Business Office

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Welcome to the Business Office!

(See below for our FY08 Year End Memo...)

Our mission is principally to protect the assets of the University. However, our goal is to fulfill our mission with professionalism, courtesy and efficiency. We strive to provide excellent customer service for faculty, staff and students alike as we assist individuals and departments with their needs for financial services and reporting.

We welcome your feedback!

Patrick Torre, Associate Vice President for Finance 

University of New Haven Business Office
300 Boston Post Road
West Haven, CT 06516
Phone: 203.932.7224
Fax: 203.931.6078

Office Location
New Hall (420 Boston Post Rd)

Current Office Hours
Monday - Thursday ~ 8:30 am - 4:30 pm

Friday ~ 8:30 am - 1:30 pm

 

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Year-End Deadlines - 2008

AUDIT COMPLIANCE Deadlines for fiscal year end revenues and expenses

At the end of the University's fiscal year (June 30th) the financial records for the prior twelve-month period must be closed.  In order to meet the audit requirements of our financial audit firm (KPMG), fiscal year end procedures and deadlines are outlined below.  Please note that the staff members in the Purchasing Department and the Business Office do not have any discretion on these dates, as they relate directly to audit compliance. 

Your cooperation with the procedures and deadlines will ensure the proper recording of financial transactions and allow for a smooth closing process for all departments.  Should you have any questions on the procedures please contact the proper Business Office department or the Controller.  Our contact information and additional resources are located on our website at:

http://www.newhaven.edu/academics/14372/

1)      Purchasing:  The cut-off date for submitting purchase requisitions to be processed against the current fiscal year (fiscal year 2008) is Friday, June 6, 2008.

Please note:  Purchase orders should only be processed in June if the requisitioner is certain the goods or services will be delivered to campus on or before Monday, June 30, 2008.  The following accounting rules will be in effect:

a)     Goods and services received on or before June 30^th shall be recorded as fiscal year 2008 expenses.                                                                                                                                   

b)     Goods and services received after June 30^th represent fiscal year 2009 expenditures and must be expensed to next year's budget.  This is an audit compliance requirement.                                                                                                                              

2)      Accounts Payable: If you have received goods or services during fiscal year 2008, but have not received an invoice, please contact the vendor and request that they forward an invoice directly to our Accounts Payable Department so that these charges can be recorded in the proper year.  Invoices received in Accounts Payable after Thursday, July 31, 2008 will be charged against the new fiscal year budget (fiscal year 2009).

3)      Expense Reimbursement:  The cut-off date for submitting expense reimbursement reports to be processed against the current fiscal year (fiscal year 2008) is Tuesday, July 15, 2008.  Expense reimbursement forms delivered to the Accounts Payable Department after the deadline will be charged to the new fiscal year budget (fiscal year 2009).

4)      Payroll:  All PDO's for fiscal year 2008 must be received in the Payroll Office by Friday, July 11, 2008 in order to be properly charged to the academic or fiscal period in which the services were rendered.

5)   Cash Receipts and Checks for Deposit:  All University deposits must be received in the Bursar's Office on or before Monday, June 30, 2008 in order to be included as fiscal year 2008 revenue.

6) Sponsored Project Expenses: All dates and procedures applicable to general University funds are also applicable to sponsored project funds. There is no distinction between these from an audit compliance perspective.

Continued on page 2...

Please print and post prominently the following schedule of deadlines:

 

University of New Haven Business Office

Year End Deadlines - 2008

Month	Day	Date	Time	Description
June	6	Friday	1:30 PM	Deadline for submission of purchase requisitions to Purchasing for items to be received in fiscal year 2008.
June	30	Monday	Year End	All goods and services received and all income earned by the end of today must be recorded as 2007-2008 expenses/revenue.
June	30	Monday	12:30 PM	Deadline to deliver deposits to the Bursar's Office for funds applicable to fiscal year 2008.
July	11	Friday	1:30 PM	Deadline for submission of PDO's to Payroll for expenses applicable to fiscal year 2008.
July	15	Tuesday	4:30 PM	Deadline for submission of expense reimbursement forms to Accounts Payable for expenses applicable to fiscal year 2008.
July	31	Thursday	4:30 PM	Deadline for submission of invoices to Accounts Payable for expenses applicable to fiscal year 2008.