Now here's a fun fact.
There are 30 days in September. If they're funding at the end of the FY, why use 9/29 instead of 9/30? Afterall, the end of the year isn't the 29th.
Answer:
The OIG auditors complained when the agencies used 9/30. It seems some agencies were holding off making purchases until they knew how much was unobligated at year end. We would never suspect that they're still doing that if they used 9/29 though...right?
"Stroud, Suzanne" <xxxxxx@CENTRAL.UH.EDU> wrote:
>The quick answer is that the federal fiscal year structure is mandated by federal law, and this was last changed in 1974 (see Pub.L.<http://en.wikipedia.org/wiki/Public_law_(United_States)> 93-344). Before 1975, the fiscal year for the federal government ran from July 1 to June 30. Privately and publicly owned American corporations bow to the U.S federal tax year of January – December which you can see in their annual reports.
>Here at the University of Houston (funded by the State of Texas) we operate on the state fiscal year which like most American universities aligns with the school year, ending with the academic summer semester or August 31. I worked at Rice University (a privately funded institution), and they still have kept a fiscal year on the July to June structure.
>So the take away tip here for you and for your PIs is watch carefully your emails during the last two weeks of September.
>If there is unappropriated funds leftover, you may get messages from Program Directors (primarily DOE and DOD) that say we have to fund this with a start date of 9/29/XX (get them the signed agreement back by Sept 30 etc.) Now you know why—the agencies lose the budgeted dollars if not awarded by the end of September!
>
>Suzanne Stroud, CRA
>University of Houston
>________________________________
>From: Research Administration List [xxxxxx@hrinet.org] On Behalf Of Angela Willis [xxxxxx@UALR.EDU]
>Sent: Thursday, January 13, 2011 9:07 AM
>To: xxxxxx@hrinet.org
>Subject: [RESADM-L] Fiscal Years
>
>Does anyone know why the federal government has a fiscal year that begins in October, and why the colleges and others have fiscal years that are not calendar years?
>
>Thanks!
>
>Angela
>
>--
>Angela Willis, CRA, MPA | Special Assistant
>University of Arkansas at Little Rock | Office of the Vice Provost for Research/
> Dean of the Graduate School
>O: 501.569.8656 | F: 501.569.3039 | xxxxxx@ualr.edu<mailto:xxxxxx@ualr.edu> |
>http://gradschool.ualr.edu<http://gradschool.ualr.edu/>
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