Fiscal Close - Procurement Operations

As a follow-up to the prior communications regarding the fiscal 2025 year-end close, the Strategic Sourcing Department would like to share important reminders regarding best practices. Adhering to these guidelines ensures efficient processing, proper financial stewardship, and a smooth transition into the new fiscal year.  

I. Fiscal Year-End Close (FY25-Through June 30, 2025) To ensure all FY25 expenses are accurately recorded and processed in a timely manner: 

Timely Invoice Submission
Please ensure all invoices for goods and services received by June 30, 2025, are submitted as soon as possible, but no later than July 22, 2025.
 
FINBUY Purchase Order (PO) Requirements:  

  • All invoices exceeding $5,000 must clearly reference a valid FINBUY Purchase Order (PO) number. 
  • Action: For any goods or services over $5,000 anticipated to be received on or before June 30, please submit a PO request in FINBUY no later than 5:00 PM on June 16th. Receiving in FINBUY: Remember to complete goods received in FINBUY for any items or services over $5,000 you have received, to ensure vendor invoices can be processed. 
  • Catalog orders submitted June 25–30 will be held (not approved or sent to suppliers) and processed on July 1. The period between will be used by Procurement Operations and Finance to process all FY25 purchase orders properly 
  • Effective June 16, you can begin submitting purchase orders for Fiscal Year 2026 goods and services. Please ensure these orders are for items or services expected to be received on or after July 1.  Please refer to FINBUY dashboard for submission instructions.

Please avoid last-minute, non-essential purchases. Responsible year-end spending supports affordability for students and strengthens our financial position for the year ahead. 

II. Best Practices for the New Fiscal Year (FY26 - Starting July 1, 2025) 
As we transition into FY26, we encourage the continued adoption of the following procurement best practices to optimize university spend ,streamline operations, and provide budget visibility: 

Utilize Preferred Suppliers & Catalogs (FINBUY):  
Always begin your purchasing process by first checking for University Preferred Suppliers and contracts and approved suppliers .suppliers. This ensures competitive pricing, vetted vendors, and brand integrity.  Furthermore, FinBuy Catalogs are available to streamline the entire purchase-to-pay process and should be used whenever possible.  It provides end-users with a web-based ordering experience for many Preferred Suppliers and includes catalogs representing millions of items that may be needed on a day-to-day basis.  PO’s are dispatched electronically several times a day, invoices are received electronically, workflow is streamlined, and Vendors are paid electronically.  

Bid and RFP Process:

  •  If there is no Fordham Preferred Supplier for a product or service needed or if a Preferred Supplier does not meet the needs of a department or school, quotes may be required. 
  • 3 Quotes are required for all purchases greater than $10,000  
  • For larger, more complex purchases, please consider contacting Strategic Sourcing for assistance with soliciting Bids and Request for Proposals.  

Leverage Blanket Orders for Recurring Needs: 

  • For frequently purchased goods or services, consider utilizing blanket orders. This is a key procurement and financial best practice.
  • Benefits: Blanket orders streamline the ordering process by reducing repetitive transactions, secure volume discounts, provide predictable pricing, and enhance budgetary control over recurring expenditures.  
  • Requisition early and often: 
    • The purchase of most goods and services from Vendors begins by initiating a Requisition in FinBuy.  This shall occur at the time the product or service needs to be ordered, not when it is time to pay for the product or service. 
    • Starting with a Requisition ensures that funds are encumbered and a Purchase Order (PO) is issued. 
    • A  PO includes Fordham’s standard terms and conditions, specifying each party’s rights and obligations, and is the legal document that governs the transaction and minimizes risk to the department/school and University.

Uniform Guidance Standards 

  • Any one-time or cumulative purchases from the same vendor on a grant that total over $5,000 must follow the Uniform Guidance Procurement Standards. 
  • Preferred Suppliers and Catalogs in FINBUY were established in accordance with the Uniform Guidance standards. PI’s can use the University’s negotiated agreements without needing to apply the usual procurement method thresholds. 
  • Credit cards should only be charged to a grant for travel-related expenses (air, vehicle, meals, etc.), and not as a way to circumvent the procurement protocols. These checks and balances are required by the federal government, and any purchases that don’t follow them will need to be charged to an operating budget instead. 

Corporate Card Program:  

  • For University approved travel and small dollar transactions below the $5,000 purchase order limit, consider using a Fordham JPM Chase Visa Corporate Credit Card 
  • Utilizing a Fordham Corporate Card for small dollar transactions streamlines the purchasing and payment process.  
  • Please note: Fordham Corporate Cards should not be used to make purchases from vendors that are available through a FinBuy catalog, ie. Amazon, Grainger, Staples, etc.
  • Reminder: Ensure all FY 25 charges in your Concur queue have been submitted by July 11, 2025.

TRAINING AND GUIDANCE
FINBUY - FINPAY Training (My Fordham Finance Tab)

Your commitment to these procurement best practices is essential for efficient resource management and supports Fordham University's financial health and operational effectiveness. 

Should you have any questions,  please refer to the previous emails (attached for convenience) sent by our Accounting Services Team. Procurement Services website [Link to Fordham's Procurement Website] or contact us directly at [email protected] 

Thank you for your cooperation and dedication. 

Sincerely, 
Alessandro Mazzotta