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Accounting sets FY07 cut-off dates

Fiscal Year 2007 soon will close, and cut-off dates must be established.

These dates are mainly pertinent to FY2007 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 FY2007 and processing, bidding and issuing orders for FY2008.

State law requires that all FY2007 General Revenue orders be completed, including all payments, by the end of the lapse period. Orders must be issued prior to June 30, 2007, and the goods received, invoiced and all payment paperwork turned in to Accounting not later than Aug. 2, 2007, 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. 2), the requisition can be cancelled or converted to a FY2008 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 over $250,000: FY07 purchase requests above this level are now past the deadline. Please contact Accounting immediately if contemplating a purchase that has not been reviewed for Board of Trustees approval. Delivery by the Aug. 2 cut-off is required. FY2008 orders needed early in July will be required at the same time.

Orders of $25,000 up to $250,000: FY07 purchase requests in this dollar range must be in the Accounting office no later than April 12, 2007. General Revenue-funded orders in this range are approved at the presidential level but must be bid, approvals given, ordered and delivered, with invoicing completed by Aug. 2, 2007.

Orders under $25,000: FY07 purchase requests under $25,000 should be received in the Accounting Office and Procurement Services no later than June 1, 2007. Requests received after this date will be handled on a case-by-case basis, at the discretion of the buyer. Where competitive opportunities exist, buyers will seek competitive quotations to obtain the best pricing and delivery.

Purchase Requests using FY2006 General Revenue (02) funds in any amount for new purchases will not be accepted for processing after June 7, 2007. If the purchase request has not been received in Accounting by June 7, it may not be processed as an FY2007 order. The same rule will apply to all FY2007 purchase requests regardless of fund sources used.

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 June 30, 2007, to be expensed in FY2007. If received after that date, any charges will be expensed to your FY2008 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.

FY2008 purchase requests, either for open orders or for specific purchases, also can be submitted now. Doing so helps to ensure needs for FY2008 can be met efficiently and in a timely manner.