FY2010 Office of Business Services Closing Dates

MONTGOMERY COLLEGE Office of Business Services April 14, 2010 MEMORANDUM To: All Administrators and Account Managers From: Thomas Sheeran, Chief Business Officer Re: FY2010 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 can meet 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. In addition, the Office of Business Services will be offering Year-End Closing Training Sessions to be announced soon. As a reminder of the college's fiscal condition and budget constraints, account managers should continue to monitor and reduce expenditures. Units are asked to defer any major purchases that are not absolutely necessary to operations at this time. Each purchase resolution proposed for action by the Board of Trustees will be reviewed very carefully by the Senior Vice President for Administrative and Fiscal Services. IMPORTANT DEADLINES:

• The final due date for receipt of all requests for payment, including purchasing card transactions, is June 15, 2010.
• Requests received for goods and services received by June 30th from the period of June 16, 2010 through July 9th will be accrued.

To assist with the process, attached is a Fiscal Year-End 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. Please share this information with appropriate members of your staff. All departments should review and take appropriate action for fiscal activity consistent with these guidelines. Attachments