Financial cutoff: Midnight on December 31

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aebrown
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Financial cutoff: Midnight on December 31

#1

Post by aebrown »

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.
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bryanwilson
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#2

Post by bryanwilson »

If I make a purchase today from store.lds.org and bill it to the ward, will it hit 2011 or will the delay in billing make it hit the 2012 budget?
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aebrown
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#3

Post by aebrown »

bryanwilson wrote:If I make a purchase today from store.lds.org and bill it to the ward, will it hit 2011 or will the delay in billing make it hit the 2012 budget?
In my experience, the transaction date for internal purchases is a day or so after the purchase date. Since this is the last business day of 2011, I'm pretty sure it will hit your 2012 budget.

That extra day has nothing to do with the December 31 financial cutoff, but is simply the normal processing time for purchases made through Distribution Services.
Questions that can benefit the larger community should be asked in a public forum, not a private message.
bryanwilson
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#4

Post by bryanwilson »

Wonderful, thank you for sharing your experience with Distribution Services.
russellhltn
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#5

Post by russellhltn »

Admin note: Discussion of the importance of the deadline has been moved to a new thread: Budget roll overs and importance of deadlines.
Have you searched the Help Center? Try doing a Google search and adding "site:churchofjesuschrist.org/help" to the search criteria.

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