Office of Financial Management Services
          FMS Newsletter

2010–2011 Year End Closing

YEC Newsletter Content

Year-End Closing Overview: Important facts about year-end closing.

Year-End Closing Schedule: Print off a copy of the year-end closing schedule and keep important dates close at hand.

Year-End Production Reports: Available reports during the year-end closing process.

CAMS Closing: Year-end closing notes for Capital Asset Management.

Contract and Grant Closing: Year-end closing information for Contract and Grant accounts.

Auxiliary Accounting: Year-end closing information for Auxiliary and Service accounts.

Accounts Receivable: Changes with Write-Off Receivables and other Accounts Receivable news.

Accounts Payable: Year-end closing information for Accounts Payable.

FIS/TP Documents: A number of documents are designed specifically for processing financial transactions after June 30.

Clearing Accounts: Emerging policy on the use of clearing accounts.

IU Foundation Accounts: Fiscal year-end deadline information.
FMS Leadership Change

After a brilliant 27-year career, Kathleen McNeely accepted the position of Vice President and Chief Financial Officer for the NCAA. Her last day at IU was April 29th. After extensive talks, President Michael McRobbie and VPCFO Neil Theobald agreed that the skill level in VPCFO is so strong that IU is best served by expanding the roles of two talented current leaders, Joan Hagen and MaryFrances McCourt. In addition to the elimination of one position, this approach will continue an evolutionary melding of the two vice president portfolios.

In addition to her current responsibilities, MaryFrances McCourt, University Treasurer, now leads the Office of the Treasurer and also is responsible for these areas which were formerly part of FMS:
  • Accounts Receivable
  • Auxiliary Accounting and Consulting
  • Capital Asset Management System
  • Student Loan Administration
She has also taken on the responsibility of:
  • Bloomington Bursar
  • Risk Management
In addition to her current responsibilities, Joan Hagen, Associate Vice President & University Controller, now leads the Office of the Controller, comprised of the University Budget Office and these areas of FMS:
  • Account Management
  • Accounts Payable
  • Cash Control
  • Cost Compliance
  • Financial Reporting
  • General Ledger and Operations
  • Payroll, Customer Service, and Training
  • Tax Reporting
Bringing disparate excellence to these responsibilities, McCourt and Hagen will serve IU very well in an era in which universities will be expected to change and evolve continuously. IU is better served by a work force with experience in looking at issues from a variety of perspectives.

At a glance . . .

With this issue of the FMS Newsletter, we hope to provide our readers with information that will be helpful throughout the year-end closing process.

Specific items that you should be aware of are discussed in the Year-End Closing Newsletter Overview.

Included in this newsletter is a Year-End Closing Schedule. You may want to print out a copy so you can access it more easily.

You can access and download a number of current FIS Support Documents in PDF format.

Financial/FIS Training
For information on Financial/FIS training, or to view class schedules, go to the FMS Training page.

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