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Fiscal Year-End Policy

FISCAL YEAR-END POLICY:  Ensuring expense transactions are applied to the correct fiscal year

 

To ensure that all fiscal year purchases and charges are properly recorded, all purchases of goods and/or services must be received and/or performed and invoiced on or before June 30.  In order to accomplish this goal, all requests that will use budgeted funds must be approved through the designated Cabinet Member and received in the appropriate office in a timeframe that will enable this to be achieved.  This procedure will also assist the University in the closing of the fiscal year in a timely and orderly manner.

For proper accounting, expenses and charges should be recorded in the proper fiscal year.  For example, expenses occurring in fiscal year 2016-2017 must be posted in fiscal year ending June 30, 2017.  Charges for goods and services received or performed after June 30, will be charged in the new fiscal year beginning July 1.  Purchase requests must be submitted and approved in sufficient time to be recorded correctly. 

No budget amendments will be approved for additional funds to pay for prior year charges posted in the following year.

Budget Managers and Division Leaders should review budget reports carefully to ensure budgetary funds are available for necessary expenses through end of the fiscal year.