FISCAL YEAR CLOSE

The College Fiscal Year begins on June 1st and ends on May 31st of each year. 

BUDGET REVIEW

Please make sure to review your budgets frequently to catch any posted items that are incorrect or need to be adjusted.  You will need to have these items identified and corrected prior to 5/31/08.

PURCHASE OF GOODS OR SERVICES

In order for purchases (including Procurement Card purchases) to be charged to FY08, the items must have been received on campus on or before 5/31/08.

In order for services to be charged to FY08, the service must have been rendered on or before 5/31/08.

All goods received or services rendered after 5/31/08 will automatically be charged to FY09.  This is an accounting and audit requirement.

DISBURSEMENTS DEADLINES

Please be advised that check requests, travel reimbursements, payment for services to independent contractors, and vendor invoices pertaining to FY08 will be accepted for processing at the Disbursements Office (located at 5000 York Road) until 5 p.m. on Thursday, June 5th.

For those of you with Procurement Cards, be advised that your May purchases will be charged to your default budget number unless you have updated the Wright Express Pcard website on or before June 5th at 5 p.m. All May purchases that meet the criteria below will be charged to FY08. To ensure that the purchases made with the Procurement card post to the May, 2008 statement, the purchases should be made no later than 5/20/08.

We will process expenditures to FY08 only if services were performed on or before 5/31/08 or goods were received on campus on or before 5/31/08. All other expenses will automatically be charged to FY09.

This deadline is for Disbursements processing only, and does not pertain to Payroll, Student Admin Services (advances and reimbursements) or any other departmental deadlines.