PUR 307–02: Procurements near Fiscal Year-End
To allow sufficient time to follow prescribed procurement procedures
Expenditures should be made in the fiscal year in which funds are budgeted. Rush expenditures near the fiscal year-end (usually June 30) are discouraged. Procurements must comply with established procurement procedures, which, in most instances, require competitive bidding. The vice president for finance and deputy treasurer will publish the date by which capital items should be ordered each fiscal year. Requisitions for capital items placed after this date require additional approvals.
Noncapital goods and services charged to operations must be ordered well in advance of the fiscal year-end to ensure receipt, invoicing, and payment from the current year’s budget.
Noncapital goods and services charged to operations that are not received before the fiscal year-end cannot be paid from that fiscal year’s budget. The encumbrance will be carried over and paid from the next fiscal year’s budget.
Goods and services for sponsored projects should be ordered in sufficient time for Purchasing and Business Services to follow the proper procurement procedures and secure delivery before the project expiration date.
For information on normal processing time, see PUR 303–01, “Purchase Requests.”
For related information on equipment purchases, see the Financial Services Policies and Procedures Manual—FIN 405–02, “Capital Purchases Near Fiscal Year-End.”
For information on procuring for sponsored programs, see the Research and Sponsored Projects Policies and Procedures Manual—RSP 503–01, “Purchase Requests for Sponsored Projects and Internal Grant Programs.”