Purchasing Memorandum No. 03-03: 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. These dates do not apply to funds not expiring on June 30, 2003.
Orders above $50,000 that require competitive bidding should be submitted as soon as possible. A sealed bid usually requires 30-45 days to specify, advertise, open, evaluate, award and post, before a purchase order can be issued.
Requisitions requiring IRR approval, E H & S approval or Energy Management approval should be submitted no later than June 20.
Requisitions that must be processed in this fiscal year should be received in Purchasing by 5:00 pm with all required back-up no later than June 20, including contract and grant accounts expiring on June 30, 2003. The last working day of the fiscal year is June 30.
The last day Disbursement Services can ensure payment of invoices is June 13. Any procurement card charges not processed for payment by June 26 will require an encumbrance in order to be certified forward on FY 2002-2003 funds. The last day procurement card charges can be processed by Disbursement Services is June 26. If you have questions concerning the schedule or have problems with a Purchase Order, please call your Purchasing Office.