Fiscal Year-End Deadlines
Fiscal Year-End Deadlines for FY2025, Ending on June 30, 2025
Requisitions
- All FY25 requisitions that do not require a solicitation must be electronically entered, and show electronic departmental approval in the Banner system by the end of Friday, June 6, 2025.
- All FY25 requisitions that do require a solicitation must be electronically entered, and show electronic departmental approval in the Banner system according to the following dollar amounts and dates:
| $10,000 - $25,000 | by the end of Friday, May 16, 2025 |
|---|---|
| $25,000 - $99,000 | by the end of Wednesday, May 14, 2025 |
| $100,000 and above | by the end of Friday, April 25, 2025 |
- Items received after this time will be processed in FY26. Purchase orders issued by Monday, June 30, 2025 will encumber FY25 funds.
- Encumbrances entered in FY25 or before as standing purchase orders will be carried forward to FY26, unless canceled by the end-user.
- FY25 requisitions that require bidding and/or that involve significant lead times should be submitted with consideration given to available processing time, bid guidelines, and product and service lead times. Submittals will be processed in the order received.
- Requisitions that cannot be processed in FY25 will need to be resubmitted as new requisitions in FY26.
Processing guidelines
- Advertising and posting—Approximately one to two weeks for orders greater than $25,000.
- Purchases greater than or equal to $100,000 require review and approval by the Board of Governors at their scheduled meetings.
- Buyer analysis, bid processing, and purchase order issuance—Approximately within one week during standard periods for routine items. RFPs that require the development of specifications and/or committee evaluation will involve longer time periods that are specific to the product or service.
- Delivery lead times—Approximately one to two weeks for stock items and general services, or up to approximately two to ten weeks for production items and specialized services. Manufacturing scheduling and the availability of raw materials are examples of variables that can delay production and subsequent shipment dates.
- FY25 requisitions for goods and services that require bidding should be submitted to Procurement Services per the above schedule, in order for the funds to be encumbered in FY25. Processing will be subject to the above guidelines.
- After June 30th, all payment requests and travel expense reports will be reviewed by a designated accountant. If the goods or services were received on campus prior to July 1st, the invoice will be dated June 30, 2025, and will be paid using FY25 monies. If the goods or services were received after June 30th, the invoice will be dated with the current date, and will be paid using FY26 monies.
If you have any questions, please contact Financial Services.
P-Card Transactions
Transactions that are posted to the UMB Visa system by June 30, 2025 will be funded with FY25 money.
FY26 Purchases
Requisitions for FY26 with a FY26 date cannot be entered until the FY26 budgets are loaded into Banner. Budgets are projected to be available on or after July 1, 2025.