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Business Office

Policies

Fiscal Year-End Closing

All financial and accounting transactions must be recorded in the fiscal year in which they are made to properly report the College's financial position as of June 30.

Closing Dates and Procedures:

Closing dates and procedures indicated below should be carefully observed at fiscal year-end to insure proper handling and recording of transaction documents.  A detailed list of specific year-end cut-off dates is distributed by the Business Office in May.

  1. Expenditures:  If services are performed or an item is received by June 30, then the invoice will be charged to the fiscal year ended June 30 regardless of the invoice date or when the invoice is actually paid.
    • Purchase Orders: Any purchase orders currently encumbered but not received by June 30 will be reencumbered from the new fiscal year available funds.  If items for the next fiscal year need to be ordered prior to July 1, the purchase order requisition form must be clearly labeled "for delivery and billing after July 1". 
    • Current year funds may not be used to pay for expenditures relating to the new fiscal year, including but not limited to:
      • Subscriptions, memberships or maintenance agreements for time periods beginning after June 30.
      • Registration fees for conferences, seminars or other events beginning after June 30.
      • Airline tickets for travel that begins after June 30. 
  2. Travel Reimbursements:  The fiscal year associated with a travel reimbursement will be determined based on the return date of the trip.  Trips beginning on or before June 30 should be charged to the fiscal year ending.  Trips beginning after that date should be charged to the new fiscal year. 
  3. Travel/Athletic Advances:  All deposits and receipts reporting back on advances must be received in the Cashier's Office no later than 11 a.m. on June 30. 
  4. Petty Cash Funds: Petty cash funds must be reimbursed for all transactions through June 30.  Check requests for replenishment with attached receipts must be received by the Purchasing Office no later than noon of the document cut-off date.
  5. Cash Deposits: Checks and cash on hand (excluding petty cash) must be deposited with the Cashier no later than 11 a.m. on June 30.  If cash receipts are for services to be provided in the next fiscal year, they should be credited to a deferred revenue account and recognized as income in the year in which they are earned.
  6. Departmental Operating Budgets: The College does not accrue departmental operating budgets for items that were ordered or services that were never performed simply because they were budgeted for in a certain fiscal year.  Any unspent departmental funds cannot be carried forward to the new fiscal year.