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Monthly Newsletter
GRANT & CONTRACT ACCOUNTING UPDATE
Fiscal Year Cut Off Dates
June 30th is the end of JMU's fiscal year (FY). The books must be closed before then to allow Accounting to track transactions to the correct fiscal year (current or future). Accordingly, the following cut-off dates will be used:
June 5th - by noon, PAR's must be received in Human Resources for the last payroll of this fiscal year (6/16/06).
June 16th - The final day to submit Accounting Vouchers (with all required documentation) to Accounts Payable. Vouchers received after 6/16 or vouchers without necessary documentation for payment will not be paid until after July 5th under the 2007 fiscal year.
June 16th - This is also the last day for ATV's to be submitted to Financial Reporting for FY 2006 processing. Please note that all E&G Matching Funds MUST be expended by this date (June 16th).
Compliance Corner
Fly America Act - As the summer session approaches it is more likely that travel will involve international flights. According to Federal Law (The "Fly America Act") any airline tickets purchased with Federal dollars must be on US Flag-bearing airlines.
The Law does allow certain exceptions to using a US airline. Those are:
1) Where tickets are purchased through a US carrier but one or more leg of the trip is flown on a foreign carrier.
2) Where using a foreign carrier would eliminate 2 or more aircraft changes en route;
3) If the US carrier would extend time in travel status by more than 6 hours;
4) If on short distance travel (where elapsed travel time by foreign carrier is 3 hours or less), the foreign carrier can be used IF the US carrier doubles the travel time.
5) If a US carrier does not provide service to required destination.
The law specifically states that lower cost is not a valid justification for choosing a foreign airline.
Use of Internet travel services may result in unreimbursable expenses that departments or the traveler must cover and we therefore urge the use of JMU's travel agents for international travel. Justifications for exceptions to Fly America should be thoroughly documented by ticketing research documents showing flight availability. As this is Federal Law, exceptions, beyond those in the law, cannot be granted by JMU or the funding agency.
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