FY16 Year-End Closing Guidance

The following information outlines the procedures, guidance and deadlines relating to the FY2016 fiscal year close.

 

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General Timeline

The published fiscal year deadlines are essential to ensuring that the University will be able to issue its year-end financial statements within the mandated time frame.  FY16 deadlines are consistent with the FY15 deadlines; there is no significant change to the timeframes from last fiscal year end.   

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.

CUMC departments should also refer to the annual closing calendar and closing guidance sent by Ting Shi via email on April 21, 2016. Unless otherwise noted below, CUMC departments should contact Ting Shi (ts2486@cumc.columbia.edu) regarding questions related to the CUMC closing process.
 

Overview of the Closing Process

During July 2016, ARC will be available for both FY16 (old fiscal year) transactions (June 30, 2016 and prior) and FY17 (new fiscal year) transactions (July 1, 2016 and after).  FY17 will be available beginning Sunday, July 3, 2016, please note that FY17 opening fund balances will be updated nightly for FY16 activity during the closing period.  From July 3, 2016 to July 19, 2016, users will be able to make necessary adjusting entries in FY16 to record accruals and cost transfers as well as clear fund balance overdrafts and sponsored project overruns.  PAC is available for the clearing of payroll suspense until Friday July 15, 2016.  

As of the close of business on Tuesday, July 19, 2016, all direct revenue and expense entries, accruals, cost transfers, and transfers between departments must be complete.  Between Wednesday, July 20, 2016 and 6pm Friday, July 22, 2016, ARC will remain open for the purpose of transferring fund balances and clearing overdrafts.  

Schools and departments may set earlier dates for completion of these processes – please check with your school/department senior business officer.  At 6pm on Friday, July 22, 2016, schools and departments will no longer have access to the journal entry modules in ARC.  On Monday and Tuesday, July 25-26, 2016, the Office of Management and Budget will be reviewing overdrafts and working with the departments to clear any remaining overdrafts.  On Tuesday, July 26, 2016, the Controller’s Office will process the standard allocations for the fiscal month of June.  Final COBs for June 30, 2016 will be available on Wednesday, July 27, 2016.

Senior management will conduct its review of payroll suspense and grant overruns based on the activity recorded as of July 13, 2016.  To the extent possible, all journal entries, internal transfers, payroll suspense and grant overruns should be completed and posted by that date. Schools and departments must clear all overdrafts no later than Friday, July 22, 2016. Senior management will conduct its final review of overdrafts based on the activity recorded as of July 22, 2016.

 


 

Contact Us

For questions regarding Accounts Payable and P-card, contact Rich Mead (212-851-9701, rm2161); Purchasing, contact Hugh Horowitz (212-854-4111, hh2143); Payroll, contact Frank Iovino (212-851-2820, fi2114); Development, contact Larese Miller (212-851-7995, lm2137); and General Ledger, contact Michael Kerstan (212-854-1030, mk1225).   

For other questions regarding year-end closing, please contact the Finance Service Center.  An incident or service request can be logged by using the self-service web form or by phone: 212-854-2122 during the following hours: Monday, Tuesday, and Thursday, 9:00 am – 5:00 pm; Wednesday 9:30 am – 5:00 pm; Friday 9:00 am – 4:00 pm.