Johns Hopkins University Finance Monthly Newsletter
June 2024 | Volume 15 Issue 6
inside this issue:
FY24 Closing Calendar
View the FY24 Closing Information and Cut-Off Dates
Fiscal Year End Payroll Cost Transfers and Control Salary
Accounts Receivable Shared Services – Year End Department Billing Notification
Please review your accounts to see if any customer should be billed in FY2024.
2024 Fringe Rates
Coming Soon: New Award Change Form
Finance News
FY24 Closing Calendar
JHU Period 12 closes on Monday, July 8th at 5 PM
JHU Period 13 is a cleanup period that will open 2PM Monday, July 8th and closes Friday, July 12th at 5PM. This period will give JHU departments and divisions additional time to review their information, reports and make corrections in FY24. This will be the final period for processing Sponsored activity.
JHU Period 14 will open 5pm Friday, July 12th for the Special Authorization Group and closes Friday, July 26th 5PM. Divisions will be closing their general and designated accounts during this period. Sponsored activity will NOT be allowed during this period.
JHU Period 15 will open 5PM Friday, July 26th for the Central Finance Office only (Sponsored activity will not be allowed during this period).
Important notes:
- CO and FM reports in Analysis will update on a standard schedule, however users have the option to run CO reports in real time by selecting to do so when executing their reports.
- Control Salary accounts need to be reviewed and corrected on E-forms by Friday, June 21st for FY24.
- Sponsored activity is not allowed after Period 13. JHHS transactions must be completed in Period 12.
- Non-Sponsored Master Data requests for FY24 are due by Thursday, June 27th.
- Final special Non-Sponsored Intercompany KB15N Transfers for settlements between JHHS Affiliates and JHU can be made for a few days after Period 12 closes but entries must be approved by the JHHS Controller’s Office.
To view more of the FY24 Year-End Information please use the following links:
Fiscal Year-End Payroll Cost Transfers and Control Salary
As the fiscal year end approaches, it is important to review departmental Payroll Default Cost Center(s) to ensure that any payroll costs charged are re-assigned to the proper cost object and valid funding source.
- Identify Payroll Default Cost Center number(s);
- Run the relevant BW reports to identify salaries that have been charged to the Cost Centers.
- Make the proper adjustments in SAP ECC system, using the E-Form transaction.
Corrections to labor distribution are posted to Finance in the current period that payroll runs. It’s important that all distribution corrections take place prior to the last semimonthly payroll for the fiscal year. The cut-off for Financial Research Compliance to approve E-Forms to be reflected in FY24 will be June 21, 2024; 5:00 p.m.
Payroll cost transfers approved after June 21, will be reflected in fiscal year 2025. For E-form questions, please contact Financial Research Compliance at [email protected].
Payroll Shared Services is responsible for clearing any salary related postings to the 98 cost center. If you have any questions regarding the 98 cost center please contact payroll at [email protected].
Accounts Receivable Shared Services – Year End Department Billing Notification
Prior to year-end closing activities, please review your accounts to see if any customer should be billed. Please submit FY2024 parked billing documents along with the appropriate back-up documentation to Accounts Receivable Shared Services Billings Department prior to June deadline.
If you have questions or need assistance please contact the Billings department at [email protected].
2024 Fringe Rates
Fringe benefits (FB) are employee associated costs such as health plan expenses, pension plan expenses and workman’s compensation expenses, among others. These costs are expressed as a rate by employee class. The rate is the pooled costs of these benefits divided by the total salaries in each employee class. These rates are then applied to the applicable employee salary to represent the associated benefits for that type of employee.
Our sponsors will reimburse us for fringe benefit costs, expressed as a percentage of total salaries, as salaries and fringe benefits can represent the largest component of cost on a given project.
Link to Fringe Benefit Rates: https://ca.finance.jhu.edu/fringe-benefit-rates
Link to Rate Agreement: https://ca.finance.jhu.edu/fringe-rate-agreements If you have any questions, please contact the Office of Cost Analysis.
Coming Soon: New Award Change Form
Get ready for a new Award Change form, set to come in early July! More details to come soon.
University Calendar
Communication to JHU Users – Cut-Off Calendar
Key JHU Closing Dates: Please refer to the Online University Finance Calendar for all pertinent communication including University Key Dates.
University Events
University Office of Finance Just Honoring U Employee Recognition Program
The Johns Hopkins University Finance Employee Recognition Program is designed to acknowledge the efforts and contributions of University Finance staff. This program will recognize those employees who have performed above and beyond normal expectations, often defined as “Going the Extra Mile”.
Awards will be made semi-annually. All employees within University Finance are eligible to be nominated and these nominations can come from anyone from the Hopkins community not including the employee’s direct supervisor. While an employee may be nominated each semi-annual period, that employee may only be eligible to win the premium award once per fiscal year.
Recognition of recipients will be done semi-annually at an award ceremony, generally in the months of June and December (submission deadlines are May 1st and November 1st). All recipients, their immediate supervisor, all Finance Directors and the selection committee will be invited to the award presentation and each recipient will be presented with a Certificate of Recognition and a small gift. Additionally, a copy of the written nomination form and Certificate of Recognition will be placed in the employee’s personal file.
Download the nomination form at Just Honoring U Nomination Form. Once you have completed the form, click the “Submit” button at the bottom of the form and follow the directions to email the completed form. You must complete the entire form for it to be considered.
If you have any questions or are unable to access the form, please email [email protected].
Holiday Calendar
The updated holiday calendar for JHU is for 2024. Please note, that the University holiday calendar will now cover three years at a time.
The upcoming 2022-2024 calendar can be seen here.
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