The Financial Reporting group is responsible for the accurate recording and timely reporting of the Institute's financial activity. In addition to preparing the Institute’s financial statements and overseeing all financial audits, the unit also ensures that all tax documents are filed with the State and Federal governments, and prepares responses to the many financial surveys received by the Institute. The group also encompasses all general accounting transactions, as well as plant fund, gift fund and endowment fund activity.
For support with finance related systems or questions:
| Month | Feeds Due to Finance | Labor Redistributions Completed | Closing Date (starts at 4pm) | Reports Available in OAS |
|---|---|---|---|---|
| June Prelim 2026 | 7/1/26 | 7/2/26 | Tuesday, 7/7/26 | Wednesday, 7/8/26 |
| June Final 2026 | N/A | 7/10/26 | Tuesday, 7/14/26 | Wednesday, 7/15/26 |
| July 2026 | 8/3/26 | 8/4/26 | Wednesday, 8/5/26 | Thursday, 8/6/26 |
| August 2026 | 9/1/26 | 9/2/26 | Thursday, 9/3/26 | Friday, 9/4/26 |
| September 2026 | 10/1/26 | 10/2/26 | Wednesday, 10/7/26 | Thursday, 10/8/26 |
| October 2026 | 11/2/26 | 11/3/26 | Wednesday, 11/4/26 | Thursday, 11/5/26 |
| November 2026 | 12/1/26 | 12/2/26 | Thursday, 12/3/26 | Friday, 12/4/26 |
| December 2026 | 1/5/27 | 1/6/27 | Monday, 1/11/27 | Tuesday, 1/12/26 |
| January 2027 | 2/1/27 | 2/2/27 | Wednesday, 2/3/327 | Thursday, 2/4/27 |
| February 2027 | 3/1/27 | 3/2/27 | Wednesday, 3/3/27 | Thursday, 3/4/27 |
| March 2027 | 4/1/27 | 4/2/27 | Tuesday, 4/6/27 | Wednesday, 4/7/27 |
| April 2027 | 5/3/27 | 5/4/27 | Wednesday, 5/5/27 | Thursday, 5/6/27 |
| May 2027 | 6/1/27 | 6/2/27 | Thursday, 6/3/27 | Friday, 6/2/27 |
| June Prelim 2027 | 7/1/27 | 7/2/27 | Wednesday, 7/7/27 | Thursday, 7/8/27 |
| June Final 2027 | N/A | 7/9/27 | Tuesday, 7/13/27 | Wednesday, 7/14/27 |
Year End Memo
See the link above for the detailed memo. Below is a snapshot of the Year-End Closing Timeline:
| Date | Action Required |
|---|---|
| Pre-Close | |
| 1-Apr-26 |
|
| 26-May-26 |
|
| 29-May-26 |
|
| |
| 18-Jun-26 |
|
| 29-Jun-26 |
|
| 1-Jul-26 |
|
| 2-Jul-26 |
|
| Preliminary Close | |
| 7-Jul-26 |
|
| 8-Jul-26 |
|
| Review Period | |
| 8-Jul-26 |
|
| July 8 - July 10, 2026 |
|
| 10-Jul-26 |
|
| Final Close | |
| 14-Jul-26 | Final close, preliminary financial results will be available in Banner after 6:00PM |
| 15-Jul-26 | Final fiscal year 2026 data available in Data Warehouse. |
| Mid-August | Restricted budgets rolled forward into fiscal year 2027. |
FOAPAL Change Management
See the FOAPAL Change Management Matrix for details on how to request new or changes to Funds, Orgs, Accounts or Program Codes. Some requests will be initiated in the Finance Support Ticketing System and others will be requested via Oscar workflow. The matrix will specify how to make the request and who is allowed to initiate requests.
This document also governs additions or changes to Ports, but those requests MUST be initiated by the Budget Office.
There is also a process document that outlines additional steps, actions, tickets that your Port/School/Dept may need to initiate for on Org or Fund change. That document can be found here.
Agency Fund Guidelines (and Student Club/Organization Fund Usage)
In certain instances, the Institute may act as a fiscal agent for outside agencies, professional organizations, and RPI sanctioned organizations or clubs. The below policy governs the establishment and use of agency funds maintained by the Financial Reporting group within the Controller’s Office.
The Rensselaer Union has oversight for Rensselaer Clubs & Organizations. See the Rensselaer Union Club Resources website for more information and resources related to Student Clubs and Organizations.
It is recommended that all clubs and organizations work with the Rensselaer Union. The Union staff work with the various clubs & organizations to ensure that they understand Institute policies & procedures related to finance functions, including budgeting, procuring goods, collecting dues, fundraising, utilizing/reserving space on campus, working with outside parties, collecting and depositing cash, etc.
There are 3 classifications for clubs, and the classification will help determine which types of funds the club/organization may hold:
- Union Recognized-Funded: any clubs or organizations approved to receive subsidy from the Rensselaer Union.
- These clubs will receive funding from the Union, put into an Unrestricted “3” account.
- These clubs could also have a gift fund, if they are receiving donations or gifts through a gift to the Institute, designated for the club’s specific educational or operational purpose. These would be facilitated through the Office of Institute Advancement.
- These clubs should NOT have an agency fund.
- These clubs should NOT have an external bank account or a separate Federal Employee Identification Number (FEIN).
- Union Recognized-Not Funded: may become a Union Recognized-Funded club or organization through approval for funding through the Club Operations Committee and the Executive Board.
- These clubs do not receive Union funding, so they will need an Agency “8” fund to conduct business.
- These clubs could also have a gift fund, if they are receiving donations or gifts through a gift to the Institute, designated for the club’s specific educational or operational purpose. These would be facilitated through the Office of Institute Advancement.
- These clubs should NOT have an external bank account or a separate Federal Employee Identification Number (FEIN).
- Union Affiliated: any other clubs that are not eligible for Union funding
- These clubs do not receive Union funding, so they may need an Agency “8” fund to conduct business.
- These clubs could also have a gift fund, if they are receiving donations or gifts through a gift to the Institute, designated for the club’s specific educational or operational purpose. These would be facilitated through the Office of Institute Advancement.
- These clubs may have a Designated Fund that has been established by the department that is sponsoring them, if that department is providing funding for the club/organization from their budgeted funds.
- These clubs should NOT have an external bank account, unless they are a chapter of a national organization and/or they have their own Federal Tax ID number. If that is the case, these clubs should NOT have an Agency fund.
For questions related to clubs/organizations and fund usage, please reach out to the Accounting Team through the Finance Zendesk Support Site.
Gift and Endowment Funds and Policies
- Gift Fund Hierarchy
- Restricted Gift Funds
- Administrative Surcharge Policy
- Endowment Policy
- Endowment Procedure
- Endowment Policy Glossary
Operating Funds and Change Funds (Cash Boxes)
Definitions:
Operating Fund - An Operating Fund is a petty cash fund, established and maintained within the department on an ongoing basis and is replenished as needed. These funds will be established via a check issued to the custodian. These funds will be established for specific offices, such as but not limited to, the Student Union, Athletics, Residence Life and EMPAC. The funds are used for such things as:
- paying small expenses relating to on-campus events (paying ball boys in Athletics, giving funds to RAs for dorm events, providing funds to student clubs/organizations as authorized)
- selling tickets to events
- selling merchandise
Change Fund - A Change Fund is a box where cash is available for people to “make change” during an event (Parent’s Weekend, etc.) These funds are signed out from the Cashier in the Bursar's Office at the start of an event and returned to the Bursar's Office the next business day after the conclusion of the event.
Based upon the specific needs of a group, organization or department, an Operating Fund or a Change Fund can be established/provided after approval by the Assistant Controller. See the below Procedures for requesting and handling Operating or Change Funds.
Operating Fund and Change Fund Procedures
FTR (Financial Transaction Request) Policy and Form Templates
- FTR Policy (pdf)
- FTR Form (pdf)
- FTR Form (xls)
- Presentation on usage of Accounts for FTRs