End of Fiscal Year Spending

• Discretionary purchasing for the current fiscal year ends on the last day of the spring semester. Purchases that can be made with a procurement card must be processed by the due date (see use of procurement card).
• If purchases have to be made after these deadlines, they must be approved by a member of Executive Leadership.  All paperwork related to these purchases must be processed by the fiscal year end.

It can take roughly 30 days for the spending cycle to wrap itself up, meaning that by the time a purchase is made and the invoice is received and approved for payment, it can be as much as 30 days later.  To have a successful June 30 cutoff and have all invoices posted, please make sure that approved invoices are sent to the business office quickly – check quantity and pricing on the invoices for accuracy and any discrepancies.

LINE OF AUTHORITY

Responsible administrator or office: Business Office

Contact person in that office: Jenny Jacobs

EFFECTIVE DATE: August 16, 2023

Approved by President: August 16, 2023