The university's current fiscal year will end June 30, 2017. The new fiscal year 2018 (FY18) will begin July 1, 2017, and end June 30, 2018. Purchasing Services, Accounts Payable and Human Resources must verify that expenses are charged to the correct fiscal year. Help and cooperation are needed to ensure that this is accomplished successfully.
Budget managers and requestors should plan ahead by using the following timeline and guidelines regarding the purchase of goods and services as we transition from one fiscal year to the next.
- Friday, June 2: All FY17 requisitions must be complete and through the approval process.
- Monday, June 5: FY18 budget opens.
- Monday, June 12: FY17 compensation requests need to be submitted.
- Friday, June 16: All FY17 payments need to be submitted.
- Thursday, July 6: All June WellsOne reconciliations must be turned in to Aquinas Hall, Room 302, or mailed to #AQU 302.
Charging appropriate financial year
The date that goods or services are received is used as the determining factor in deciding which fiscal year to charge. This method is based on Generally Accepted Accounting Principles.
Payment should be made out of the current FY17 budget if:
- Supplies and products are received on or before June 30, 2017.
- Services were performed on or before June 30, 2017.
Payment should be made out of the FY18 budget if:
- Supplies and products are received on or after July 1, 2017.
- Services are performed on or after July 1, 2017.
- A trip occurs on or after July 1, 2017, even if a Prepaid Expense Report is submitted earlier.
- Services are performed on or after July 1, 2017, even if they are prepaid.
Services that will cross over both fiscal years will be charged to the year in which most of the services are provided. For example, if a consultant begins providing service on June 25 and ends services on July 17, the entire amount will be charged to FY18.
FY17 purchases: Before you place your order, verify that the vendor can and will deliver before June 30. Please keep in mind that some product categories (for example: furniture and technology) may require longer lead-times. Your purchase requisitions for FY17 must be complete and through the approval process by Friday, June 2, 2017.
FY18 purchases: You may start to order goods or services against the new budget Monday, June 5, 2017. To use the new budget, the accounting date must be changed to July 1, 2017, or later, and goods or services must be delivered on or after July 1, 2017. The vendor should be aware that they must deliver after July 1, 2017. Keep in mind that if the goods or services purchased are received on or before June 30 they will be charged to FY17.
Payments processed by Accounts Payable: Submit all FY17 employee reimbursements, prepaid requests, cash advances, independent contractor requests, check requests, invoices, PO invoices and miscellaneous payment requests by Friday, June 16, 2017. If you incur expenses between June 17 and June 30, please submit payment requests by Thursday July 6, 2017. Remember that the current fiscal year budget must have funds available to cover these expenses.
WellsOne purchases: If you are using a St. Thomas WellsOne Card to make material purchases near year end, you must be aware that the bank cycle ends on June 30, 2017. Please be aware that if purchases are made close to the bank cycle end date, it is not guaranteed that the charges will be charged to FY17 (due to the fact that there may be a timing delay from when the actual purchase was made and when the vendor submits the credit card charges to WellsOne). Please return completed reconciliations to Aquinas Hall, Room 302, or mail them to Mail #AQU 302 by Thursday, July 6, 2017.
Compensation payment requests: To ensure that your FY17 compensation payment requests are charged to the FY17 budget, please submit all payment requests to the Human Resources Department in AQU 217 no later than the end of the business day, Monday, June 12. Compensation payment requests include Faculty Non-base Compensation Payments, Adjunct Faculty Contracts, Full-time Faculty Overloads, Staff Miscellaneous Payments and Student Miscellaneous Payments. Any payment requests received after June 12 will be processed and charged to the FY18 budget. (Note: Student Miscellaneous Payments require pre-approval by Human Resources. Please contact Mary Ruce prior to submission.)
If you have any questions regarding these procedures please email:
Dawn Christenson, Purchasing Services
Allison Hanson, Office of Financial Planning & Budgeting
Dane Aadland (compensation matters), Human Resources