Fiscal Year-End Deadlines

Fiscal Year-End Deadlines for FY2025, Ending on June 30, 2025

Requisitions

  • All FY25 requisitions that do not require a solicitation must be electronically entered, and show electronic departmental approval in the Banner system by the end of Friday, June 6, 2025.
  • All FY25 requisitions that do require a solicitation must be electronically entered, and show electronic departmental approval in the Banner system according to the following dollar amounts and dates:
$10,000 - $25,000 by the end of Friday, May 16, 2025
$25,000 - $99,000 by the end of Wednesday, May 14, 2025
$100,000 and above by the end of Friday, April 25, 2025
  • Items received after this time will be processed in FY26. Purchase orders issued by Monday, June 30, 2025 will encumber FY25 funds.
  • Encumbrances entered in FY25 or before as standing purchase orders will be carried forward to FY26, unless canceled by the end-user.
  • FY25 requisitions that require bidding and/or that involve significant lead times should be submitted with consideration given to available processing time, bid guidelines, and product and service lead times. Submittals will be processed in the order received.
  • Requisitions that cannot be processed in FY25 will need to be resubmitted as new requisitions in FY26.

Processing guidelines

  • Advertising and posting—Approximately one to two weeks for orders greater than $25,000.
  • Purchases greater than or equal to $100,000 require review and approval by the Board of Governors at their scheduled meetings.
  • Buyer analysis, bid processing, and purchase order issuance—Approximately within one week during standard periods for routine items. RFPs that require the development of specifications and/or committee evaluation will involve longer time periods that are specific to the product or service.
  • Delivery lead times—Approximately one to two weeks for stock items and general services, or up to approximately two to ten weeks for production items and specialized services. Manufacturing scheduling and the availability of raw materials are examples of variables that can delay production and subsequent shipment dates.
  • FY25 requisitions for goods and services that require bidding should be submitted to Procurement Services per the above schedule, in order for the funds to be encumbered in FY25. Processing will be subject to the above guidelines.
  • After June 30th, all payment requests and travel expense reports will be reviewed by a designated accountant. If the goods or services were received on campus prior to July 1st, the invoice will be dated June 30, 2025, and will be paid using FY25 monies. If the goods or services were received after June 30th, the invoice will be dated with the current date, and will be paid using FY26 monies. 

If you have any questions, please contact Financial Services.

Invoices

All unpaid FY25 invoices and/or signed Departmental Approval copies should immediately be submitted to Procurement Services. In order to be encumbered for FY25, items must be submitted by Monday, June 16, 2025.

P-Card Transactions

Transactions that are posted to the UMB Visa system by June 30, 2025 will be funded with FY25 money.

Payment Request Forms

All outstanding FY25 payment requests with corresponding invoices must be submitted to Accounts Payable by June 16, 2025.

Travel Reimbursement

Reports are to be submitted within two weeks upon return from each trip. However, all outstanding FY25 travel reimbursement requests and supporting documents must be submitted to Accounts Payable by June 16, 2025.

Budget Transfers

All budget transfers requested by memorandum must be submitted by June 19, 2025. Memorandum requests should be directed to the budget analyst assigned to the cost center.

FY26 Purchases

Requisitions for FY26 with a FY26 date cannot be entered until the FY26 budgets are loaded into Banner. Budgets are projected to be available on or after July 1, 2025.

Grants and Contracts

Any grant and contract charges should be addressed by working with the Grant Accountant to ensure that charges are posted on a timely basis. Grant funds begin with G, I, K, M, O, and P.

Time and Effort Report

Reports for the Spring 2025 semester must be submitted to Grants and Contracts Accounting by June 30, 2025.

Payroll

Refer to payroll website for guidelines.