Even though the fiscal year ends May 31, it is strongly urged that all expense transactions be submitted by early May, with the exceptions noted below. In order for departments to take full advantage of their current year resources, transactions should be well into the process by May 1. These include equipment, supplies and other purchases of a material nature.
Following are the procedures for year-end transactions and closing.
All pay incurred for work through the last pay period ending date in May will be expensed to the current fiscal year. This includes pay for any hours worked in the month of May which are paid in June.
Service department charges (such as duplication, instructional media, bookstore, postage, warehouse supplies and others) are expensed to the fiscal year in which the charge is incurred. (A cost or charge incurred in May, for example, is charged to the current fiscal year.)
All service departments have been instructed to transmit May charges to the Business Office by the end of the first week in June.
All monies received by departments must be deposited with the cashier in the Business Office by 4:30 p.m. on the last working day of May.
Offices that do their own billing for services rendered to outside organizations (such offices include, for example, Laurie Auditorium, University Communications, Conferences and Special Programs) must submit to the Controller a detailed listing of their accounts receivable as of the end of the fiscal year. This is to ensure that all revenues are recognized in the appropriate fiscal year.
Departments having petty cash funds should reconcile those funds on the last working day in May.
Departments must have their funds replenished as of the last working day in May. Department purchase orders for reimbursement must be submitted prior to the end of May.
Reimbursements for travel ending on or before May 31 are due in the Business Office at the end of the second workday of June.
Travel beginning in the current fiscal year but ending in the next fiscal year will be expensed as new year business. (For example, if a trip begins May 25 but ends June 5, the expense will be charged to the new fiscal year.)
All invoices dated on or before May 31, should be submitted on a DPO, approved and delivered to the Business Office at the end of the second workday of June.
DPOs for capital equipment purchases will be accepted up to mid-May and charged to the current fiscal year. Orders received after mid-May will be held and processed for the beginning of the new fiscal year (June 1).
Appropriate approval for certain equipment purchases must first be obtained. Please refer to the chapter on Equipment Purchases and Sales for criteria and definitions.
Non-Equipment (More than $1,000)
Department purchases exceeding $1,000 in total must be processed by mid-May. (This excludes DPOs for services, such as architects, printing services, or contractors). Those received subsequent to mid-May will be charged to the new fiscal year.
Non-Equipment (Less than $1,000)
DPOs for less than $1,000 in total may be processed through the Purchasing Office, bus must adhere to the mid-May deadline. Those received after mid-May will be charged to the new fiscal year.
"Check-with-Order: requests will be charged to the fiscal year that is clearly indicated. For example, subscriptions for next year will be charged to new fiscal year, and publication requests will be charged to the current fiscal year.
Even though DEPARTMENT PURCHASE ORDER deadlines will be met, some goods or invoices may not be received by the end of the fiscal year. In these cases, the items will be expensed in the current fiscal year. Any exceptions to these deadlines must be approved by the Controller. Approval for exceptions should be obtained prior to submitting the request to the Business Office.
At the end of the fiscal year the designation "Budget Year" on all forms becomes very important. Transactions are processed according to the budget year noted on the form. If it is necessary to process a DPO in the current fiscal year that will be charged to the next fiscal year, a clear notation should be made on the form. Each prepaid expense request will be reviewed by the Controller to insure that the item is charged to the proper year. Questions pertaining to which year the item will be charged should be directed to the Controller.