Memorandum #208 Material Procurement Cut-off Dates for College Operating and Capital Budgets*

Revised: May 12, 2009
Date of Issue: March 21, 1972

College fiscal policy dictates that payment will be made to vendors after it has been determined that all materials or equipment have been received in a satisfactory condition.

The delivery date determines the fiscal year budget to which payment is charged. For example, items received during June are chargeable to the fiscal year ending June 30; those received in July are chargeable to the fiscal year ending June 30 of the following calendar year even though they may have been ordered in previous months.

To ensure complete, accurate commitments and disbursements of College funds for the appropriate fiscal year, the following schedule will be followed for procurement purposes:

• Capital Equipment Items - Purchase requisitions must be received in the Budget Office by the second Thursday in May .
• Operating Supplies - Purchase requisitions requiring a bid procedure (value greater than $5,000) must be received in the Purchasing Department by the third Thursday in May. All other external purchase requisitions must be submitted to the Purchasing Department by the fourth Thursday in May.

Requisitioning of capital items or operating supplies by the calendar dates shown above cannot guarantee a requester that delivery of ordered materials will be in time for the cost to be charged against the current year budget. For that reason, purchase orders should be processed as early in the fiscal year as feasible.

Operating budget purchase requests will not be processed if the amount exceeds approved budget dollar allocations. Capital budget requisitions must reflect the approved line-item budget.

In accordance with current policies and procedures, any single capital item or combination of complementary capital items with a value of $50,000 must be presented to the Board of Trustees for approval prior to the purchase. Effective Date: May 12, 2009

*Please note that procurements funded with grants may be subject to an earlier cut-off date.