Accounting sets FY04 cut-off dates

Fiscal Year 2004 soon will close, and cut-off dates must be established.

These dates are mainly pertinent to FY2004 orders using General Revenue funds, but the same dating conventions are followed for those orders using other fund sources. Please keep in mind that the last quarter of the fiscal year is NIU’s busiest, with departments simultaneously preparing to close out FY2004 and processing, bidding and issuing orders for FY2005.

State law requires that all FY2004 General Revenue orders be completed, including all payments, by the end of the lapse period. Orders must be issued prior to Wednesday, June 30, and the goods received, invoiced and all payment paperwork turned in to Accounting not later than Aug. 5, 2004, regardless of dollar amount. This will allow time for processing and payment of invoices here or from Springfield by the Aug. 31 deadline. If it is known that delivery cannot be completed before the lapse period cut-off date (Aug. 5), the requisition can be cancelled or converted to a FY2005 requisition/order.

Accounting’s goal is to provide a uniform, quality service to all, but the cut-off dates must be strictly followed to enable the staff to achieve this level of service for each office and department. This includes meeting all legal requirements, including bidding and any required university approval processes.

Orders from other than General Revenue funds: All goods and/or services from orders funded from locally held funds must be received and/or services completed and invoice dated by Wednesday, June 30, to be expensed in FY2004. If received after that date, any charges will be expensed to your FY2005 budget.

If there are questions, call now. It also is difficult to handle last-minute orders, so submit purchase requests immediately. Being “late” can mean no purchase order and no products when they are wanted or needed.

FY2005 purchase requests, either for open orders or for specific purchases, also can be submitted now. Doing so helps to ensure needs for FY2005 can be met efficiently and in a timely manner.

6-14-04