline amount may be committed and expended in accordance with the following procedure: The campus chancellor, with the approval of the President, may obligate the use of general fund year-end reserves in accordance with Indiana statute (IC 10-12-5.5-4). Review this policy for additional details, including the scope of the policy, reasoning for the policy, and the history of the policy.

FIN-BUD-20: Review of Fiscal Activities

Click the above link to review the Indiana University policy on the review of fiscal activities. This policy explains that fiscal managers will review, on a regular basis, the financial activities for which they are responsible to ensure that these activities are carried out properly and in a manner that is consistent with and contributes to the overall plans and goals of Indiana University. This policy was created to emphasize the need for review as a most important aspect of ensuring fiscal responsibility. Review this policy for additional details, including the scope of the policy, reasoning for the policy, and the history of the policy.