Closing the Fiscal Year

In order to promote a smooth year-end close process and ensure the University will be able to issue its year-end financial statements within the mandated timeframe, this document outlines key cutoffs and deadlines. FY24 deadlines are generally consistent with the FY23 deadlines; there is no significant change to the timeframes from last fiscal year end.

Please note that Schools and departments may wish to set earlier internal deadlines for fiscal year-end close activities to enable them to meet the Finance Division deadlines.

Also available on the Finance Division’s website is a separate memo, “Fiscal Year 2024 Transaction Processing Guidance,” which contains information on the guidance and procedures for the close, as well as additional information regarding job aids, reports, and queries to assist with year-end transactions, as well as a calendar including all deadlines referenced in this memo.

CUIMC departments should also refer to the annual closing calendar which was sent by Ting Shi via email on May 6, 2024. Unless otherwise noted below, CUIMC departments should contact Ting Shi ([email protected]) ) regarding questions related to the CUIMC closing process.

During July 2024, ARC will be available for both FY24 (old fiscal year) transactions dated June 30, 2024 and prior, and FY25 (new fiscal year) transactions dated July 1, 2024 and after. FY25 will be available beginning Monday, July 1, 2024. Please note that opening fund balances will be updated nightly for FY24 activity during the closing period.  While FY24 remains open, users will be able to make necessary adjusting entries in FY24 to record accruals and cost transfers as well as clear fund balance overdrafts and sponsored project overruns, subject to the deadlines set forth herein. 

Schools and departments must clear all overdrafts no later than Wednesday, July 17, 2024. Senior management will conduct its final review of overdrafts based on the activity recorded as of Wednesday, July 17, 2024.