SSB PROD

The University is approaching the end of another fiscal year (Fiscal Year 2016 timeframe runs from July 1, 2015 through June 30, 2016) and it is time to coordinate year-end closing activities for all the campuses.

Accounting principles require that goods and services be charged to the period in which they’re received, meaning when the goods actually arrive or the services are actually performed and not when receiving is completed in Banner. Therefore, items received or services completed on or before 6/30/16 must be charged to FY16; items received or services performed on or after 7/1/16 must be charged to FY17 regardless of whether there has been a FY16 purchase order already established. The following dates are being implemented in order to meet these standards.

Important Dates:

• 5/31 - cutoff date for entering requisitions to be charged to FY16 Budget
• 6/20 - cutoff date for Office Max orders
• 6/27 - cutoff date for using a University Purchasing Card (UPC). Card use will be suspended from this date until July 1, 2016
• 7/18 – cutoff date to process all Accounts Payable documents to be charged to FY16 such as MDVs (remember that MDVs must not exceed $500), Travel Expense Vouchers, Mileage reimbursement & Tuition reimbursement – these documents must be received in Accounts Payable by this cutoff date
• 7/18 – cutoff date for submitting a DCA to Accounting Services that will affect the FY16 budget

The cutoff dates (excluding DCAs) do not apply to Grants (Funds beginning with a “5” or “6”) or to Capital funded accounts (Funds beginning with a “7”).

Should an emergency necessitate a requisition after the dates noted above, a Purchase Order will only be issued with the approval of your Divisional Vice President. Requisitions submitted after the above noted cutoff dates will not be converted without the noted approval.

Important Information

1. Ensure your budget has sufficient funds in the specific account line to cover all payments before sending your invoice to  Accounts Payable.
2. To be charged to the FY16 budget, the goods must be received or services performed, and invoiced on or before 6/30/16.
3. Goods & services received/performed on or after 7/1/16 will be charged to the FY17 budget.
4. Purchase Orders still open (not closed by the department) upon the completion of FY16 will be carried forward to FY17 & charged against the FY17 budget.
5. Make sure all your receiving has been completed in Banner, as applicable.
6. All invoices should be forwarded to the Accounts Payable Department or sent to invoices@rowan.edu.
7. Purchases made on a UPC or personal credit card that would be an improper purchase through the requisition system are not permissible.

Follow this link for a more detailed explanation on how to prepare for the fiscal year end and for further clarification on the above information.


Contacts:

Christina Haley
Contracting & Procurement
Department Supervisor
haley@rowan.edu
Phone: 856-256-4149

Ana Cardona-Parra
Accounts Payable
Manager
cardonaparra@rowan.edu
Phone: 856-256-4335

Rita Piccioni
Accounting Services
Director of Accounting
piccioni@rowan.edu
Phone: 856-256-5492

Sally McCall
Budget
Director
mccall@rowan.edu
Phone: 856-256-4122