679684 news 1737062287 1737064452 <![CDATA[Managing Lapsing Funds for Prior Year Purchase Orders]]> Campus 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: 

Resident Instruction 

Enterprise Innovation Institute (EI2) 

Georgia Tech Research Institute (GTRI) 

For 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. 

If 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. 

For questions or additional information, submit a request via Service Now – Financial Accounting.  

*Please note, the following reports are available to manage prior year POs: 

  • Workday Financials – “EBBR - Expense Budgetary Balance Report – GTCR”; run on Carryforward Structure with no Budget References in the worktag filter 
]]> 2025-01-16T00:00:00-05:00 The 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.

]]> 676049 image <![CDATA[GettyImages-1370343261.jpg]]> 259753 image/jpeg India Maul

Communications Program Manager | Institute Communications
Georgia Institute of Technology
india.maul@gatech.edu | comm.gatech.edu | gatech.edu

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