Office of Business Affairs
Fiscal Year Close Out Procedures - 2001/2002
Payment of Invoices
All payments for goods and services received during fiscal year 2001/2002 should be paid by July 31, 2002. An extra effort should be made to insure that these invoices are forwarded quickly to the Office of Business Affairs so payment can be made prior to the end of July.
Budget Transfers
Budget transfers within a department must be submitted by May 15, 2002 to the Budget Office, Att: Kim Drake.
Budget transfers between departments ended March 1, 2002.
Interdepartmental Purchase Orders
Copier, telephone, and postage charged to your 2001/02 budget will be final paid after the May 30, 2002 billing. All other IDPOs for 2001/02 will be active through June 28, 2002. Any charges after June 20, 2002, will be applied to next year's accounts using 2002/03 IDPOs with the exception of copier, telephone and postage charges. Copier, telephone and postage charges for June 2002 will be paid out of the 2002/03 budget.
The Bookstore will be closed June 26-28 for inventory. Interdepartmental purchases will not be available during this time.
IDPOs for 2002/03 may be entered in the IFAS system as soon as budgets are available, which is expected to be July 1, 2002.
Blanket Purchase Orders
Blanket purchase orders may be used through June 28, 2002. Goods must be received on campus by this date or the blanket PO cannot be used, and the transaction will be charged against 2002/03 funds. Purchase orders for 2002/03 may be entered in the IFAS system as soon as budgets are available, which is expected to be July 1, 2002.
Small Item Purchasing System
For those departments that use the Small Item Purchasing system, these purchases should follow the same guidelines as blanket orders. Goods must be received on campus by June 28, 2002, or the Small Item Purchasing system for 2001/02 cannot be used and the transactions will be charged against 2002/03 funds.
Back to TopVisa Purchasing Card
For those individuals who use the Visa Purchasing Card, purchases made after June 28, 2002, will be charged to next year's budget. It will be important to encumber funds on July 1, 2002, or before the card is used in fiscal year 2002/03.
Back to TopOutstanding Purchase Orders
Outstanding purchase orders should be reviewed on a monthly basis. However, due to the year end, particular attention should be given to any outstanding balances. Requests to cancel outstanding encumbrances should be submitted to the Purchasing Department by July 19, 2002. These are P.O.s that have all merchandise or services received and final payments have been made.
Back to TopPurchase 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 13, 2002.
Request for equipment or supplies in excess of $7,500, but not more than $25,000, must be purchased by sealed bid or through state contract. 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 22, 2002. Items under state contract must be entered into the Purchasing System and approved by the account sponsor by June 12, 2002.
Requests for equipment of supplies in excess of $2,500, but not more than $7,500, must be processed by competitive shopping. Requests that fall within this category, and charged to fiscal year 2001/02, must be approved by the account sponsor by June 21, 2001.
Purchase requests for less than $2,500 to be charged to fiscal year 2001/02 must be approved by the account sponsor by June 27, 2002.
Back to TopPayroll
The biweekly payroll for the period June 9, 2002, through June 22, 2002, will be the last one charged to your FY02 account.
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