Office of Financial Services

Office of Financial Services

Frequently Asked Questions

Where is the Office of Financial Services located?

We are located on the 2nd floor of the R.A. Work building.

 

BUDGET DEPARTMENT

What is a budget?

An estimate of income and expenditure for a set period of time.

What is the budget cycle?

The budget cycle is the same as the fiscal year, begins on May 1st and ends on April 30.

When are the budgets loaded?

May 1st

 

PROCUREMENT SERVICES

What do we do when the vendor is not in the system?

As soon as you are aware that you will be dealing with a new vendor, forward a completed/signed SUPPLIER PACKAGE to purchasing@fit.edu.  Procurement Services is unable to setup the new supplier without this information prior to creating the requisition. The new supplier package is available in the FORMS section.

What has to go out for bid/quote, and what doesn't?

(2) Informal quotes are required for small purchases of $5,001-$15,000, and (3) Formal quotes are required for all items $15,001 or greater.  $100,000 require an RFP through Procurement Services.  Please forward any quotes you have received to purchasing@fit.edu.  It is the responsibility of Procurement Services to ensure the best pricing has been received. Please refer to the Policies and Procedures section for the latest documents.

If I order something and it is not what was really wanted, can it be returned?

If it was an error on the supplier's part, the answer is "yes". If the department orders something incorrectly or decides a change is required, the answer can be yes but there could be a restocking fee and return shipping charges. Custom/Special orders generally are not returnable.

My department is considering leasing equipment. How do we begin?

Contact purchasing@fit.edu for guidance.

When do you need a purchase order verses other payment options?

A purchase order is required for ALL computers. You should try to use your Pcard for purchases up to $5000 if you have that option. Exceptions are listed in the Payment Request Procedure. (Please refer to Policies & Procedures)

How can I create a purchase order for something already received?

The "Confirming Purchase Order" procedure states that confirming orders can only be used in emergency situations. You cannot create a PO for a delivery date that has passed.  Please call Procurement Services to discuss your particular situation.

How do I increase the amount of a purchase order?

Please email a request from the Cost Center Manager to purchasing@fit.edu stating the changes required.

Do I put shipping in as a separate line item?

Yes. If the shipping and handling cost is known show it as a seperate line item for freight. Prepay and shipping cost that exceeds 10% of the total order must also show a line item for freight. This will avoid the necessity of a change order.

How do I suspend or cancel a PO or requisition?

Please send an email to purchasing@fit.edu with the reason for the request from the Cost Center Manager. Only Procurement Services can cancel a purchase order and only if there is no activity. If a purchase order has activity, the memo would be directed to purchasing@fit.edu

When do I put in a Receiver?

As soon as your PO items have been delivered or the service requested has been completed please enter the receiver in the system.