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University Guidelines

Section 3.3 Financial Services: Accounting - Closing out Fiscal Years
Issued: October 2001
Replaces:

1. For appropriated funds, all invoices for goods or services contracted for or received by the end of the fiscal year or June 30^th must be processed in time for payment to be made by the State Comptroller prior to August 31^st. All appropriations remaining after this date will lapse back to the State Treasury.
2. The Chancellor, or designee, shall establish dates to receive final requisitions for equipment, supplies, services, and other expenses. The deadline dates for submission of proposed items shall be published, strictly enforced, and adhered to by all employees.
3. Requisitions or vouchers submitted after the established date(s) will require a letter of justification and approval by the Chancellor, or designee. This privilege should only be extended on an emergency basis.
4. The Chancellor, or designee, shall establish procedures for requisitions that require formal Board approval that allow sufficient time for the University to process these transactions.
5. All instructions and guidelines issued by the State of Illinois Comptroller’s Office for state appropriated accounts (i.e., expenditure authority accounts) shall be adhered to and all submission dates shall be promptly met.
6. The Chancellor, or designee, shall submit an annual closeout calendar to the Office of the President by April 1^st.