{"675137":{"#nid":"675137","#data":{"type":"news","title":"Office of the Controller Shares Final Closeout Deadlines for Fiscal Year 2024","body":[{"value":"\u003Cdiv\u003E\u003Cp\u003EAs we approach the end of FY 2024, it\u2019s crucial to adhere to the year-end deadlines located \u003Ca href=\u0022https:\/\/controller.gatech.edu\/sites\/default\/files\/2024-03\/FY24%20Closeout%20Memorandum_3.14.24.pdf\u0022 rel=\u0022noreferrer noopener\u0022 target=\u0022_blank\u0022\u003Ehere\u003C\/a\u003E for a successful and timely closeout. All Georgia Tech units must comply to ensure an orderly closeout of financial records and the timely submission of the Annual Financial Report (AFR) to the University System of Georgia (USG) Board of Regents and the Georgia Department of Audits and Accounts (DOAA).\u0026nbsp;\u003C\/p\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cp\u003EInstitute Controller Amy Herron emphasizes the importance of these deadlines, stating,\u0026nbsp;\u003Cbr\u003E\u201cMeeting deadlines is not just a requirement, it\u2019s a commitment we make to maintain the integrity of our financial system. It ensures accuracy, promotes efficiency, and upholds our reputation. Every transaction that is recorded correctly and on time contributes to the overall success of Georgia Tech.\u201d\u003C\/p\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cp\u003E\u003Cstrong\u003EMissing deadlines can have several consequences:\u003C\/strong\u003E\u0026nbsp;\u003C\/p\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Col\u003E\u003Cli\u003E\u003Cstrong\u003EDelayed Financial Reporting:\u003C\/strong\u003E\u202fThe AFR may not be submitted on time to the USG Board of Regents and the Georgia DOAA. This could lead to compliance issues.\u0026nbsp;\u003C\/li\u003E\u003C\/ol\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Col start=\u00222\u0022\u003E\u003Cli\u003E\u003Cp lang=\u0022EN-US\u0022\u003E\u003Cstrong\u003EInaccurate Financial Records:\u003C\/strong\u003E\u202fIf transactions are not recorded in the correct fiscal year, it can result in inaccurate financial records. This can affect budgeting, planning, and decision-making processes.\u0026nbsp;\u003C\/p\u003E\u003C\/li\u003E\u003C\/ol\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Col start=\u00223\u0022\u003E\u003Cli\u003E\u003Cstrong\u003EOperational Disruptions:\u003C\/strong\u003E\u202fDelays in the closing of the fiscal year can disrupt regular operations, as resources may need to be redirected to address the issues caused by the delay.\u0026nbsp;\u003C\/li\u003E\u003C\/ol\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Col start=\u00224\u0022\u003E\u003Cli\u003E\u003Cstrong\u003EReputation Risk:\u003C\/strong\u003E\u202fConsistent failure to meet these deadlines could harm Georgia Tech\u2019s reputation for financial responsibility and management.\u003C\/li\u003E\u003C\/ol\u003E\u003Cp\u003EThese deadlines apply to all funding sources within Georgia Tech. Please ensure a designated person in each unit is available during the closeout period to address any issues.\u0026nbsp;\u003C\/p\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cp\u003EFor additional information, please reach out to the respective business office department indicated in the \u003Ca href=\u0022https:\/\/controller.gatech.edu\/sites\/default\/files\/2024-06\/FY24%20Closeout%20Memorandum_Final_06.12.24.pdf\u0022 rel=\u0022noreferrer noopener\u0022 target=\u0022_blank\u0022\u003Ememorandum\u003C\/a\u003E. \u0026nbsp;\u003C\/p\u003E\u003C\/div\u003E","summary":"","format":"limited_html"}],"field_subtitle":"","field_summary":[{"value":"\u003Cp\u003EThe Office of the Controller announces final closeout deadlines for Fiscal Year 2024, and stresses the importance of adherence to these deadlines.\u003C\/p\u003E","format":"limited_html"}],"field_summary_sentence":[{"value":"The Office of the Controller at Georgia Tech emphasizes the importance of adhering to year-end deadlines for FY 2024."}],"uid":"36461","created_gmt":"2024-06-18 12:39:35","changed_gmt":"2024-06-18 14:31:29","author":"imaul3","boilerplate_text":"","field_publication":"","field_article_url":"","dateline":{"date":"2024-06-18T00:00:00-04:00","iso_date":"2024-06-18T00:00:00-04:00","tz":"America\/New_York"},"extras":[],"hg_media":{"674188":{"id":"674188","type":"image","title":"GettyImages-1016902478.jpg","body":null,"created":"1718403164","gmt_created":"2024-06-14 22:12:44","changed":"1718403164","gmt_changed":"2024-06-14 22:12:44","alt":"Photo of hourglass, calendar and calculator.","file":{"fid":"257669","name":"GettyImages-1016902478.jpg","image_path":"\/sites\/default\/files\/2024\/06\/14\/GettyImages-1016902478.jpg","image_full_path":"http:\/\/hg.gatech.edu\/\/sites\/default\/files\/2024\/06\/14\/GettyImages-1016902478.jpg","mime":"image\/jpeg","size":13524920,"path_740":"http:\/\/hg.gatech.edu\/sites\/default\/files\/styles\/740xx_scale\/public\/2024\/06\/14\/GettyImages-1016902478.jpg?itok=qVbA_e5C"}}},"media_ids":["674188"],"groups":[{"id":"220261","name":"Finance and Planning"}],"categories":[],"keywords":[],"core_research_areas":[],"news_room_topics":[],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cp\u003E\u003Cstrong\u003EIndia Maul\u003C\/strong\u003E\u003C\/p\u003E\u003Cp\u003ECommunications Program Manager | Institute Communications\u003Cbr\u003EGeorgia Institute of Technology\u003Cbr\u003Eindia.maul@gatech.edu | comm.gatech.edu | gatech.edu\u003C\/p\u003E","format":"limited_html"}],"email":["india.maul@gatech.edu"],"slides":[],"orientation":[],"userdata":""}}}