MONTGOMERY COLLEGE
Office of Business Services
April 14, 2011
MEMORANDUM
To: All Administrators and Account Managers
From: Thomas Sheeran, Chief Business Officer
Re: FY2011 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's 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.
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