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End of Fiscal Year Reminders from the Business Office

Posted: April 28, 2014

As fiscal year 2014 comes to a close, the Business Office has several reminders for closing out FY 2014.

Final Purchases for FY 2014
In order for purchases to be included in fiscal year 2014, the transaction must be made on or before June 1; additionally, purchased items must be physically received on campus on or before June 30. Our auditors may request to see a packing slip for confirmation that the item was on campus as of June 30

All invoices must be submitted to the Business Office by July 11 to be included in FY 2014. Prompt processing of invoices will ensure that payments are included in the FY14 budget.

Invoices received after July 11 will be charged to the FY 2015 budget.

Wilson College credit card statements for June are an exception. Statements must be submitted to the Business Office by July 17.

It is imperative that everyone adhere to the end-of-year deadlines to allow for proper year-end reporting. If you have any questions please contact Deborah Burke at, or at ext.3127, or Rose Gates at, or at ext. 3391.

Please be mindful of budget balances as the fiscal year draws to a close. Stay within your total operating budget and refrain from arbitrarily spending to use up remaining funds; the College will use unspent funds to help offset any budget deficits, or add to any surpluses in the overall budget.

FY 2015 budgets can be accessed through WebAdvisor by clicking “Fiscal Year 2015” at the bottom of the page. Please ensure the “Actuals Begin Date and Actuals End Date” are either blank or 07/01/2014 and 06/30/2015 respectively. If you have any questions regarding your budget, please contact your cabinet member first for a review. If further clarification is necessary, contact Lori Tosten at, or at ext. 3313.

Internal Control
As requested by the auditors and the audit committee, the Business Office will select randomly departments to review internal control systems. This is done at the request of the auditors and our audit committee. Reviews include questions related to risk to the College, and proper protocol and control of College assets. This is a standard practice at most colleges. Selected departments will be notified in advance and a meeting time with the Business Office will be established. Everyone’s cooperation with the review process is greatly appreciated.

Last Updated: April 28, 2014