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Office of Financial Services

Frequently Asked Questions

 

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GENERAL

  • Where is the Office of Financial Services located?

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. 
  • 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?
  • When do you need a purchase order verses other payment options?
    • A purchase order is required for ALL computers.
    • A purchase order is required for purchases over $5,000.00

NOTE: You should try to use your Pcard for purchases up to $5000.00 if you have that option. Exceptions are listed in the Procurement Card Rules and Guidelines.

  • 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.
  • 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.