Fiscal 2015-16 Year-end Closing and Transition to Next Fiscal Year

This memo outlines important dates and required actions necessary to successfully conclude the fiscal 2015‐16. The stipulated timelines, require everyone’s assistance and strict adherence, allow us to complete the financial statements and external audit for reporting to Humber’s board and MTCU within the designated timeframe.

2015‐16 Fiscal Year

A) Purchases – Friday, January 29, 2016
It is strongly recommended that procurement activities (i.e. requisition, approval, purchase order) be initiated by the above date to ensure that adequate time is allotted for delivery of goods/services and to complete the balance of process (i.e. receiving, invoice processing) by March 31, 2016 to be recognized as fiscal 2015‐16 cost.

B) Special Project: Revenue Deferral/Roll‐Over – Monday, February 29, 2016
If any revenue related to Special Project revenues are anticipated to remain unearned at year’s end and should be rolled over to the next fiscal, the “Revenue Deferral Request Form” must be submitted to Christine Esteban at christine.esteban@humber.ca by the above date in order to allow staff time to review the request and determine its eligibility in accordance with project funding guideline and accounting standards.

C) Accounts Receivable – Monday, March 28, 2016
To invoice customers for current fiscal activities and recognize revenue, the “Request to Invoice Form” must be submitted to Accounts Receivable staff at accounts.receivable@humber.ca by the above date.

D) Interdepartmental Charges – Monday, March 28, 2016
All interdepartmental charges (i.e. telephone, paper etc.), correction to and/or allocation of actual charges for the current fiscal must be submitted through the normal process by the above date.

E) Purchase Card (MasterCard) – Wednesday, March 30, 2016
MasterCard charges, as posted to the BMO Details Online, for the billing cycle ending midnight March 20, 2016 must be reviewed, FOAP information changed if applicable and approved by the above date; otherwise charges will be recorded against the card’s default FOAP.

Note: Charges from March 21, 2016 onward will be applied against the fiscal 2016‐17 budget.

PLEASE NOTE: DEADLINES ARE TO BE INTERPRETED AS 4:30 P.M. OF THE DATE SPECIFIED
For more information, visit Financial Services & Planning intranet website humber.ca/finance