The university’s current fiscal year will end on June 30. The new fiscal year ’17 (FY ’17) will begin July 1, 2016, and end June 30, 2017. Purchasing Services, Accounts Payable and Human Resources must verify that expenses are charged to the correct fiscal year. Your help and cooperation are needed to ensure that this is successfully accomplished.

Budget managers and those making requests 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.

2016 timeline:

  • Friday, June 3: All FY ’16 requisitions must be complete and through the approval process.
  • Monday, June 6: FY ’17 budget opens.
  • Monday, June 13: FY ’16 compensation requests need to be submitted.
  • Friday, June 17: All FY ’16 payments need to be submitted.
  • Wednesday, July 6: All June WellsOne reconciliations must be turned into Aquinas Hall, Room 302, or Mail #AQU 302.

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 upon Generally Accepted Accounting Principles.

Payment should be made out of the current FY ’16 budget if:

  • Supplies and products are received on or before June 30, 2016.
  • Services were performed on or before June 30, 2016.

Payment should be made out of the FY ’17 budget if:

  • Supplies and products are received on or after July 1, 2016.
  • Services are performed on or after July 1, 2016.
  • A trip occurs on or after July 1, 2016, even if a Prepaid Expense Report is submitted earlier.
  • Services are performed on or after July 1, 2016, 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 June 25 and end services July 17, the entire amount will be charged to FY ’17.

FY ’16 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 FY’16 must be complete and through the approval process by Friday, June 3, 2016.

FY ’17 purchases: You may start to order goods or services against the new budget Monday, June 6. To use the new budget, the accounting date must be changed to July 1, 2016, or later, and goods or services must be delivered on or after July 1, 2016. The vendor should be aware that they must deliver after July 1, 2016. Keep in mind that if the goods or services purchased are received on or before June 30 they will be charged in the current FY ’16.

Payments processed in Accounts Payable: Submit all FY ’16 employee reimbursements, prepaid requests, cash advances, independent contractor requests, check requests, invoices, PO invoices and miscellaneous payment requests by Friday, June 17. If you incur expenses June 18-30, please submit payment requests by Wednesday, July 6. Remember that the current fiscal budget must have funds available to cover these expenses.

WellsOne purchases: If you are using a St. Thomas WellsOne Commercial Card to make material purchases near year end, you must be aware that the bank cycle ends June 30. If purchases are made close to the bank cycle end date, it is not guaranteed that the charges will be charged to FY ’16 (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 Wednesday, July 6.

Compensation payment requests: To ensure that your FY ’16 compensation payment requests are charged to the FY ’16 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 13. 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 13 will be processed and charged to the FY ’17 budget.

If you have any questions regarding these procedures please email:

Lindy Stankey, Purchasing Services

Dawn Christenson, Accounts Payable

Allison Hanson (for budget matters), Controller’s Office

Dane Aadland (for compensation matters), Human Resources

Mary Ruce (for student misc pays), Human Resources

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