March 28, 2024

Year-end Planning Memo

MEMORANDUM

To:  Department Chairs, Administrators, Budget Managers and Banner Users

From:  Paul C. Messplay, Executive Director of Budget and Financial Analysis

Date:  March 1, 2016

Dear Colleagues,

The purpose of this memo is to provide general guidance on year-end expenditure planning in order to avoid unintended charges against next year’s budget.  The University’s fiscal year ends on June 30.  Key dates are presented below.

 

Date FY16 Action Deadline
March 25, 2016 Purchase requests for IT equipment and software
April 1, 2016 Last day to submit requests to Design Services for new projects
May 6, 2016 Last safe day for Small Purchase Charge Card (SPCC) purchases
May 13, 2016 All non-credit card purchases received and invoices in the hands of Accounts Payable staff
May 13, 2016 SPCC billing cycle ends
May 13, 2016 Last safe day for UMW Finance Card purchases
May 13, 2016 Last day Copy Center will process jobs for FY16
May 20, 2016 Last day to make departmental Bookstore purchases
May 25, 2016 UMW Finance Card billing cycle ends
May 27, 2016 Faculty Special Pay Request forms must be received in HR
June 3, 2016 Last day to submit budget adjustment requests to Budget Office
submit requests to: ptaggert@umw.edu
June 6, 2016 Last day to request prior expenses be moved or corrected
Submit requests to: ptaggert@umw.edu
June 12, 2016 Last day of work for wage and student employees
Hours worked June 13 and beyond will be paid in FY17
June 13, 2016 Time cards for Wage and Student employees must be approved by Noon
June 13, 2016 All non-thirty day direct pay invoices must be entered in Banner and submitted
to Accounts Payable  (Due date will be June 24)
June 13, 2016 Travel reimbursements must be received in Accounts Payable
June 20, 2016 Foundation check requests for FY16 must be received in the Foundation Office
Do Not submit FY17 check requests prior to July 1
June 22, 2016 Last day to submit supply request to Central Storeroom
June 24, 2016 Last pay day in FY16 for wage and student employees

It is important to keep in mind the time frames and “lag” periods involved in ordering, receiving and paying for purchases, as well as the processing time involved in charging centralized costs to your account, such as copying, mail and telephone service.

A more detailed year-end planning calendar will be posted on the Training, Evaluation and System Support (TESS) website.  http://adminfinance.umw.edu/tess/

In the coming weeks, TESS will host a Banner Users Group (BUG) meeting for office managers and department buyers to review year-end procedures.  Please encourage those in your area to attend this informative meeting.

  1. General Purchasing Guidelines

For current year purchases that do not require a formal solicitation, but require a check payment before June 30, please ensure the following are completed in full no later than May 13, 2016:

  1. All purchase orders have been received
  2. All invoices are in the hands of the Accounts Payable staff

Purchases or payments not completed in this fiscal year will be charged to next year’s budget.  Unspent budget will not be carried over to the next year.

Invoices paid by credit card may have earlier deadlines, which is addressed in items 4 and 5.

Purchases that must be made or initiated after May 13, and are intended for the current fiscal year, will be handled by the Procurement Office on a case-by-case basis.  Please contact Melva Kishpaugh at ext. 1084 as needed.

  1. Equipment Purchasing Guidelines

Purchase Requests for IT equipment and all software must be submitted by March 25 using either the Standard Purchase Request or the Non-Standard Purchase Request form as appropriate.

Any purchase request submitted after March 25 may not allow enough time to review, execute and receive the item in time for it to be included in FY16 processing.

Both forms can be found at: http://adminfinance.umw.edu/purchasing/tech-purchases/

  1. Goods, Services and Equipment Purchases

State regulations require that invoices be paid 30 DAYS AFTER receipt of the item or invoice, whichever is later.  As an example, an item is ordered on May 15 and is physically received on June 1.  The receiving report is entered into Banner, and the invoice is received and sent to Accounts Payable on June 7.  State regulations require the invoice to be paid 30 days after the item or invoice is received, whichever is later.  Since the invoice was received June 7, the payment will be made on July 6, and the cost will be reflected in next year’s budget.

The only written exception we have from the Virginia Department of Accounts (DOA) is related to ePayables vendors.  ePayables vendors are paid 16 DAYS AFTER receipt of the item or invoice, whichever is later.  Using the example above for an ePayables vendor, the invoice would be paid June 23 and reflected in this year’s budget.  A list of current ePayables vendors can be found at http://adminfinance.umw.edu/ap/epayables.

If you have questions, please contact Accounts Payable at ext. 1226.

  1. VISA Small Purchase Charge Card (SPCC)

The SPCC billing cycle ends May 13 and will be posted to the current fiscal year.  To ensure charges are reflected in the May posting, purchases should be made by May 6 to allow transactions to post.

Note – If a vendor accepts VISA as the payment method, we are required by state policy to use VISA, so please plan accordingly. There will be no exceptions.

FY16 budget cannot be carried over to next year to support purchases or payments not completed in the current year.  You are encouraged to follow up with vendors to ensure purchases are posted by the statement close date of May 13.

  1. UMW Finance Card

For departments using the UMW Finance card, the May bill will be paid and costs distributed to budgets in June so that they will be reflected in the current year’s budget.  The billing cycle for the UMW Finance card closes on May 25.   Be mindful of the fact that charges incurred after May 13 may post to the next fiscal year.

Note – If a vendor accepts VISA as the payment method, we are required by state policy to use VISA, so please plan accordingly. There will be no exceptions.

  1. Interdepartmental and Centralized Charges

These include telephone, postage and copying.  As in the past, there will be 12 months of charges applied to your account.  This may be from June 2015 through May 2016 or May 2015 through April 2016 depending on the particular charge.

Regardless, you can expect 12 months of charges in any given fiscal year.

  1. Bookstore Purchases

To ensure charges are posted in the current year, May 20 is the last day to make departmental purchases in the Bookstore.

  1. Central Storeroom

Request for supplies from Central Storeroom must be received by June 22 to ensure expenditures are posted to current year operating budgets.

The Central Storeroom will be closed for physical inventory June 29 and will re-open on Thursday, June 30.

  1. Design Services

Requests to Design Services for new projects must be received by April 1 to ensure expenditures are posted to current year operating budgets.

  1. Copy Center

Jobs submitted to the Copy Center and processed by May 13 will appear in this fiscal year.  Typical turnaround time is 24 hours; however, large jobs may take longer.  Contact the Copy Center at ext. 1935 for specific turnaround times on jobs submitted after May 10.

  1. Direct Pay

All non-30-day direct pay invoices must be entered into Banner and submitted to the Accounts Payable Office by June 13 (due date will be June 24).

  1. Travel

Travel Reimbursement Vouchers must be received in Accounts Payable by June 13 to be charged to the current fiscal year budget.

Airline and rail tickets purchased with the Bank of America VISA Small Purchase Charge Card or UMW Finance credit card must be charged and applied to the card by the vendor prior to the end of the billing cycle imposed by VISA.  Please reference billing dates and suggested “last safe days” stated in items #4 and #5 above.

  1. Budget and Expenditure Adjustments

Please email requests for budget adjustments for the current fiscal year to Pamela Taggert (ptaggert@umw.edu) in the Office of Budget and Financial Analysis by close of business on June 3.

Requests for expenditure FOAP corrections/moves must be submitted by June 6.

  1. Foundation Check Requests

Please submit Foundation check requests for current fiscal year payment by June 20Do Not submit check requests for payment in FY17 until after July 1, 2016.  Questions regarding Foundation accounts and payments should be made directly to the UMW Foundation at ext. 2072.

  1. Student and Wage Pay

The final FY16 pay day for student and wage workers is June 24.  This is for the pay period May 30-June 12, 2016.  Hours worked June 13 and beyond will be paid next fiscal year.

MyTime timecards must be approved by noon on Monday, June 13.

  1. Special Pay Request

Special Pay Request forms must be received by the Office of Human Resources by May 27 to ensure payment in the current fiscal year.  Request forms received after May 27 will be paid in FY17.

Please review your budgets to ensure operating expenditures do not exceed budget for the fiscal year.  Contact the Office of Budget and Financial Analysis if you need assistance in analyzing your budget and expenditures.

We hope this assists you in year-end planning.  If you have questions or concerns, please do not hesitate to call Leigh Penn (ext. 1226) in Accounts Payable, Pamela Taggert (ext. 1018) in Budget and Financial Analysis or Paul Messplay (ext. 1410).

Please share this memo with anyone in your area who may be impacted by these deadlines.