What is the “lapse period” and what type of expenses are allowed during this time period?
A. Certain types of transactions during the period of July 1 – August 31 (referred to as the lapse period) are allowed for the prior year state fund. During the lapse period, there will be two state fund codes which will be open for transaction processing: the old year state fund and the new year state fund (as noted above, the last 2 digits designates the appropriation year). Please be careful and accurate when selecting the appropriate fund code. Spending during the lapse period is limited to charges for goods or services contracted for or received prior to July 1.
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