Renewal of UMA’s Year End Spending Policy |
As we near the end of Fiscal Year 2024, we will continue with the same year-end expenditure policy as last year. The policy has proven effective in limiting a high volume of last-minute spending and also enables the Finance team to close the books within a small window of time.
Please be advised, purchases made in June 2024 that are not received prior to June 30, 2024, will be expensed in FY25.
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Year End Spending Policy and Key Deadlines |
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All purchase orders, standing orders, and check requests for department orders of goods and services must be completed by 4 pm, Friday, June 14, 2024.
- All non-travel Concur expenses need to be processed by 4 pm, Friday, June 14, 2024.
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All invoices and other FY24 charges to be processed through Accounts Payable must be entered in MarketPlace or received by Procurement by 4 pm, Friday, June 14, 2024.
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All travel expenses should be submitted and approved through Concur. If travel has been approved for the last two weeks in June, please contact Jyll Smith (jyll.smith@maine.edu) to discuss how to process your reimbursement.
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Fiscal 2024 resources may not be used to pre-pay for goods or services to be used during Fiscal 2025. Contracts or memberships can still span fiscal years through the use of prepaid accounts, but the related expenses must be apportioned over each of the fiscal years involved.
- The following items must be received by the Finance Office by noontime, Wednesday, June 12, 2024:
- Postage charges
- Printing/photocopying charges
- Interdepartmental Transfer requests
- Postage and printing charges incurred between June 14 and June 30 will be submitted separately in July.
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Utility accruals and lists of equipment/merchandise actually received but not yet invoiced should be received by the Finance Office by noontime, Wednesday, June 12, 2024.
- All corresponding cash receipts should be entered into MaineStreet and cashiering sessions closed by 4 pm on June 28. All cash and checks are to be deposited at the bank by 3 pm, Friday, June 28, 2024. Credit card terminals must be settled at day’s end on June 28.
- Wage reallocations and outgoing invoices for project work should be requested in a timely fashion and up to date.
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I strongly encourage everyone to conserve resources where possible. I thank everyone in advance for following this policy.
Sincerely,
Buster Neel
Chief Business Officer
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In complying with the letter and spirit of applicable laws and pursuing its own goals of diversity, the University of Maine at Augusta does not discriminate on the grounds of race, color, religion, sex, sexual orientation, transgender status, gender, gender identity or expression, ethnicity, national origin, citizenship status, familial status, ancestry, age, disability physical or mental, genetic information, or veterans or military status in employment, education, and all other programs and activities. The University provides reasonable accommodations to qualified individuals with disabilities upon request. The following person has been designated to handle inquiries regarding non-discrimination policies: Director of Equal Opportunity, 5713 Chadbourne Hall, Room 412, University of Maine, Orono, ME 04469-5713, 207.581.1226, TTY 711 (Maine Relay System).
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