Year-End Information

Accounts Receivables are amounts due to the University from non-University sources as of June 30, 2021. These receivables must be recorded on the University Financial Statements. Amounts due from other units within the University are not reported in the financial statements.

Any account with a balance must submit Schedules, YEDI, and/or DI, regardless of the threshold. The threshold for accounts receivable is $100,000. If the balance is under the threshold and no Schedules are submitted, the balance must be zeroed out. (No revenue will be recognized).

Inventories to be reported in the University financial statements include:

• Merchandise for resale
• New material or component parts used in manufacturing or assembly of items for resale
• Work in process, construction, or assembly, consisting of direct materials and labor costs, waiting for completion and sale (does not include sponsored projects)

Capital equipment items, which are identified with the University A-Tag or N-Tag, should not be included in these inventories.

Any account with a balance must submit Schedules, YEDI, and/or DI, regardless of the threshold. The threshold for inventories is $50,000. If the balance is under the threshold and no Schedules are submitted, the balance must be zeroed out. (No revenue will be recognized).

Unearned Revenue are defined as cash received on or before June 30, 2021 but not yet earned as revenue. This means that the cash received is pre-payment for services to be performed by the University on or after July 1, 2021.

Deposits are defined as cash collected from a customer on or before June 30, 2021 that is expected to be returned or recognized as revenue on or after July 1, 2021.

Prepaid Expenses are defined as amounts paid on or before June 30, 2021 for services to be provided to the University in the next fiscal year. These expenses must be recorded on the University financial statements as prepaid expense.

Any account with a balance must submit Schedules, YEDI, and/or DI, regardless of the threshold. The threshold for prepaid expenses is $50,000. If the balance is under the threshold and no Schedules are submitted, the balance must be zeroed out. (No expense will be recognized).

Accrued Expenses are defined as expenses incurred for goods or services on or before June 30, 2021 for goods or services that are paid on or after July 1, 2021. These accrued expenses must be recorded on the University financial statements as an expense in the current fiscal year.

Any account with a balance must submit Schedules, YEDI, and/or DI, regardless of the threshold. The threshold for accrued expenses is $50,000. If the balance is under the threshold and no Schedules are submitted, the balance must be zeroed out. (No expense will be recognized).