University of North Carolina - General Administration
Title: Fiscal Year End
Administrative Policies and Procedures Manual
1. The statutes of the State of North Carolina require that unexpended appropriated funds be reverted to the State at the end of the fiscal year unless special permission is given by the Office of State Budget and Management to carry them forward to the next fiscal year.
2. Note: Department heads should contact the Budget Officer to request the carry forward of state appropriations to cover critical agency outstanding purchase orders at fiscal year end.
3. State policy additionally requires delivery to be made before payment can be made for the goods or services. No pro-forma invoices are processed.
4. In order to obtain delivery before the end of the fiscal year, orders should be placed as early in the year as it is possible to anticipate the need. This does not preclude placing purchase orders late in the fiscal year, but if delivery cannot be made before June 30, payment will be from next year's budget.
5. Commodities or services that must be bid and require payment by June 30th, must be submitted to the UNC GA Purchasing Officer by March 30th of each fiscal year.