As we approach the end of the fiscal year, we would like to remind departments of the following:
Please submit Invoices and Check Requests dated before July 1, 2022 to the Business Office no later than July 13, 2022 at noon. Please assist the Business Office in completing the College’s fiscal year closing by submitting all invoices on time.
If you have any questions regarding an invoice or travel reimbursement, please contact Jane Wilhelm at 663-2203 or Mary Hoffman at 663-2299.
As we approach the end of our fiscal year, I would like to remind all Budget Officers of the following accounting policy for invoices and travel:
- Only invoices and credit card charges for materials received or services actually rendered on or before June 30, 2022 will be recognized as 2021-22 expenditures.
- Materials received or services rendered on/after July 1, 2022 will be recognized as 2022-23 expenditures.
- Conferences including registration, hotel and airfare for conference dates occurring on/after July 1, 2022 will be recorded as expenditures in the 2022-23 fiscal year. We will review the date the event occurs, it is not based on being submitted or paid before June 30th.
Also keep in mind throughout the year to submit you reimbursable expenditures on a timely basis within a preferred 60 days from the travel. All reimbursements must be submitted within 120 days after expense is incurred or the end of travel. (per IRS regulations expenses submitted after 120 days is taxable income to the employee)
The Business Office staff are available to assist with any questions regarding end of the year expenditures. Please don’t hesitate to contact us so we can help make the year end as smooth as possible.