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Fiscal Year-End Purchases

The University’s fiscal year is July 1 through June 30. Generally accepted accounting practices (GAAP) require the University to record expenditure in the fiscal year the item was received or a service provided. In order for items purchased to be chargeable against the current fiscal year, the following conditions must be met:

  1.  Items ordered must physically be in the possession of the University or the service completed by June 30th of the current fiscal year.
  2. Invoices referencing those orders must be received in the Accounting/Business Office no later than noon by July 15th of the following fiscal year. The exact date will be announced by the Accounting/Business Office.
If the above conditions are not met, the expenditure will be charged to the following fiscal year budget. Budget dollars for a current fiscal year do not carry forward to the following fiscal year for Fund 10 accounts.
 
In order to allow for sufficient time to process orders and to ensure that goods and services will be received by June 30th, Datatel requisitions applicable to the current fiscal year should be submitted no later than June 1st. Likewise, PCard transactions applicable to the current fiscal year should be completed by June 1st. 
 
Goods, such as, office, conference room, and laboratory furniture, elaborate microscopy systems, specialized physiology rigs, and certain custom-synthesized chemicals, typically have longer lead/delivery times than most goods and therefore should be requisitioned no later than May 1st. Purchases equal to or greater than $5,000 which are required to be purchased via a competitive bidding process (e.g., request for quote or request for purchase) should be initiated by May 1st to ensure the process is completed and the item(s) delivered by June 30th, and billed by July 15 (this is a reference date only, as the actual date varies year to year).
 
The Purchasing department will work closely with you and the vendor on your purchase(s), but factors, such as, items being out of stock or no longer available, prohibit any guarantees your order will be delivered by June 30th.

Fiscal Year-End Purchases

The University’s fiscal year is July 1 through June 30. Generally accepted accounting practices (GAAP) require the University to record expenditure in the fiscal year the item was received or a service provided. In order for items purchased to be chargeable against the current fiscal year, the following conditions must be met:

  1.  Items ordered must physically be in the possession of the University or the service completed by June 30th of the current fiscal year.
  2. Invoices referencing those orders must be received in the Accounting/Business Office no later than noon by July 15th of the following fiscal year. The exact date will be announced by the Accounting/Business Office.
If the above conditions are not met, the expenditure will be charged to the following fiscal year budget. Budget dollars for a current fiscal year do not carry forward to the following fiscal year for Fund 10 accounts.
 
In order to allow for sufficient time to process orders and to ensure that goods and services will be received by June 30th, Datatel requisitions applicable to the current fiscal year should be submitted no later than June 1st. Likewise, PCard transactions applicable to the current fiscal year should be completed by June 1st. 
 
Goods, such as, office, conference room, and laboratory furniture, elaborate microscopy systems, specialized physiology rigs, and certain custom-synthesized chemicals, typically have longer lead/delivery times than most goods and therefore should be requisitioned no later than May 1st. Purchases equal to or greater than $5,000 which are required to be purchased via a competitive bidding process (e.g., request for quote or request for purchase) should be initiated by May 1st to ensure the process is completed and the item(s) delivered by June 30th, and billed by July 15 (this is a reference date only, as the actual date varies year to year).
 
The Purchasing department will work closely with you and the vendor on your purchase(s), but factors, such as, items being out of stock or no longer available, prohibit any guarantees your order will be delivered by June 30th.
 
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                        Rosalind Franklin University of Medicine and Science - 3333 Green Bay Rd, North Chicago, IL 60064    (847) 578-3000