Year End Closing FY2008
The Office of Finance is responsible for coordinating and preparing procedures for fiscal year-end closing. The procedures include deadlines for receipt of good and services, processing budget adjustments, departmental deposits, payroll deadlines, and additional information related to the financial deadlines for fiscal year-end. The FY2008 Year-End Closing Calendar contains complete information concerning financial deadlines for the fiscal year.
Your assistance with this process is critical.
Please pay special attention to the deadlines for receipt of goods and services to be paid from FY 2008.
It is important to note that the policy of the Commonwealth of Virginia and Old Dominion University is that goods/services received on or before June 30 are paid from the current fiscal year (FY2008). Goods and/or services received on or after July 1 will be charged to the new fiscal year (FY2009).
Please allow sufficient time for delivery of goods and services when ordering.
Each budget unit director should review the deadlines and procedures to ensure that published deadlines are met and that budgets are not overspent. Budget unit directors are responsible for monitoring budgets and resolving any budget deficits.
The information in the closing calendar provides what you need to close out the 2007-2008 fiscal year effectively and efficiently. With your help, we can look forward to another successful year-end and continued fiscal success in FY2009.
Telephone numbers are provided in the year-end calendar for each area.
