Middlebury College including the Monterey campus will close the fiscal year ending June 30, 2015 on Friday, July 17, 2015. To ensure a timely fiscal year-end close, so as to prepare relevant and reliable financial statements, and prepare for the related fiscal audit, please consider the following year-end procedures:
Year-end Purchases – Please assess your needs now, so you will be able to take time to investigate, negotiate and obtain the best quotes on your purchases. Please take the opportunity to shop for the best product at the lowest price.
Purchasing Cutoff- Requisitions and purchase orders for goods and services applicable to fiscal year ending June 30, 2015 must be completed in Banner, by 12 noon on Wednesday, June 10th. If you know you will have a 2016 fiscal year delivery please put your transaction date as July 1, 2015 on your requisition or purchase order. Please contact Matt Curran (802-443-5464) if you have questions.
Goods and services must be received on or before June 30th to be charged against your fiscal 2015 budget. Thereafter, such goods and services will be charged to your fiscal 2016 budget. Any questions concerning departmental budgets please contact Elissa Morton (802-443-5092).
Unpaid Invoices – All unpaid vendor invoices for items or services received through June 30, 2015 must be approved for payment and forwarded to Accounts Payable, on or before Wednesday, July 8, 2015. Goods and services received by June 30, 2015 will be charged against your fiscal ’15 budget (but only if appropriate evidence – receiving report, invoice, or work order is provided.) Any questions concerning year-end invoicing and disbursements, please contact Matt Curran (802-443-5464).
If you are a Procurement Card (P-Card) Holder – The Payment Net post date determines which fiscal year your purchase will be charged in Banner. All transactions posted to Payment Net on or before June 30, 2015 – will be charged against your fiscal ’15 budget. The post date is determined by the date on which the vendor sends the transaction to their bank – not by the day of purchase. Any questions concerning year-end P-Card transactions, please contact Nicole Corriveau (802-443-5459).
Budget and Expense Review - In order to accommodate the year-end closing schedule, please perform a thorough review of your May financial reports and contact any member of the Budget Office for additional assistance.
Journal Entries – All Fiscal Year 2015 Middlebury campus journal entries must be received in the Controller’s Office mailbox email@example.com by Wednesday, July 8, 2015. If you have any questions concerning journal entries, please contact Jean Gross (x5353).
All Fiscal Year 2015 Monterey campus journal entries must be received in the Business Office by Wednesday, July 8, 2015. If you have any questions concerning journal entries, please send inquires to the Business Office mailbox firstname.lastname@example.org by Monday, July 1, 2015.