Please Note: Fiscal Year 2005 ends on June 30, 2005.
Please take a few minutes to read through this message, which includes deadlines, suggestions and reminders associated with Accounts Payable Invoices, Business Travel/Working Fund Settlements, Visa Procard, Interdepartmental Invoices, FRS Transaction Submission System, Payroll Accruals, Open Commitments, Appropriation Transfers, Obligations, Inventory and Prepaid Supplies.
Accounts Payable Deadline: Thursday, June 30, 2005
All Accounts Payable invoices (including purchase order invoices) and Miscellaneous Expense Vouchers must be approved, signed, properly coded and received in Accounts Payable no later than Thursday, June 30, 2005. Purchase order costs will automatically be accrued against FY 2005 if the merchandise is received on or before June 30, 2005. If you have any questions, please contact Accounts Payable at x4-3143.
Business Travel/Working Fund Deadline: Thursday, June 30, 2005
Travel expense vouchers received with appropriate documentation and approvals by June 30, 2005 will be charged to your FY 2005 budget. Travel expense vouchers received later than June 30, 2005 will be charged to FY 2006 regardless of the trip dates. All travel occurring in FY 2006 will be charged to FY 2006 even if the travel advance for the trip was received in FY 2005.
Working Fund general advances will be charged to FY 2005 as long as the associated Miscellaneous Expense Voucher is received with appropriate documentation and approvals by June 30, 2005. If you have any questions, please contact Working Fund at x4-5122.
ProCard-VISA Deadline: Friday, June 17, 2005
The Procurement Department suggests completing all of your FY 2005 VISA procurement card purchases by Friday, June 17, 2005. Provided the vendor submits the VISA charges to US Bank by June 25, 2005 the charges will post against your FY 2005 budget. Any purchases not processed by the vendor and US Bank by June 25, 2005 will post to the FY 2006 budget. If you have questions, please contact Procurement at x4-3492.
Interdepartmental Invoice & Transmittal/Chargeback Deadline: Friday June 24, 2005
All interdepartmental invoices and transmittals/chargebacks for interdepartmental charges must be received in Financial Services no later than Friday, June 24, 2005 for processing against your FY 2005 budget.
Any interdepartmental invoices or transmittals/chargebacks received after June 24 will be charged against FY 2006. Please remember, when you receive an interdepartmental invoice from another department, it is your responsibility to sign and forward on to Financial Services within five business days. If you have any questions, please contact the FRS Team at x4-2188.
FRS Transaction Submission System Deadline: Friday, June 24, 2005
Departments that utilize the automated FRS Transaction Submission System must have their submissions sent by 5 pm on Friday, June 24, 2005. If you have any questions, please contact the FRS Team at x4-2188.
Accruals of Regular and Contractual Payroll
Regular Payroll
** The entire Regular payroll for pay period ending 06/21/05 with a
pay date of 06/29/05 will be charged to FY 2005.
** Since the next regular payroll spans both FY 2005 and FY 2006, an accrual entry will be made to charge your budget in FY 2005 for nine days. This nine-day accrual entry is based on the last full payroll of FY 2005 (06/21/05). The accrual entry will be reversed in FY 2006, which will place a credit on your budget.
** The entire Regular payroll for pay period ending 7/5/05 will be charged to FY 2006.
Contractual Payroll
** All of the Contractual payroll for pay period ending 06/24/05, with a check date of 07/06/05, will be charged to FY 2005.
** Since the next contractual payroll spans both FY 2005 and FY 2006, an accrual entry will be made to charge your budget in FY2005 for six days. This six-day accrual entry is based on the last full payroll of FY 2005 (06/24/05). The accrual entry will be reversed in FY 2006, which will place a credit on your budget.
** The entire Contractual payroll for pay period ending 7/8/05 will be charged to FY 2006.
If you have any questions, please contact the FRS Team at x4-2188.
Closing/Deleting FRS Accounts
Please take a look at the accounts for which you are responsible. If you find accounts that are no longer needed, please send an e-mail to {FRSTEAM@towson.edu}. The e-mail must come from the responsible person listed on the account and should contain the account number, account name and the effective date of the deletion.
Open Commitments
May printouts will be distributed the first week of June. Please review your open commitments. Contact the Procurement Office to cancel any purchase orders that have expired or are no longer needed. All purchases orders for goods or services that have not been received by June 30, 2005 or approved for obligation against FY 2005 will roll over and post to next year?s budget, FY 2006.
If you have any questions concerning any of the above information, please call the FRS Team at x4-2188.
Obligations
The State of Maryland allows certain contracts (purchase orders) to be charged against the closing year budget even though goods or services have not been received by June 30, 2005. This process is called obligating funds and enables you to charge related invoices in future years to this prior year funding. Financial Services, using State guidelines, must evaluate obligation requests and identify a firm list by July 1, 2005. Please send your requests to Financial Services by Friday, June 17, 2005 and continue to evaluate their progress through the end of the fiscal year. The criteria for obligations are as follows:
Criteria for Obligations:
Purchase must be –
– a Purchase Order by June 30, 2005
– Over $500
– Classified into one of these categories:
* Object 03-Communications Equipment Contracts only
* Object 07-Motor Vehicle Purchase Contracts only
* Object 08-Printing (3718) and other non-routine services only
* Object 10-Equipment Replacement
* Object 11-Equipment Additional
* Object 14-Land & Structures
Obligating is an option and the only way to draw on prior year funds after a budget year is closed is through the obligating process. If the aforementioned criteria have been met, please work with your DBO to submit a list of requested obligations to Financial Services. Please begin early.
Requests for obligations must be submitted in e-mail or in writing and must include the FRS account number, the Purchase Order number, the amount and a name and phone number for contact. If you have any questions about obligations, please contact Mardette Wetzelberger at x4-5275.
University Budget Office Deadline: Friday, June 24, 2005
All transfer requests for FY 2005 are due by June 24, 2005. Any requests to transfer appropriation between accounts must be received by the deadline. Questions can be directed to Deanna Martinez, x4-4825.
Inventory and Prepaid Supplies
Inventory: Inventory needs to be counted as of June 30, 2005 and submitted to Financial Services by July 1, 2005. Individual e-mails will be sent by Kim Tremper (x4-2218) to the responsible people to remind them of this process.
Prepaid Supplies: If your department has purchased supplies, materials or services prior to June 30, 2005, but will not be using them until July 1, 2005 or later, these items are FY 2006 Prepaid Supplies and must be counted and valued on June 30, 2005 and then sent to the Accounting office in Financial Services.
If you have questions or if you need assistance with the specifics related to your area, please contact Erna Kesler at x4-5012 or Cathy Mattern at x4-5563.
If you have any questions concerning any of this information, please call our FRS Help Line on x4-5599, option #2. Thank you.
