{"679684":{"#nid":"679684","#data":{"type":"news","title":"Managing Lapsing Funds for Prior Year Purchase Orders","body":[{"value":"\u003Cp\u003ECampus departments should be aware that money that is not spent or obligated on prior year purchase orders (Budget Reference 2024 and earlier) on fund types subject to lapse, will be returned to the state of Georgia. Fund types subject to lapse include the following:\u0026nbsp;\u003C\/p\u003E\u003Cdiv\u003E\u003Cp\u003E\u003Cem\u003E\u003Cstrong\u003EResident Instruction\u0026nbsp;\u003C\/strong\u003E\u003C\/em\u003E\u003C\/p\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cul\u003E\u003Cli\u003E\u003Cem\u003EFD10000 - State Appropriations - Education and General\u0026nbsp;\u003C\/em\u003E\u003C\/li\u003E\u003C\/ul\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cul\u003E\u003Cli\u003E\u003Cem\u003EFD10500 - Tuition - Education and General\u0026nbsp;\u003C\/em\u003E\u003C\/li\u003E\u003C\/ul\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cul\u003E\u003Cli\u003E\u003Cem\u003EFD10600 - Other General - Education and General\u0026nbsp;\u003C\/em\u003E\u003C\/li\u003E\u003C\/ul\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cul\u003E\u003Cli\u003E\u003Cem\u003EFD50000 - Unexpended Plant\u0026nbsp;\u003C\/em\u003E\u003C\/li\u003E\u003C\/ul\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cul\u003E\u003Cli\u003E\u003Cem\u003EFD50200 - Unexpended Plant - GSFIC Non-MRR\u0026nbsp;\u003C\/em\u003E\u003C\/li\u003E\u003C\/ul\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cul\u003E\u003Cli\u003E\u003Cem\u003EFD50300 - Unexpended Plant - MRR\u0026nbsp;\u003C\/em\u003E \u0026nbsp;\u003C\/li\u003E\u003C\/ul\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cp\u003E\u003Cem\u003E\u003Cstrong\u003EEnterprise Innovation Institute (EI2)\u0026nbsp;\u003C\/strong\u003E\u003C\/em\u003E\u003C\/p\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cul\u003E\u003Cli\u003E\u003Cem\u003EFD1 1015 - State Appropriations - E12\u0026nbsp;\u003C\/em\u003E\u003C\/li\u003E\u003C\/ul\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cp\u003E\u003Cem\u003E\u003Cstrong\u003EGeorgia Tech Research Institute (GTRI)\u0026nbsp;\u003C\/strong\u003E\u003C\/em\u003E\u003C\/p\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cul\u003E\u003Cli\u003E\u003Cem\u003EFD1 1021 - State Appropriations - GTRI\u0026nbsp;\u003C\/em\u003E\u003C\/li\u003E\u003C\/ul\u003E\u003C\/div\u003E\u003Cp\u003EFor lapsing balances of more than $1,000, departments need to document why the funds were not used as intended. If payments were made on the current year budget, Budget Reference 2025, a correction journal should be processed to move the expense to the original budget reference. This will free up current year funds.\u0026nbsp;\u003C\/p\u003E\u003Cp\u003EIf a purchase order (PO) was closed in error, create a new procurement requisition using the prior year budget reference to recover and re-obligate the funds. The new PO must be for the same or a similar item, and a new vendor can be used if necessary.\u0026nbsp;\u003C\/p\u003E\u003Cdiv\u003E\u003Cp\u003EFor questions or additional information, submit a request via \u003Ca href=\u0022https:\/\/gatech.service-now.com\/financials?id=sc_cat_item\u0026amp;sys_id=51832479db39b740fc9efe8d0f96191f\u0026amp;sysparm_category=de1d0d7cdb7be700391b9837db9619aa\u0022 rel=\u0022noreferrer noopener\u0022 target=\u0022_blank\u0022\u003EService Now \u2013 Financial Accounting\u003C\/a\u003E.\u0026nbsp;\u0026nbsp;\u003C\/p\u003E\u003Cdiv\u003E\u003Cp\u003E\u003Cem\u003E\u003Cstrong\u003E*Please note, the following reports are available to manage prior year POs:\u0026nbsp;\u003C\/strong\u003E\u003C\/em\u003E\u003C\/p\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cul\u003E\u003Cli\u003E\u003Cem\u003EWorkday Financials \u2013 \u201cEBBR - Expense Budgetary Balance Report \u2013 GTCR\u201d; run on Carryforward Structure with no Budget References in the worktag filter\u0026nbsp;\u003C\/em\u003E\u003C\/li\u003E\u003C\/ul\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cul\u003E\u003Cli\u003E\u003Ca href=\u0022https:\/\/controller.gatech.edu\/purchase-order-obligation\u0022 rel=\u0022noreferrer noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cem\u003Ehttps:\/\/controller.gatech.edu\/purchase-order-obligation\u003C\/em\u003E\u003C\/a\u003E\u003Cem\u003E\u0026nbsp;\u003C\/em\u003E\u003C\/li\u003E\u003C\/ul\u003E\u003C\/div\u003E\u003C\/div\u003E","summary":"","format":"limited_html"}],"field_subtitle":"","field_summary":[{"value":"\u003Cp\u003EThe Office of the Controller is reaching out to departments with prior year purchase orders with funds subject to lapse greater than $1,000. Money that is not spent or obligated on prior year purchase orders using lapsing funds will be returned to the state.\u003C\/p\u003E","format":"limited_html"}],"field_summary_sentence":[{"value":"Money that is not spent or obligated on prior year purchase orders using lapsing funds will be returned to the state."}],"uid":"36461","created_gmt":"2025-01-16 21:18:07","changed_gmt":"2025-01-16 21:54:12","author":"imaul3","boilerplate_text":"","field_publication":"","field_article_url":"","location":"Atlanta, GA","dateline":{"date":"2025-01-16T00:00:00-05:00","iso_date":"2025-01-16T00:00:00-05:00","tz":"America\/New_York"},"extras":[],"hg_media":{"676049":{"id":"676049","type":"image","title":"GettyImages-1370343261.jpg","body":null,"created":"1737062386","gmt_created":"2025-01-16 21:19:46","changed":"1737062386","gmt_changed":"2025-01-16 21:19:46","alt":"Photo of calculator and money.","file":{"fid":"259753","name":"GettyImages-1370343261.jpg","image_path":"\/sites\/default\/files\/2025\/01\/16\/GettyImages-1370343261.jpg","image_full_path":"http:\/\/hg.gatech.edu\/\/sites\/default\/files\/2025\/01\/16\/GettyImages-1370343261.jpg","mime":"image\/jpeg","size":10924398,"path_740":"http:\/\/hg.gatech.edu\/sites\/default\/files\/styles\/740xx_scale\/public\/2025\/01\/16\/GettyImages-1370343261.jpg?itok=j8p68gK5"}}},"media_ids":["676049"],"groups":[{"id":"220261","name":"Finance and Planning"}],"categories":[],"keywords":[],"core_research_areas":[],"news_room_topics":[],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cp\u003E\u003Cstrong\u003EIndia Maul\u003C\/strong\u003E\u003C\/p\u003E\u003Cp\u003ECommunications Program Manager | Institute Communications\u003Cbr\u003EGeorgia Institute of Technology\u003Cbr\u003E\u003Ca href=\u0022mailto:india.maul@gatech.edu\u0022 title=\u0022mailto:india.maul@gatech.edu\u0022\u003Eindia.maul@gatech.edu\u003C\/a\u003E | comm.gatech.edu | gatech.edu\u003C\/p\u003E","format":"limited_html"}],"email":["india.maul@gatech.edu"],"slides":[],"orientation":[],"userdata":""}}}