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Fiscal Year Close Out Procedures - 2007/2008

Payment of Invoices

All invoices for goods and services received during fiscal year 2007/08 should be paid by July 31, 2007.  Please make an extra effort to ensure that these invoices are forwarded quickly to the Office of Business Affairs for processing prior to the end of July.

Budget Transfers

Budget transfers between 02 accounts end Monday, March 31, 2008.  Budget transfers within an 02 account must be submitted by May 12, and transfers within 03 & 05 accounts must be submitted by June 13, 2008, to the Budget Office, Attention: Christy Landsaw.

Interdepartmental Purchase Orders

Copier, telephone, and postage charged to your 2007/08 budget will be final paid after the May 31, 2008 billing.  Copier, telephone and postage charges for June 2008 will be paid out of the 2008/09 budget. 

All other IDPO’s for 2007/08 will be active through June 18, 2008.  Any charges after June 18 will be applied to next year’s accounts using 2008/09 IDPO’s.

IDPO’s for 2008/09 with the exception of copier, telephone, and postage charges may be entered in the accounting system as soon as budgets are available, which is expected to be July 01, 2008.  Copier, telephone and postage IDPO’s will be entered by Business Affairs for the departments.

Blanket Purchase Orders

Blanket purchase orders may be used through June 30, 2008.  Goods must be received on campus by this date or the blanket PO cannot be used and the transaction will be charged against 2008/09 funds.  Purchase requisitions for 2008/09 may be entered in the accounting system as soon as budgets are available, which is expected to be July 01, 2008.

MasterCard Purchasing Card

MasterCard Purchasing Card transactions made after June 30 will be charged to next year’s budget.  It will be important to encumber funds on July 01, or before the card is used in fiscal year 2008/09.

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Outstanding Purchase Orders

Outstanding purchase orders should be reviewed on a monthly basis.  However, at year end particular attention should be given to any outstanding balances.  Purchase Orders for which all merchandise or services have been received and final payments have been made should be cancelled.  Requests to cancel outstanding encumbrances should be submitted to the Purchasing Department by July 16, 2008. 

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Purchase Requisitions

Purchase requests for equipment or supplies in excess of $25,000 must have the prior approval of the Board of Regents.  These items must be entered in to the Purchasing System and approved by the account sponsor by May 16 to utilize 2007/08 funds.

Requests for equipment or supplies in excess of $2,500, but not more than $25,000, must be purchased by competitive shopping or through state contract.  Competitive shopping for items costing between $2,500 and $7,500 may be done by the department.  If purchasing items over $7,500, please contact the Purchasing Office for competitive shopping.  Items that are to be bid and funded by this year’s money must be entered into the Purchasing System and approved by the account sponsor by May 27, 2008.  Items under state contract must be entered into the Purchasing System and approved by the account sponsor by June 17, 2008. 

Purchase requests for less than $2,500 to be charged to fiscal year 2007/08 must be approved by the account sponsor by June 24, 2008.

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Payroll

The biweekly payroll for the period June 1 through June 14, 2008, will be posted to your account on June 25, 2008.  This will be the last biweekly payroll charged to your FY08 account.

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