A message from Jackie Lasch, Assistant Vice President, Financial Services
As we approach the end of fiscal year 2014 – 2015, financial services would like to assist you in best utilizing your remaining funds. Although financial processes cannot stop because of fiscal year end, the required cut-off dates are necessary to accurately record financial transactions in the proper fiscal year, in accordance with generally accepted accounting principles and audit guidelines. In order to have a smooth transition closing out fiscal year 2014 – 2015, it is important that we strictly adhere to the following timeline.
Remember, if financial transactions are not fully completed by the cut-off dates, the expense or obligation will carry over to fiscal 2015 – 2016 without additional funding. Funds that are not expended by fiscal year end are considered part of “fund balance.”