Year End Closing

Emily J. Hamby C.P.M., Director

In order to facilitate an orderly year-end closing and to encumber remaining funds, it is necessary to establish cut-off dates for all requisitions to purchase. These dates do not apply to contract and grant funds that do not expire June 30, 1997.

Orders above $15,000 that require competitive bidding should be submitted as soon as possible. A Formal bid usually requires 45 days to specify, advertise, open, evaluate and award before a purchase order can be issued.

Items requiring advance approvals should be submitted no later than May 16 such as:

Rental or lease of equipment where the annual cost is in excess of $15,000 Television, radio, and telephone equipment above $15,000. Installment purchase of equipment.

Requisitions requiring IRR approval should be submitted no later than June 2.

All requisitions that must be processed by June 30 should be received in Purchasing by 5:00 p.m. on June 20, 1997 including contracts and grants expiring June 30, 1997. The last working day is June 30.

Limited Purchase Orders should not be submitted to Payables & Disbursements after June 13, the last day Payables and Disbursements can ensure that the invoices will be processed. Original invoices are being required.

If you have any questions concerning the schedule or have problems with a Purchase Order, please call your Purchasing Office.