Fiscal Year-End Deadlines
Fiscal Year-End Deadlines for FY2017, Ending on June 30, 2017
- All FY17 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 16, 2017.
- All FY17 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 26, 2017
$25,000 - $99,000 by the end of Wednesday, May 24, 2017
$100,000 and above by the end of Friday, May 5, 2017
- Items received after this time will be processed in FY18. Purchase orders issued by Friday, June 30, 2017 will encumber FY17 funds.
- Encumbrances entered in FY17 or before as standing purchase orders will be carried forward to FY18, unless cancelled by the end-user.
- FY17 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 FY17 will need to be resubmitted as new requisitions in FY18.
- 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.
- FY17 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 FY17. Processing will be subject to the above guidelines.
- After June 30th, all payment requests, including purchase orders 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, 2017, and will be paid using FY17 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 FY18 monies. After approximately three weeks, only invoices above an amount set by Financial Services (approximately $15,000) will be paid using FY17 monies. When Period 12 is closed, only potential large payments (such as $50,000) will be paid using FY17 monies.
Purchase orders that were written in FY17 and invoiced in FY18 cannot be paid until the rollover for all purchase orders occurs. However, purchase orders written and invoiced in FY18 can be paid. Requisitions generated in FY17 with an invoice coded in FY17 will be reviewed by a designated accountant. If the goods or services were received by June 30, 2017 the requisition should be cancelled, the invoice should be submitted on a payment request, and it will be paid using FY17 monies. If the goods or services were received after June 30, 2017 the invoice will be dated with the current date and will be paid using FY18 monies. Care should be taken when determining whether a purchase order should be generated, or a payment request can be used for products or services completed prior to July 1st.
If you have any questions, please contact Financial Services.
All unpaid FY17 invoices and/or signed Departmental Approval copies should immediately be submitted to Procurement Services. In order to be encumbered for FY17, items must be submitted by Friday, June 9, 2017.
All purchases using FY17 money must be transacted by Friday, June 23, 2017. Transactions that are posted to the UMB Visa system by June 30, 2017 will be funded with FY17 money.
Payment Request Forms
All outstanding FY17 payment requests with corresponding invoices must be submitted to Accounts Payable by Friday, June 16, 2017.
Reports are to be submitted within two weeks upon return from each trip. However, all outstanding FY17 travel reimbursement requests and supporting documents must be submitted to Accounts Payable by Friday, June 16, 2017.
All on-line budget transfers for FY17 monies must be made by Friday, June 23, 2017. All budget transfers requested by memorandum must be submitted by Friday, June 9, 2017. Memorandum requests should be directed to the budget analyst assigned to the cost center.
Requisitions for FY18 with a FY18 date cannot be entered until the FY18 budgets are loaded into Banner. Budgets are projected to be available on or after July 1, 2017.
Grants and Contracts
Any grant and contract charges should be addressed by working with the Grant Accountant to ensure that charges are posted on a timely basis. Grant funds begin with G, I, K, M, and O.
Time and Effort Report
Reports for the Spring 2017 semester must be submitted to Grants and Contracts Accounting by Friday, June 30, 2017.
Refer to payroll website for guidelines.