With the end of another fiscal year upon us, please take note of the dates below to ensure accurate information is recorded by the Business Office for the current fiscal year, which ends on Monday, May 31.
Budget/expenditure review
Carefully review your departmental budgets and current year expenditures and be certain to submit any interdepartmental transfers prior to 4 p.m. on Friday, May 28.
If there are any reallocations unit managers who wish to make in their area budgets heading into the new fiscal year, they should submit those no later than Monday, May 10, to David Ulaszek at dulaszek@smumn.edu. (As a reminder, this is only for reallocations that do not change the bottom line of the unit; any additional expenses or reduced revenues must be commensurately offset.)
Important dates to remember
- Friday, May 14 — Last day purchase orders will be issued for current fiscal year.
- Friday, June 11, at 10 a.m. — Deadline for extra payroll items (advising, independent studies, etc.) for the year ending May 31, 2021.
- Wednesday, June 16 — All reimbursements for direct expenses must be submitted and approved in Chrome River for year ending May 31, 2021.
- Wednesday, June 16 — All invoices must be submitted and approved for payment in Chrome River by this date. All invoices submitted after June 16 will be charged against the next fiscal year, fiscal year 2021-22.
U.S. Bank/Chrome River expenses
All charges incurred and posted on your May 2021 Chrome River expense report will be charged against the current 2020-21 fiscal year. All charges incurred and/or processed after the May report will automatically be charged against the new 2021-22 fiscal year. Please note: U.S. Bank charges are often delayed in posting by vendors. If you make purchases in late May, these charges may post to your June statement, thus being charged to the new year.
Annual policies review
We ask all employees of the university to review the university’s business policies on an annual basis. These policies are located on the Business Office page which can be accessed from smumn.edu under the Students, Faculty & Staff heading in the upper left. Once in the policy, use “CTRL F” to search for specific topics.
If you have any questions regarding the above deadlines or activities, please contact Cindy Ostrem at costrem@smumn.edu or Ext. 6690.
Thank you for being good stewards of Saint Mary’s University of Minnesota resources!