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Fiscal Year-End Purchasing Guidelines

Drake University's fiscal year-end is June 30, 2018.

Items expensed in Fiscal Year 2018 (FY 2018) must be RECEIVED
before June 30, 2018

In accordance with generally accepted accounting principles, and because the university's guidelines for year-end purchases are subject to external audit,expenses for goods and services must be recorded in the fiscal period they are received.

The date of receipt of the goods and or services should be clearly noted on the invoice or direct pay form.  Goods and services must be expensed in the fiscal period they are receved regardless of the budget allocation period, the date of the invoice/receipt, or the payment issue date.

If a benefit of service or a receipt for items extends into multiple fiscal years use the following procedure:

Expenses less than $5,000 - expense in the fiscal year in which the majority of expense will be incurred. (i.e., if a subscription is purchased for $3,000 and covers the period of July 1, 2017 through December 31, 2018, the expense would be reflected in FY 2018.)

Expenses greater than or equal to $5,000 - split between the fiscal years according to the percent of benefit received during each of the fiscal years.  (i.e., if a subscription is purchased for $10,000 that covers a period from July 1, 2017 through June 30, 2019, $5,000, it will be expensed 50/50 betweem the two fiscal years.)

 Fiscal year ending June 30, 2018 Timeline



Additional Information

April 30


 June 1

Initiate final FY18 purchase orders and computer order requests

Please contact Monita Jackson at x3918 or use the IT Service Portal for computer order requests


Please contact Caron Findlay at x2424 or with any questions you have regarding purchase orders.

June 15

Complete FY18 purchases with vendors

All purchases should be completed by this date in order to allow for settlement of the transaction and receipt of the goods or services by June 30.  


Clear outstanding FY18 Travel Advances

Please contact accounting at x2125 or with any questions you have regarding outstanding travel advances.


Review FY18 account activity through May

All accounts should be reviewed in Banner on a timely basis throughout the fiscal year. Any corrections for July17 through May18 activity should be submitted to accounting by this date.

June 29

Submit all FY18 payment requests

All payment requests for FY18 are to be submitted to Accounting.


July 18

Submit requests for FY18 restricted or endowed spending transfers.


All requests for restricted or endowed spending should be submitted to Kathy Veach at by end of the business day.

July 20

Final review of FY18 account activity

At this point, only June transactions should need to be reviewed. Corrections for June are due to accounting by this date.

All prior months’ activity should have been reviewed and corrections submitted as stated above in the timeline.

PCard statements and required documentation should be submitted electronically by the deadlines established within the new program guidelines.

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