Tech's Audited Financial Statements Finalized and Issued

Georgia Tech's audited financial statements for the fiscal year ending June 30, 2024, have been finalized and issued. We are thrilled to report that the Institute received a clean audit, reflecting our strong financial practices and commitment to accuracy. 

You can review the full audited financial statements in the latest Annual Financial Report.

Financial reports dating back to 2003 are also available to view on the Finance and Planning website. 

Expense Report Processes Now in Effect

Two important updates have been implemented this year to streamline expense report processes while ensuring compliance with institutional policies and those established by the state of Georgia, the University System of Georgia (USG), and the Internal Revenue Service (IRS). As of Jan. 1, these changes affect how expense reports are processed at Georgia Tech.  

Managing Lapsing Funds for Prior Year Purchase Orders 

Campus departments should be aware that money that is not spent or obligated on prior year purchase orders (Budget Reference 2024 and earlier) on fund types subject to lapse, will be returned to the state of Georgia. 

The Notorious EBG Workbook Available to Campus 

The highly anticipated Notorious EBG (Everything But Grants) workbook has been released to campus by the Institute Finance Support Team. This workbook, available in Workday Drive, is designed for all Workday users managing non-sponsored funding sources.

The workbook allows users to aggregate budgets, actuals, projected budgets, and projected expenses for all non-sponsored worktags. It captures budget and expense projections, including personal services for newly-hired employees, and summarizes expenses for each fund type by spend category. 

In addition to the workbook, the Institute Finance Support Team will host virtual office hours and lunch and learn sessions in the Workday Financials Group in Teams through February to provide additional details, answer any questions, and get feedback from users.  

These sessions will be held every Wednesday from 12 to 1 p.m., from Jan. 22 to Feb. 26. Employees can join the Workday Financials User Group by requesting access here.  

Additional information, including how to access the workbook, is now available in ServiceNow. 

Ensuring Correct Spend Categories for Equipment Purchases

Property Control has introduced a new Workday report called "Find POs Needing an Asset Spend Category by Organization – CR." This report helps identify equipment purchases made with incorrect spend categories, ensuring that unrecorded assets are properly registered. 

Equipment costing $3,000 or more should always be classified as an asset. 

Requisitions with asset spend categories will be routed to Property Control for asset registration. If the wrong category is selected, the requisition won't be routed, and the asset won't be created. To prevent errors, Property Control is adding alerts and instructional text in Workday.  

As of Dec. 2024, if a requisition exceeds $3,000 and doesn't use an asset spend category, an alert will prompt the initiator to review. 

Final Deadline for FY25 PDC Project Funding Requests  

Friday, Feb. 14, is the final day to submit new Project Request Forms for planning, design and construction (PDC) projects to be funded with FY25 funds, including furniture requests. 

FY25 projects will be prioritized over those received after this date, with no guarantee that funds can be encumbered by year-end deadlines for late submissions. 

If design is not completed by Feb. 14, only design funds can be encumbered. For construction projects, the design must also be completed by this deadline to encumber funds for construction. 

New project requests submitted after Feb. 14, will be prioritized for FY26. 

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