Welcome to Financial Affairs

The Financial Affairs office houses various financial functions that serve the university community. The office is responsible for accounts payable and general accounting, as well as accounting and reporting for grants, contracts and the endowment. The Financial Affairs department strives to provide the university with a sound financial management system, assuring reliable reporting of all budgets, revenues, expenditures and investments. The department processes university disbursements through its oversight of Accounts Payable, records internal financial transactions, monitors grants and contract reporting, and also manages university investments and IRS compliance throughout the university.


End of Year Processing - Fiscal Close 2013-2014


Frequently Asked Questions

1.  Will all P13s be closed on July 31, 2014?  Yes!  This will apply to all accounts (2-accounts, 3-accounts, 6-accounts and 8-accounts).

2.  Will all P14s be closed on July 31, 2014?  No!

3.  When will my account be charged for expenses?  If you receive the goods or services before July 31, 2014, your account will be charged in fiscal year 14.  If you will receive the goods or services on/after August 1, 2014, your account will be charged in fiscal year 2015.  

4.  Which P14s will be automatically closed on July 31, 2014?  We will close purchase orders that have been substantially liquidated.  Any purchase order with a balance of $100 or less will automatically be closed.  In addition, purchase orders with only tax or shipping remaining will be closed. 

5.  Will my P14 open purchase order be closed on July 31, 2014?  No.  We will carry this purchase order over into fiscal year 2015.  However, your fiscal year 2015 account will be charged for goods and services received in fiscal year 2015.  

6.  How and when should I let Financial Affairs know if a purchase order needs to be charged for goods and services received prior to July 31, 2014?  I won’t receive the invoice prior to July 31, 2014.  As soon as you know that you have received goods or services for this fiscal year but will not be able to pay the vendoron/before July 31, 2014, please e-mail finaff@loyno.edu.  We request notifications be received July 28, 2014.  However, if you find out after this date, please let us know.

7.  I have travel expenses that were turned in to the department in August for travel performed in July 2014.  What should I do?  Please e-mail finaff@loyno.edu or call X3144 for assistance with this matter as soon as you receive the travel expenses.  Your fiscal year 2014 account will be charged.  This applies to check requests, wire transfers, credit cards, and purchase orders.  It is imperative that the August credit card statements be submitted ASAP upon receipt from the Whitney Bank.    

8.  What if I have to pay for something now that I won’t receive until after August 1, 2014?  Your account will be charged in fiscal year 2015.

9.  Can I pay for goods and services now that will not be received until after August 1, 2014?  Yes, but your account will be charged in fiscal year 2015.

10.  What happens if I have to pay for a contract that spans two fiscal years?  (For example, the contract costs $12,000 and is for services from January 2014 through December 2014.)  Your account will be charged $7,000 in fiscal year 2014 and $5,000 in fiscal year 2015.  Calculation: January-July (7 months x $1,000/per month) / August-December (5 months x $1,000/per month)

11.  What if I forget to notify Financial Affairs of an invoice that should have been paid in FY2014?  Your 2015 fiscal year account will be charged and your Vice President/Dean will be notified.

Please be sure to review your F21 screens to monitor open PO’s on a regular basis.  


Year End Submission Deadlines


The fiscal year will end on Thursday, July 31, 2014.  Bookstore charges, Twomey Center orders, check requests, accounts payable invoices, budget transfers, and food service orders to be charged to fiscal year 13-14 will be accepted until July 23, 2014. Copicard charges and petty cash reimbursements will also be accepted at the Bursar's Office until 3:00 p.m. on July 23, 2014.  The deadline for purchase order requisitions is July 11, 2014.

All orders to be charged to the 14-15 budget must be dated no earlier than August 1, 2014. Please do not submit 14-15 budget transfers or check requests to the Financial Affairs Office until Wednesday, July 30, 2014.

Your cooperation is appreciated.

Note:  Please contact the Purchasing Department if an order must be placed after July 11, 2014.