Spending
When spending funds from your budget, please consider whether or not these purchases are necessary at this time. Departments and individuals at Saint Mary’s have a reputation as good stewards of our resources. Everyone at the University is working hard to balance the budget and we can each make a difference. We thank you in advance for your continued vigilance of University resources.
With the end of another fiscal year upon us, please take note of the dates below to ensure accurate information is recorded by the Business Office for the current fiscal year, which ends on Friday, May 31.
Budget/expenditure review
Carefully review your departmental budgets and current year expenditures and be certain to submit any interdepartmental transfers prior to 4 p.m. on Friday, May 24.
Fiscal year 24-25 budgets will be in the portal in early June.
Important dates to remember
- Friday, May 10 — Last day purchase orders will be issued for current fiscal year.
- Friday, May 31, at 10 a.m. — Deadline for extra payroll items (advising, independent studies, etc.) for the year ending May 31, 2024.
- Wednesday, June 12 — All reimbursements for direct expenses must be submitted and approved in Chrome River for year ending May 31, 2024.
- Wednesday, June 12 — All invoices must be submitted and approved for payment in Chrome River by this date. All invoices submitted after June 12 will be charged against the next fiscal year, fiscal year 2024-25.
Salaried Employees’ Vacation
Vacation for salaried employees must be used by May 31. All requests for vacation to be used by this date must be submitted through the payroll portal by Friday, May 24. Any remaining vacation not used or requested for use prior May 31 will be forfeited. The new vacation will be issued effective June 1 and will be in your portal as soon as possible after May 31. Requests for use of vacation time for periods after June 1 may be submitted based on the knowledge that the new vacation will be added. Most hourly employees’ vacation is renewed on their anniversary date.
U.S. Bank/Chrome River expenses
All charges incurred and posted on your May 2024 Chrome River expense report will be charged against the current 2023-24 fiscal year. All charges incurred and/or processed after the May report will automatically be charged against the new 2024-25 fiscal year. Please note: U.S. Bank charges are often delayed in posting by vendors. If you make purchases in late May, these charges may post to your June statement, thus being charged to the new year
Thank you for being good stewards of Saint Mary’s University of Minnesota resources!
by Kelly Boice and David Ansell
