In order to meet reporting deadlines set by the Ministry, Faculties and Departments are required to adhere with the dates noted below. This will allow the College time to follow the procurement policy and will also provide suppliers with time to deliver the goods/services within the fiscal year. Purchase requisitions received after the deadlines noted below will not be processed under the 2014/2015 budget.All goods and services must be received on or before March 31, 2015, if they are to be included in the 2014/2015 budget. Goods received after March 31, 2015 will be posted to the 2015/2016 budget.
In keeping with College policy, purchase order must be used in ordering of goods and services. Please ensure all procurement practices follow College policies (Purchasing Policy: https://policy.sheridanc.on.ca/dotNet/documents/?docid=691&mode=view and Travel, Meal, Hospitality and other College Business Related Expenses Claims Policy: https://policy.sheridanc.on.ca/dotNet/documents/?docid=595&mode=view) and be advised that the College may refuse payment of non-compliant purchases.
1. Capital Expenditures:
Requisitioning of all capital expenditures for the 2014/2015 fiscal year will be closed at 5:00 p.m. on Friday, January 9, 2015.
Be advised that potentially complex procurements should be submitted earlier.
2. Non-Capital Purchasing:
Requisitioning of all goods and services for the 2014/2015 fiscal year will be closed at 5:00 p.m. on Friday, January 16, 2015.
Be advised that potentially complex procurements should be submitted earlier.
3. College Purchase Card (US Bank Visa card) and Small Purchases
All small purchases normally made using a College Purchase Card (US Bank visa card) must be made before the end of Thursday Feb 19, 2015. Your College Purchase Card will be deactivated for the period from Feb 20, 2015 to March 31, 2015 inclusive.
Small value purchases that are paid in advance by employees and then claimed through an expense claim must be completed on or before Friday Feb 20, 2015.
Any expenses claims (excluding travel related) for purchases with receipts dated between Feb 20, 2015 and March 31, 2015 will be rejected unless pre-approved by your VP.
4. Invoices, Expense Claims and Petty Cash Vouchers:
All invoices, pertaining to the current fiscal year must be received by Financial Services no later than the end of business day on Thursday, April 2, 2015.
Petty cash vouchers for the year ending March 31, 2015 must be submitted for reimbursement to Financial Services at the Trafalgar Road Campus by Thursday, April 2, 2015.
5. Payroll:
Time sheet, overtime, etc. must be submitted to Payroll no later than Monday, March 9, 2015, so that they can be included in the 2014/2015 budget year. Any time sheet, overtime, etc. received after this date will be attributed to your 2015/2016 budget.
6. Cost Transfers:
All internal cost transfers for transactions occurring up to February 28, 2015 must reach the Financial Services Department at the Trafalgar Campus by Monday, March 9, 2015.
Cost transfers for March 2015 transactions should be received by Financial Services by
Thursday, April 2, 2015. Any costs transfers received after this date may not be processed.
7. Budget Transfer:
Budget transfers should be received by Financial Services no later than Friday, January 16, 2015 (same day as the non-capital purchasing cut-off).
The cut-off date does not apply to the budget set up of new funded projects.
8. Invoice Request (Billing):
All invoice request to bill external organizations should be received by Financial Services no later than Tuesday, March 24, 2015 in order for invoice be issued by the March 31, 2015 year end date, and revenue be included in the 2014/2015 budget.
Thank you in advance for your cooperation.
Steven Parfeniuk
Vice President, Finance & Administration