Fiscal Year End

Fiscal Year End

Introduction to FYE

As the University prepares for the conclusion of the academic year, we must also prepare for the close of our fiscal year, which ends on the 30th of June.
 
Fiscal Year-End is a busy time, not only for the Division of Finance, but for all requisitioners and budget coordinators & approvers on campus. In order to meet accounting and reporting standards in accordance with University policies and procedures a collaborative effort is needed.  We thank you in advance for your support and assistance throughout this hectic time.
 
Expenditures need to be properly recorded and charged in the appropriate fiscal year. It is also necessary to ensure the accuracy of any outstanding financial obligations for the year, so that these commitments can be properly reported and carried forward. If there are missing or incorrect transactions that you are unable to resolve directly, please communicate your concern to either Accounting Services, or to Grants Contract Accounting, if a grant fund, for corrective action.
 
Please download our shared calendar which has key dates preloaded as scheduled events. You can also opt for view access only here.
 
Please also find a printable version of our Annual Memo and Annual Presentation.

Schedule

May 15, 2026: RFP Requests for FY26 Award
Last day to submit RFP request to be awarded prior to July 1.
June 1, 2026: Banner Finance Permission Requests Due for Access to FY25 FOAPALs
Last day to request Banner Finance Permissions for access to FY26 FOAPALs.
June 12, 2026: New Vendor & Vendor Reactivation Requests
Last day to enter new vendor or vendor reactivation requests for FY26 purchase order requests for purchases over $15,000.
June 17, 2026: Special Assignment Payments & Student Special Project Contracts

All full time Special Assignment Payments and Student Special Project Contracts (formerly salary vouchers) for the FY26 Academic Year must be submitted by June 17th in order to be paid within FY26.

** Any Full Time & Part Time employee labor redistribution via electronic or paper form for FY26 payroll corrections must be initiated by the department no later than July 8th.**
 
** Any student labor redistribution for FY26 payroll corrections must be initiated by department no later than July 15th.**
June 19, 2026: ProConnect Purchase Processes
End users need to review ProConnect POs, confirming all invoices have been paid, and close out as applicable. Note: POs should NOT be closed until all invoices have been paid.  Closing prior to payment will cause delays.
June 24, 2026: Requisitions & Change Order Requests
Last day to process ProConnect requisitions or ProConnect change orders* for FY26 goods and services. Please place your requisition (for active vendors only) with appropriate documentation and required approvals to allow conversion to PO.  Goods and/or services physically received by the close of the fiscal period June 30, 2026 will be charged to FY26 budget. See #2 below for exceptions.
 
*Change order requests to reduce PO amounts or adjust for payment of items received before 6/30/26 will be processed.
 
 
June 26, 2026: Employee Travel
Last day for processing employee travel expense reports in Concur for FY26.
June 29, 2026: Departmental Deposits
All departmental deposits must be received on this day by the Office of the Bursar for posting by 3:00 p.m.
June 30, 2026: Open POs
Any open purchase orders at the close of FY26, June 30, 2026, will be charged against FY27 budget if the item has not been physically received.
June 30, 2026: Receiving
Goods to be charged against FY26 budget must be physically and electronically received (in ProConnect) by the close of business day.  All invoices requiring ProConnect invoice owner approval and/or PI approval must also be completed by close of business.
 
***Important: Receiving should only be completed after services are performed and/or goods have been delivered. This applies to all purchases, regardless of the funding source, including internal and external grants.***
June 30, 2026: Invoices
Any invoices processed in ProConnect that remain in the system awaiting receiving or approval as of June 30th end of business will require confirmation of delivery/service date prior to the invoice being exported into Banner.
 
All invoices should be forwarded to the Accounts Payable department or sent to invoices@rowan.edu.  This includes invoices for requisitions processed in ProConnect.
 
Note: Memberships/Subscriptions spanning two fiscal years: FY26-FY27 or purely for FY27 must be processed and paid by June 30th in order to be reflected in FY26.
June 30, 2026: BoA P-Card Purchases
Last day for using a Bank of America Purchasing Card (PCard). 
July 07, 2026: Non-PO Payment Request
Last day to post Non-PO payment requests with a transaction date of June 30, 2026 for FY26 goods and services received on or before June 30, 2026.
July 07, 2026: Non-PO Requests

Cutoff date for processing Non-PO payment request, student & non-employee travel expense reports, and invoices against purchase orders to be recorded in fiscal year 2026. 

July 08, 2026: Labor Redistribution Requests: Employees
Last day to submit requests for Full Time & Part Time employee labor redistribution corrections and adjustments (reallocation of salary and fringe) for FY26 payroll corrections.
July 10, 2026: BoA P-Card Allocation
All BOA Purchasing Card (PCard) June activity should be allocated in BoA Works system by end of day.
July 10, 2026: Journal Entry / DCA
Last day to submit journal entry requests/feeds and fully authorized DCAs for FY26. 
 
Journal entry feeds include: stationery, utility allocations, revenue sharing, postage, custodial back-charges, labor & material back-charges, duplicating, catering, copier, fuel charges, atrium card and BOA PCard correction activity.
Cutoff date exceptions for DCA’s:
  • External grants (funds beginning with 5 or 6)   
    • Grants with a final termination date of 6/30/26 – submit fully completed DCAs by noon – July 24th
    • Grants with Cost Sharing – submit fully completed DCAs by noon – July 24th
July 15, 2026: Labor Redistribution Requests: Students
Last day to submit requests for student labor redistribution corrections and adjustments (reallocation of salary and fringe) for FY26 payroll corrections.

Important Notes & Reminders

1.

Entering a requisition by the cutoff date (6/19/26) does not guarantee that the expense will be processed and paid within the current fiscal year (FY26).

Due to ongoing supply chain disruptions, orders may not be processed and fulfilled during the current fiscal year (FY26). Continue to anticipate shipping delays, out of stock items and back orders. Please plan accordingly and do not wait until the cutoff date (6/19/26) to submit a requisition.

2.

Cutoff date exceptions for requisitions:

  • External grants (funds beginning with 5 or 6)
  • Capital projects (funds beginning with 7)
  • Internally funded research under select:
    • CHRI grants (funds beginning with 168xx)
    • Startup funds (11099)

All other cutoff dates apply to the funds noted above.

3.

All invoices should be forwarded to the Accounts Payable department or sent to invoices@rowan.edu. This includes invoices for requisitions processed in ProConnect.

Note: Memberships/Subscriptions spanning two fiscal years: FY26-FY27 or purely for FY27 must be processed and paid by June 30th in order to be reflected in FY26.

4.

Travel FY26 manual encumbrances do not roll over into FY27 — this cannot be changed due to Banner systematically closing out the encumbrances for the fiscal year-end roll.

  • Due to this, if your trip is still multiple months away & you will not be charging any of the expenses before June 30th, we recommend not submitting your Travel Request until after June 30th.
  • If submitting an FY26 Travel Request in FY26:
    • Before June 30th - include all predicted travel expenses on the request, but only include amounts for the expenses that will be charged in FY26 and will be included in the encumbrance.
    • After July 1st – submit another Travel Request as “extension of prior trip”
      • Include all travel expenses, but only include amounts for the expenses that will be charged in FY27 and will be included in the encumbrance

5.

FY26 Operational Budget surplus will not carry forward into FY27. 

6.

FY27 Non-operating funds budgets (special programs, etc.) will not be set up in Banner until Finance completes year end system roll procedures, tentatively set for July 24th.

7.

ProConnect POs open at the completion of FY26 will carry forward to FY27 and charge to the fiscal FY27 budget.

For more information on close out process see link here.

8.

Journal entry feeds include: stationery, utility allocations, revenue sharing, postage, custodial back-charges, labor & material back-charges, duplicating, catering, copier, fuel charges, atrium card and BOA PCard correction activity.

9.

Cutoff date exceptions for DCA’s:

  • External grants (funds beginning with 5 or 6)    
    • Grants with a final termination date of 6/30/26 – submit fully completed DCAs by noon – July 24th
  • Grants with Cost Sharing – submit fully completed DCAs by noon – July 24th

10.

Additional Procurement information can be found here.

Contact Information

If there are any additional questions or concerns regarding the year end closing process, please contact:

Accounting Services:

Kyle Beach

beach46@rowan.edu ext.53714

Accounts Payable :

Joselyn Peoples

peoplesj@rowan.edu ext. 64335

Budget Office:

Eric Williams

williamsej@rowan.edu ext.64337

Office of the Bursar:

Adrienne Graber

grabera@rowan.edu ext.65162

Procurement Department:

Chris Haley

haley@rowan.edu  ext.64149

Grants/OSP:

Lisa Ciliberto

ciliberto@rowan.edu  ext.65534