Dear Colleagues,
As we approach the end of the fiscal year, here is a reminder of key dates to assist departments in closing out fiscal year 2020-21 procurement activity and ensuring expenditures with FY21 funds are on track to be paid using FY21 funds.
Please note the following timelines do not apply to project and contract-and-grant-based funding sources. Key dates for project-based funding sources are established based by each project's timeline. (For information about project-based funding source dates, please reach out to your research administrator).
These timelines establish key dates that should be considered when procuring goods or services prior to the end of FY21 when using FY21 funds that must be spent prior to the end of the fiscal year. For a purchase to be accounted for in FY21, all of the following actions must be complete prior to June 30. The dates below are intended to ensure these items can be completed in time to expense a transaction in FY21.
- An approved purchase order must be issued to the supplier.
- Goods must be fully received or services fully performed.
- The invoice must be sent by the supplier to the campus and received in AP.
- The invoice must be fully approved in Oracle without any rejections or holds, and payment must be scheduled in Oracle.
- Transactions that do not meet these criteria will automatically roll into FY22 and be assigned to the same funding source with FY22 funds.
There is no deadline or limitation on entering requisitions or purchase orders for goods and services that will be delivered or performed in FY22 and that will be paid for using FY22 funds. These will roll automatically into FY22 and be applied to the same COA with your FY22 funds.
There is no deadline or limitation on entering requisitions or purchase orders for project-based/contract and grant purchases that are not impacted by the fiscal year close dates.
Sincerely,
Kurt Schnier / Interim Associate Chancellor/Chief Financial Officer
Kim Groesbeck / Interim Assistant Vice Chancellor/Controller
Josh Dubroff / Chief Procurement Officer
