Colleagues,
Elon University is changing its fiscal year end from May 31 to June 30. As part of this transition, we will have a one-month stub period.
We are working through two primary operational questions and would appreciate insight from institutions that have navigated a similar change:
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How did you structure and manage budgets for the stub period? Did you create a separate one-month budget, roll forward a prorated portion of the existing budget, or use another approach?
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How did you handle purchase orders during the transition, particularly if the new fiscal year was not yet open in your ERP system? Did you delay PO processing, use temporary accounts, or implement another solution?
Any lessons learned, best practices, or pitfalls to avoid would be greatly appreciated.
Thank you in advance for your guidance.
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Kelly McKinney
University Controller
Elon University
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