Handbook of Business Procedures

14.6. YEAR-END PROCESSING

A. Fiscal Year-End

Any scholarship/fellowship payments for the current fiscal year that have not paid out by the fiscal year-end deadline, which usually occurs during the last week of August, will be automatically cancelled and disencumbered. These scholarships/fellowships will no longer be payable. If the department still wishes to distribute these payments, a new scholarship/fellowship must be created in the new fiscal year.

B. Calendar Year-End

Scholarship/fellowship payments scheduled near the end of the calendar year may pay out earlier in December than originally scheduled. All late-December payments are automatically paid out on the next-to-last business day of the calendar year, which occurs in mid- to late-December. The next scholarship/fellowship payment date is the first business day of the new calendar year.

Part 14. Scholarships, Fellowships, and Cash Prizes - Table of Contents