As fiscal year-end approaches, this Bulletin highlights important reminders to help units successfully close FY25 and start FY26. To ensure proper financial reporting, please make sure that all cash receipts, departmental deposits, and any other payments received during FY25 are properly deposited by June 30.
- Submit deposits to Bursar Cashier Operations by 2:00 p.m. on Monday, June 30, to ensure all money received in FY25 is accurately recorded in FY25. Please note for Springfield Cash Handling Units: Deposits submitted between Tuesday, June 24, and Monday, June 30, may be recorded as deposits-in-transit due to courier processing times.
Please contact University Bursar Cashier’s Office to confirm processing hours during the last week of June.
- When making a deposit, it is very important to enter the following information on your applicable department deposit form:
- The date the funds were physically received needs to be recorded in the “Date Payment(s) Funds Received by Unit” field. This is critical for deposits submitted at the beginning of the new fiscal year to ensure funds are accurately reported in the fiscal year they are received.
For example, if a check was physically received in the mail on June 30, then you would enter 6/30/25 in that field.
- The "Earliest Start Date" and "Latest End Date" fields should reflect the date range of the period covered by the payment. This will help ensure that the revenue resulting from the deposit is properly classified for accrual and deferral cutoff reporting.
-If the period covered by the payment is only one day, enter the same date into both the “Earliest Start Date” and “Latest End Date” fields.
-If multiple payments are being deposited on one form, find: (1) the payment with the earliest start date, and (2) the payment with the latest end date. Enter those two dates into the “Earliest Start Date” and “Latest End Date” fields.
- If you receive payments on or before June 30 but fail to meet the aforementioned deadline, please advise Bursar Cashier Operations. UAFR will need to record a deposit-in-transit entry in Banner to account for these situations. Therefore, it is very important that the aforementioned fields on the applicable department deposit form are accurately completed.
- Department Deposit Form: Please use the online Department Deposit Form, last revised 5/2024. If you have a prior version saved on your desktop, please download and save the version with a Revised 5/2024 date in the lower left corner. Please see the Cashing Handling Forms page for more information.
- The Department Deposit Form contains interactive fields and must be downloaded for offline use with Adobe Reader/Acrobat. Apple device users should install Adobe Reader for Mac OS and then download the form.
In addition to these points, please see the Fiscal-Year-End Closing and Opening Procedures section of the Business & Finance website for more detailed information on FY25 closing and FY26 opening procedures.
Contact
For further assistance, please contact the appropriate University Bursar Cashier Office for your location:
Urbana-Champaign: BursarCashiersUIUC@uillinois.edu or 217-333-4870
Chicago: BursarCashiersUIC@uillinois.edu or 312-996-7094
Springfield: BursarCashiersUIUC@uillinois.edu or 217-333-4870
