Please note this reminder was also posted in May:
As we approach the end of our fiscal year, I would like to remind all budget managers 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, 2017 will be recognized as 2016-17 expenditures.
- Materials received or services rendered on/after July 1, 2017 will be recognized as 2017-18 expenditures.
- Conferences including registration, hotel and airfare for conference dates occurring on/after July 1, 2017 will be recorded as expenditures in the 2017-18 fiscal year. We will review the date the event occurs, it is not based on being submitted or paid before June 30th.
- Reimbursable expenditures, including mileage, 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)
Please submit Invoices and Check Requests dated before July 1, 2017 to the Business Office no later than July 12, 2017 at noon. Please assist the Business Office in completing the College’s fiscal year closing by submitting all invoices on time. Do not hold any invoices for the next fiscal year.
If you have any questions regarding an invoice or travel reimbursement, please contact me directly at 663-2203. Thank you for your service as a budget manager.