Financial cutoff: Midnight on December 31
Posted: Wed Dec 28, 2011 3:22 pm
In past years, there has sometimes been a financial cutoff sometime during or just before the last business day of the year. But now the only cutoff is midnight on December 31. I suspected as much, but I just verified this with Local Unit Support. I neglected to ask whether midnight is local time for each unit, or midnight Mountain Standard Time.
As long as any financial transaction is transmitted by then, it will be part of year 2011. Even if a deposit is made on Saturday but not processed by the bank until Tuesday, January 3, donations in that batch will be credited as 2011 charitable donations. Similarly, any expenses transmitted before midnight on December 31 will be part of 2011, even if the check is not cashed (or even delivered) until sometime in January 2012.
Donations mailed to the bishop and postmarked by December 31 should also be credited as 2011 donations -- but be careful to follow the procedures detailed on the wiki under Year-end donations.
As long as any financial transaction is transmitted by then, it will be part of year 2011. Even if a deposit is made on Saturday but not processed by the bank until Tuesday, January 3, donations in that batch will be credited as 2011 charitable donations. Similarly, any expenses transmitted before midnight on December 31 will be part of 2011, even if the check is not cashed (or even delivered) until sometime in January 2012.
Donations mailed to the bishop and postmarked by December 31 should also be credited as 2011 donations -- but be careful to follow the procedures detailed on the wiki under Year-end donations.