Countdown to 2009 Fiscal Year End Closing Dates

MONTGOMERY COLLEGE Office of Business Services MEMORANDUM To: All Administrators and Account Managers From: Thomas Sheeran, Chief Business Officer Re: FY2009 Collegewide Fiscal Year End Closing, Transactions, and Payments Annually, the Office of Business Services notifies the College community about financial closing processes and provides due dates for submitting materials. A successful fiscal year-end close assures that the College meets its legal, financial, and budgetary obligations. Account Managers are the key to a successful fiscal closing since they ensure that the unit accounts are allocated properly; appropriate documentation is submitted timely; and the budget is accurate and consistent with financial records. This year, meetings were held with various units and account managers to ascertain what should be communicated and, proposed changes in procedures for this year. Thank you for your comments and support. The feedback we received was considered in our planning, and as a result, the following changes have been implemented:

• The final due date for receipt of all requests including purchasing card transactions is June 15, 2009.
• Requests received after June 15, 2009 will be processed on July 1, 2009 and charged to the FY2010 Budget.
• More consistent and relevant communications will be broadcast through various media.

To assist with the process, attached is a planning guide, which includes a calendar of due dates and instructions, a frequently asked questions section, and a glossary of terms. The fiscal year-end close process applies to operating budget funds. All departments should review and take appropriate action for fiscal activity consistent with these guidelines.