The College’s fiscal year runs from July 1, 20XX through June 30, 20XY.  At the end of each fiscal year, the College must pay close attention to amounts being paid so that these payments are reflected in the proper fiscal year.  

For financial statement purposes, the date that goods or services are received is used as the factor in determining which fiscal year to charge.  The date the item is ordered and the date the invoice is received are not relevant in determining the fiscal year to be charged.  Budget managers and requestors should plan ahead by using the following guidelines regarding the purchase of goods and services as we transition from one fiscal year to the next:

Payment will be charged to the FYXX (i.e., current fiscal year) budget if:

• Supplies/products are received on or before June 30
• Services were performed on or before June 30
• Travel occurred on or before June 30

Payment will be charged to the FYXY (i.e., new fiscal year) budget if:

• Supplies/products are received on or after July 1
• Services are performed on or after July 1, even if the check must be cut prior to June 30
• A trip, conference or travel occurs on or after July 1, even if the check must be cut prior to June 30

Services/Travel that cross over both fiscal years will be charged to the year in which most of the service is provided/travel occurs.   For example, if a consultant begins providing service on June 24 and ends services on July 19, the entire amount will be charged to FYXY.  If the service/travel is exactly split between FYXX and FYXY, the expenses will be split between both fiscal years.

So that we may prepare the financial statements and be confident that the numbers will not change, we also set a cut-off date.  Checks/direct deposits processed after this annually determined date (in general, the last Friday of July) must be charged to the new fiscal year, even if the charges relate to the prior fiscal year.  An exception will be made for invoices in excess of $25,000.  For those invoices, please contact our office as soon as you become aware of them.