Fiscal Year-End Deadlines

Advertising and Posting

Approximately one to two weeks for orders greater than $25,000.

Purchases greater than or equal to $100,000

Review and approval by Board of Governors at their scheduled meetings.

Buyer Analysis, Bid Process and Purchase Order

Approximately one week during standard periods. RFP's 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 two - ten weeks for production items and specialized services. Ex: Manufacturing scheduling and availability of raw-materials.

Future Fiscal Year

Future Fiscal Year requisitions for goods and services that require bidding should be submitted to Procurement Services per the above schedule.

After June 30

All Payment Requests, Purchase Orders and Travel Expense reports will be reviewed by a designated accountant in Financial Services.

Expense Processing

If the goods or services were received on campus prior to July 1st, the invoice will be dated June 30, 2021, and will be paid using FY21 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 FY22 monies

After approximately three weeks, only invoices above an amount set by Financial Services (approximately $15,000) will be paid using FY21 monies.

When Period 12 is closed, only potential large payments (such as $50,000) will be paid using FY21 monies