Year End Closing Procedures and Deadlines

In order to close out the current fiscal year in an orderly fashion, your cooperation in observing the following guidelines for processing financial transactions is requested:

MAY

Please review the status of all open purchase orders on your May budget reports. If the status of the order is incorrect, then notify the assigned buyer in Purchasing. Your cooperation is required to ensure the accuracy of encumbrances for year end.

JUNE

Requisitions for expenditures to be charged to the 2007-08 budget should be received by the Department of Purchasing no later than Friday, June 20, 2008. If a competitive bid is required, the requisition must be received by Monday, June 9, 2008.

Personnel Action Forms to reallocate salaries for the 2007-08 fiscal year must be received in Human Resources by Tuesday, June 17, 2008.

JULY

Purchase orders for the new fiscal year cannot be processed until the new budget is allocated to your account. However, purchase orders for items with long lead-time and high dollar value can be processed by contacting Andy Roth or Denise Cool in the Department of Purchasing.

Preliminary June departmental statements will be available to be printed on Wednesday, July 9, 2008.

Invoices held by departments for goods and services received in 2008 along with Travel Expense Reports for travel in 2007-08 must be received in Accounts Payable no later than Friday, July 11, 2008 to be properly charged to the fiscal year 2008 budget.

The University’s deficit account policy requires that June 30 deficits must be satisfied by a budget transfer or an expense recharge. Expense recharge requests must be received in the Controller’s Office by Tuesday, July 22, 2008. Budget transfers must be received in the Budget Office by Thursday, July 31, 2008.

AUGUST

Final June departmental statements will be available to be printed on Monday, August 4, 2008.

July departmental statements will be available to be printed on Friday, August 8, 2008.