For detailed information on Year End, please visit the Controller's Year End Guidelines Website. The fiscal year will end on May 31 and a new fiscal year will begin on June 1.
It is important to review, as early as possible, your department’s requirements for the next fiscal year. This review should include meetings with managers and staff for careful consideration of all contracts and agreements and services to determine if the service can be reduced, or eliminated, in the next fiscal year. Most vendors require a written 30-day notice if a service is being reduced or eliminated. Please be sure to notify Procurement Services so that notice can be given by April 30. Larger contracts may require more notice.
Agreements done by purchase order can be viewed in PeopleSoft by running a Query found under Reporting Tools>>Query>>Query Viewer>>Query Name: BC_PO_Agreements. Agreements renewed by p-card will not appear on this list.
Notices of renewal pricing should be provided by vendors prior to April 20 so that requisitions can be processed when the new budget year opens in mid-April. In order for vendors to be ready to service BC on June 1, commitment to the vendor should be provided as soon as possible. Agreements over $5000 must be renewed through the purchase order process. For your convenience, agreements under $5000 can be charged to p-cards.
For agreements requiring a purchase order, please create your agreements beginning April 19th using the reference data on your agreement query. Please remember to create agreement orders as follows:
- Review the list to be sure agreements are still required
- Select Special Request, for a “Service” and “Fixed Cost”
- Update amounts as necessary
- Use the start date of “6/1/13” and end date of “5/31/14”to keep the order open through the end of the fiscal year
- Change the “Budget Date” under the “More Details” tab to 6/8/13
- Mark the order “Distribute by Amount”
- Use a line description beginning with “AGMT-” so it will appear on your agreement list next year
Agreements to be paid by pcard (under $5000) can be committed to the vendor but the charge can not be submitted to VISA until AFTER June 4. (Note: Agreements for next fiscal year CANNOT be charged to this fiscal year’s budget.)
Please forward any contract documents to Procurement Services for signature, noting the applicable requisition number or last four digits only of the p-card number
If you have any questions, please email firstname.lastname@example.org, or call the appropriate buyer, at (617) 552-3055.